Ransomware attacks are on the rise at an unprecedented level. In 2020, they grew by at least 7x, and likely more with many attacks going unreported. In such an environment of cyber vulnerability, the only solution is to stop attacks before they start.
Within the next 4 years, 75% of businesses will have fallen victim to at least one ransomware attack. Consequently the cost of these attacks can be astronomical. The overall cost of ransomware attacks has risen to $20 billion. However, with these attacks causing halts to business operations and a slew of other damages, the actual cost can be 23x greater than the ransom payment itself.
In 2019, the cost of one ransomware attack was anywhere between $2500 and $10.1 million. The average cost falling at $424 thousand. Sadly 98% of claims came from SMBs, who often cannot withstand such an attack. One ransomware attack can bring down the entire business. Not only due to the ransom itself, but all the collateral damages such as loss of profits, halted production, and loss of reputation. Cyber insurance can help. But with attacks becoming more common and more costly, premiums are going up, and applications and claims are being denied.
How a Proactive Approach Can Prevent Ransomware Attacks
In order for businesses to survive the hostile cyber environment, they must take a proactive approach to their security. Ransomware attacks are only going to grow. Businesses must do everything they can to stop these attacks before they start.
Best practices for preventing attacks require 4 vital steps.
- Businesses must keep software up to date and patched to prevent unnecessary vulnerabilities.
- They must train employees to understand what to look for and to be able to identify threats that come from emails, attachments, and links.
- They must back up data frequently and keep critical data backed on external devices.
- Finally, they must invest in a quality malware detections program that will alert them of suspicious activity.