In 2021, businesses are faced with the inevitability of ransomware attacks. The rise in these attacks can largely be attributed to the cost of the COVID pandemic with so many employees working from remote, less security networks.
Since ransomware attacks increased by at least 7x in 2020, the monetary cost to businesses is now at 20 billion dollars, and individual businesses may end up losing 23x more than the ransom payment alone. Recent statistics show that ransomware attacks can cost a business anywhere from just 2500 to 10.1 million dollars, with the average cost sitting at 424 thousand.
Sadly the majority of these claims come from small to midsize businesses, many of whom will completely fail due to the effects of just one attack. Ransomware attacks are specifically designed to hit their victims in their most vulnerable spots, which makes them incredibly effective.
Today, businesses need to consider a ransomware attack to be a matter of “when”, not “if.” Businesses must take a proactive approach to their security. This approach includes keeping software up to date, training employees to be more aware of what to look for when it comes to potential threats, keeping data backed up, and investing in high quality malware detection programs.
One hit could destroy your business. It’s time to make the first move against cyber attacks.
