The Cost of Ransomware

How often does it happen?

One business will be hacked every 14 seconds in 2019. Servers, computers, phones, files, everything you need to make your business function is a potential target. The result is to make all of your data unusable leaving you with very tough choices. This year ransomware is estimated to cost businesses 11.5 billion dollars in ransom payments alone.

Hackers target businesses that are most likely to pay:

  • Legal
  • Accounting
  • Infrastructure
  • Medical
  • Financial
  • Industries with heavy customer data like hotels and stores
  • Small businesses lacking cyber security

Other costs associated with ransomware attacks:

  • Damage and destruction (or loss) of data
  • Downtime
  • Lost productivity
  • Post-attack disruption to the normal course of business
  • Forensic investigation costs
  • Restoration and deletion of hostage data and systems
  • Damage to business reputation
  • Employee training in direct response to the attacks
  • Ransom payment costs
  • Data Recovery
  • Business Interruption
  • IT expenses
  • Required mandatory reporting

Protect your business now!

Ransomware relies on poor preparation. Vulnerabilities not only in your network but also your employee’s lack of knowledge and awareness to phishing scams, spoofed emails and downloading content from unsafe sites. Here are some things you can do to protect your business:

  • Do not use operating systems or applications that are end of life
  • Invest in cyber security
  • Patch systems and vulnerabilities regularly
  • Establish a preparedness plan
  • Train employees about vulnerabilities
  • Routinely backup key systems and ensure that the backup is not vulnerable to direct deletion
  • Invest in cyber insurance

No business wants to be a victim of a ransomware attack. Contact Triella today to find out how you can protect your data and keep your business running even if you are a victim of an attack!

To learn more about ransomware attacks click here.

Tammy Malone is a Client Support Specialist at Triella.  We are a technology consulting company specializing in providing technology audits, planning advice, project management and other CIO-related services to small and medium-sized firms. Tammy can be reached at 647.426.1004. For additional articles, go to our blog page. Triella is a VMware Professional Partner, Microsoft Certified Partner, Citrix Solution Advisor – Silver, Dell Preferred Partner, Authorized Worldox Reseller and a Webroot Reseller.

© 2019 by Triella Corp. All rights reserved. Reproduction with credit is permitted.

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