How Much Does A Business Lose to Ransomware Attacks?

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Cybersecurity Ventures projects that global cybercrime to grow 15% yearly over the next five years, reaching $10.5 trillion yearly by 2025. For 2021, the prediction is $6 trillion worldwide lost to cybercrime. The cybercrime damage costs are computed based on stolen money, loss of data, fraud, intellectual property loss, downtime, hacked data, reputation damage, post-attack disruption, to name a few.

Here in the U.S., a cyberattack may potentially cripple the economy of a state, city, or even the entire country. Ransomware is one of the top methods of cybercriminals and it has reached epidemic proportions. A ransomware attack involves malware that targets computers and mobile devices where they restrict access to files and threaten the destruction of data unless a ransom is paid.

The latest projections are for global ransomware damage costs to reach $20 billion by 2021.The FBI is pretty concerned when ransomware hits healthcare providers like hospitals and healthcare providers. To protect your company from the fastest growing and most damaging types of cybercrime, you need security training from professionals. Pegas Technology Solutions can provide cybersecurity training for your staff and help lower the chances of a successful ransomware attack.

Practical Steps to Avoid Ransomware Attacks

If you think that your small business won’t be a target for ransomware attacks, this mindset is why you’re a target. Cyber extortion is increasing even with small businesses because they usually have fewer security measures against such attacks. Here’s how you can defend against ransomware.

Secure Your Devices

The first step to avoiding ransomware attacks is to secure your devices. Security experts recommend having backup storage for all your data, especially your most sensitive and confidential ones.

You can save them on an external hard drive or on the cloud. Remove plug-ins and apps that you don’t use and make sure that your operating system and software are updated. Ask your IT team to configure your firewall to mitigate ransomware.

Implementing a multi-factor authentication can make it harder for hackers to crack your system. A username and password alone for login purposes are easy for cybercriminals to penetrate. Adjusting your browser security settings can also give added protection.

Be Careful With Online Behavior

Employees should be taught about the right behavior online. Avoid clicking on unfamiliar links or opening files from unknown sources. Don’t open any email on your spam folder as well as those that you don’t trust.

Ransomware is usually spread through spam email where victims click on unsolicited emails that contain links or file attachments that can download malware into their devices. Phishing emails are the largest source of malware in 2019. Teach your employees to be more skeptical about emails, especially those that claim you won a huge amount of money.

Invest in Security Software

Everyone is at risk from a ransomware attack. Although larger organizations are targeted because they can pay more, small to medium enterprises are not spared because they may not have the same level of security in place.

Good security software can protect you from cyber attacks, including ransomware. Go for software that provides real-time protection and one that can identify threats and remove all malicious files lurking in your computer. Make it a habit to regularly scan your devices with your antivirus software.

Need Help With Ransomware Protection?

The loss a company suffers due to a ransomware attack goes beyond the cost of the ransom. A company that experiences prolonged downtime may lead to lost revenue, reputation, and customers which can be more damaging in the short and long term.

Cybersecurity compliance can be likened to a team sport like basketball or football. Each player has a role to fulfill and work actively to reach a common goal. This is why providing up-to-date training on cybersecurity awareness is valuable for you and your employees. Effective cybersecurity requires all members of your organization to work as a team.

Don’t let your employees be the weakest link in your cybersecurity procedures. Educating and training them can turn them into your greatest resource. At Pegas Technology Solutions, we’ve got you covered. Our team of cybersecurity experts can train you and your employees on how to avoid cyberattacks in the workplace whether you are on-site or working remotely. Schedule a Security Training with us today. Send us a message or give us a call. Let us help you make your company more secure from ransomware attacks.



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