Ransomware can pose a significant threat to your business. It is a problem that has affected many businesses of all sizes, but it’s possible to stay safe with the right protection.
One study has determined that a cyberattack occurs every 39 seconds. Knowing this, it’s vital for your business to keep on top of potential threats and ensure your business is protected at all times. Using the right security protocols will provide the protection that you need to avoid ransomware.
What Is Ransomware and Why Is It So Costly?
Ransomware is a type of malware that is designed to hold data hostage, only releasing it in return for a ransom. The hacker promises access to your data will be returned when you pay up. The ransom can range anywhere from hundreds of dollars to thousands of dollars, generally requested in the form of cryptocurrency such as Bitcoin.
Ransomware might infect a computer through one of a few different methods, including through phishing, when an email is sent with the sender disguised as a trusted source and people are convinced to open the emails, which then infect the computer.
Ransomware can be extremely damaging and costly to businesses. Between June 2016 and June 2017, ransomware caused 22% of businesses to cease operation immediately following the attack. On top of that, 35% of all businesses were victims of ransomware, meaning more than one in three businesses is affected and many of them are unable to recover.
If your business is the victim of a ransomware attack, it could cost you in several ways. The average cost of a ransomware attack is set at $713,000 per incident, which is no small financial dent for most businesses. An attack can also be a big hit to your business reputation. A data breach could mean that your business loses customers and struggles to get future customers because of the loss of trust people have in your business’s ability to protect their information.
Perhaps even more worrying is that just 5% of companies have protected their data properly, leaving them vulnerable to attack. The problem is getting worse too, with an increase in security breaches by 11% between 2018 and 2019.
How You Can Protect Your Business
To prevent ransomware from affecting your business, it’s critical that you invest in more comprehensive cybersecurity. While this may mean increasing your IT budget, often it simply means switching from a break/fix provider or single in-house specialist to outsourced IT management instead.
Outsourced IT services bridge the gap for small and medium-sized businesses who can’t afford an entire in-house IT team but also can’t afford to neglect preventative maintenance and cybersecurity. Here are some of the services Managed Service Providers offer that can help your business protect its data from falling into the wrong hands:
Incident Report Procedures
When an incident occurs, having the right reporting procedures will ensure it is dealt with quickly and efficiently. It will also help prevent future issues from occurring by identifying root causes of incidents and eliminating them.
The aim of incident report procedures is to ensure an incident is reported to the correct person as soon as possible so that the correct processes can be put into action right away. It helps with immediate response and also with analyzing current processes to find areas where improvements can be made.
Layered Security Architecture
Setting up a layered security architecture gives you control over different levels of security. It enables you to limit access to certain data files to only those users who need it. This setup also allows you to develop stronger password protections, more comprehensive security policies, and even dark web monitoring.
Establishing a layered security architecture further helps mitigate the effects of a security breach if one takes place by preventing it from spreading throughout your IT systems.
A secure hosting option provides one platform that can be used for monitoring and controlling your data. This makes it easier to control who has access to your business data and how it is being used.
Using a managed IT services provider can allow you to implement all of these security elements so that you can protect your business. They can continually monitor your systems at all times so that they can catch all threats, including ransomware. By opting for more robust IT services, you can protect your business against even the most sophisticated ransomware threats, saving your business time, money, and customers.