ransomware attack

What Will a Ransomware Attack Cost Your Business?

Ransomware is a buzzword we see often in the tech world. It is a type of malicious software designed to block access to a computer system until a sum of money is paid. In our previous blog we talked about what Ransomware is.


Ransomware is a type of malicious software designed to block access to a computer system until a sum of money is paid. If this sum is not paid, the files will be deleted forever.

Ransomware has become an undeniable threat to businesses. It affects business growth, profitability, and security. There are two types of ransomware: encrypting ransomware and locker ransomware. With either type a user is tricked into opening a file that instantly encrypts data.

Today we are going to go a little deeper on ransomware. Let’s take a look at what an attack could mean for your business and how much it could cost you.


How Much Could a Ransomware Attack Cost You?

Have you given much thought to how much your data is worth? Information is possibly the most valuable part of your business. There is your client database, accounting software, and inventory management just to name a few.

When a ransomware attack hits, businesses are suddenly forced to re-assess the value of their data. Is your data worth saving? Will it cost more to save it than it’s worth? The stress begins to mount from the first moment. Most attacks will cost hundreds of dollars to get your files released. Even if you pay to get the decryption key, there is still the chance that they may not honor the original agreement and begin to demand more money.

So, what can you do to help protect your business?

*Lock down employee computers

Most employees don’t need full administrator access to your network. The higher up the employee and the more access they have the greater their damage can do. This can be as innocent as accidently clicking something or unintentionally installing malware. You have a better chance of containing an attack when you limit what employees have access to.


*Have a solid backup plan

When it comes to backups, the only safe option will be the one that is physically disconnected from your network. When a ransomware attack hits, anything connected will become infected as well. Even synced options like Dropbox will immediately clone the infected files.


*Educate your workplace

Most people go about their business on the internet and computers thinking cyber-attacks happen to other people, but not to them. It is important to educate yourself and employees on what they need to be aware of. Ransomware is becoming harder to spot in an instant. Working with your staff to establish procedures around checking links for authenticity before clicking them is one way to get started on education. It is also important to teach them about to verify the source of attachments and the importance of anti-virus software and scanning.


*Be proactive

This probably sounds obvious, but the best way to avoid having to deal with the ramifications of a ransomware attack is to be proactive. Being proactive will give you the opportunity to stay in business and not have to deal with the nuisances of recovering your data or watching your business take a back seat while you wonder what to do.