The Staggering Cost of Ransomware
Ransomware is a real threat. Businesses pay enormous amounts of money while losing customers, reputation, and profits because of cyber criminals. One report from Malwarebytes showed a dramatic increase in ransomware detection for small US businesses. From 2016 to 2017, 90% of small and medium sized businesses reported increased malware detection.
Ransomware exists to disrupt business and make money for criminals. Cybercriminals hijack your data, make it inaccessible and demand you pay money to get it back. In most instances, the data is highly sensitive like client’s names and private information,
You now have a choice- pay or loss the information forever. In 2016, 70% of businesses paid the ransom, according to an IBM Security survey. Except there is no guarantee that paying the ransom will result in getting back your data. Criminals often attack your business again if you pay, sometimes immediately after paying the ransom.
The cost of ransomware is substantial and continues to rise as more cyber criminals use this tactic.
- Small Businesses lose $75 billion a year (Datto)
- One of out every 5 businesses paid more than $40,000 (IBM)
- 50% of businesses paid more than $10,000 (IBM)
- Costs company $8,581 each hour of inactivity. (Aberdeen Group)
A business pays more than monetary fines. As a result, of not operating at full capacity you damage customer service, employee satisfaction, and public perception.
The biggest source of ransomware infection is email.
- 40% of all spam email contains ransomware (IBM)
- 59% of infections arrive via email (Osterman)
- 6000% increase in ransomware email in one year(IBM)
First of all, if the sender is unknown, do not open the email or an attachment. Second, educate staff to follow this same procedure.
Cyber criminals target all industries; however, healthcare and financial are hit the hardest, as their information is the most sensitive.
Protect your customers. Protect your business. Prevent ransomware from happening to you.
This graphic displays some of the stats that companies face due to the threat of ransomware.