Ransomware is still a threat

From REvil and Maze to Doppelpaymer and Ragnarlocker, the list of stealthier and more aggressive ransomware continues to grow every passing day. Despite recent efforts to curb cyber extortion, ransomware is still a very real and formidable threat for businesses of all sizes. Hackers are increasingly seeking out those who fail to adequately protect their IT environment. In fact, small businesses accounted for 71% of ransomware attacks in 2018; a trend that has no signs of slowing in coming years. Therefore, without a layered defense in place, your company is at risk of an impending cyberattack – likely costing thousands of dollars in downtime, IT expenses, and lost revenue. Continue reading to learn more on the steps you must take to keep your data safe and secure.

What is Ransomware?

Ransomware is a form of malware that encrypts files and threatens to either publish them online or block access to the data if a ransom is not paid within a certain amount of time. A ransom can range anywhere from $100 to thousands of dollars depending on the volume and importance of the encrypted information. Not to mention, if the malware gains access to a computer on a shared network, it can easily gain further access to other machines on the network – servers, smartphones, and individual workstations. The ensuing consequences are catastrophic: temporary or permanent loss of files, downtime lasting several days to weeks, severe losses to the bottom-line, and additional costs associated with restoring a compromised system. This list is only a drop in the bucket as a well-thought-out cyberattack can place any business in an unescapable hole ultimately leading to a “Liquidation Sale” sign hanging on the front entrance. It has happened before, and it will certainly occur again. Do not let your company fall into this trap.

Here are some startling facts to ponder for a few moments. Since 2019, the average payment by ransomware victims has risen to over $84,000 with global costs projected to reach $20 billion in this year. What’s more, experts forecast that a ransomware attack will occur every eleven seconds in 2021. At this point, if you haven’t already grown fearful, let me present you with one more ominous fact: ransomware victims on average pay $133,000 to fully recover – a statistic that is likely to keep any business owner or chief technology officer up at night. 

What’s most frightening are the lengths at which cyber criminals are willing to go in order to access IT environments. With phishing scams, elaborate email campaigns, drive-by downloading, and more complex software exploits, hackers are using whatever means necessary to exploit vulnerable businesses and cause mayhem.

Look to Advantage Technology

The cold hard truth is if your business has not already introduced a cybersecurity security program, then a ransomware attack is inevitable and more than likely on the horizon. The distress that you’re feeling at this moment is warranted and should not be taken lightly. Fortunately, Advantage Technology has your back as we take cybersecurity very seriously and can assist you every step of the way. After an initial consultation to discover your organizational needs, our team of highly trained professionals will develop and implement a comprehensive and rigorous system to protect your IT infrastructure from outside threats. With backup and recovery, antivirus, managed detection and response, managed risk, firewalls, and a virtual CISO, your data can be well-protected from even the most formidable of malware.

If you stay up late at night worrying about a potential cyberattack, then you’ve came to the right place. Advantage Technology has made the investment to bolster our understanding and ability to develop effective defenses against ransomware and other forms of cybercrime. The next step? Call 866-793-8232 now to schedule a free consultation with one of our lead engineers to ensure that your business is prepared for the worst.