Are you up-to-date on the lurking threat of ransomware and the cost of downtime to your business? It’s not a small risk. In fact, about half of businesses worldwide are hit by ransomware each year.
Let’s dig into ransomware by the numbers. Read on for the details, and download our Infographic to delve deeper into the sobering statistics.
What is Ransomware?
A form of malware that encrypts files on a device, ransomware can render all the files on your system or network unreadable, locking you out and essentially taking your systems and data hostage.
Hackers will then demand ransom in exchange for the decryption key to unlock your files and make them readable again.
The ransom alone can cost anywhere from a few hundred dollars to tens of thousands of dollars, but if you add up the days of downtime, lost revenue, and the possibility that your data is permanently gone, it can be even more costly.
The Rise of Ransomware
Ransomware has seen a steady increase over the recent years, with a huge jump in 2020 and 2021, as cybercriminals began exploiting the COVID-19 pandemic.
Businesses keep falling victim to hackers, with ransomware and the cost of downtime hitting some very hard. Education is a great first step to combat the rise in successful attacks. According to reports by managed service providers (MSP), the leading causes of ransomware attacks are:
- 54% Phishing emails
- 27% poor user practices
- 26% Lack of cyber security training
The True Cost of Downtime
Did you know? Downtime after an attack can cost nearly 50 times more than the ransom itself.
After a ransom is paid and data is retrieved the costs don’t just end there. Businesses must spend valuable time and money restoring their systems. It is often necessary to repair networks, restore backups and replace lost devices.
So what’s it going to cost you? Download our Infographic for the average global ransom demand, as well as the average downtime cost as a result of an attack. HINT: the average in 2020 was a six-figure hit!
– Before you continue reading –
DOWNLOAD our FREE Infographic on Ransomware and the Cost of Downtime
To Pay or Not to Pay – Either Means Downtime
When it comes to paying the ransom, 98% of businesses will receive a decryption tool from the hackers, but 4% never successfully recover the encrypted data.
Even with the decryption tool there may be costly downtime while recovering data. 34% of businesses take more than a week to recover from ransomware, and for some, full recovery could take months.
Take heart, there is hope, and it comes in the form of Business Continuity and Disaster Recovery (BCDR). 91% of MSPs say clients with BCDR are less likely to experience significant downtime from ransomware.
The Benefits of Business Continuity and Disaster Recovery
Combating ransomware and the cost of downtime, comprehensive BCDR will:
- Reduce downtime during a security incident or emergency.
- Quickly restore key information for minimal disruption.
- Help maintain regulatory compliance.
- Help you determine lessons learned after an incident.
4 in 5 small businesses with BCDR recover from ransomware within 24 hours.
Download our Infographic for a detailed list of the key features, including ransomware detection and a secure cloud backup.
Combat Ransomware and the Cost of Downtime
Get in touch today to reduce your risk of ransomware attacks with a multi-layered approach. Your business can achieve greater security with the right technology and Com Pro’s Managed IT services.