Ransomware is one of the fastest growing cyber-crimes in the world. 37% of businesses were victims of an attack last year. 

Ransomware or a Ransomware attack is when cyber criminals infiltrate your device or network and steal your data by encrypting it – holding it for ransom. The data is still there, you just cant access it. The cyber criminals then demand a large ransom fee for the encryption key. If you do not pay the ransom fee, they delete your data. 

You might think that is bad enough but no. It’s not just the cost of the ransom fee you should worry about, there is also the damage to your reputation, the stress and the downtime. The average downtime suffered after an attack like this was 22 days in 2021. 

Do you think you would pay if this happened to you? A recent survey has shown that 97% of business leaders who have experienced a ransomware attack in the past would pay quickly if it were to happen again and a third would pay instantly. However, there is no guarantee you will get your data back even if you do pay up. On average only 65% of data is restored once a fee is paid. In fact, paying could harm you more. This is because you would be letting the cybercriminals know that your business pays ransom fees. Therefore, you could be opening yourself up as an easy target for subsequent attacks in the future. 

So, you might be wondering what the best way to deal with a ransomware attack is. Firstly you should make sure you have the right security measures in place to try to prevent an attack. 

You should also:

– Educate your staff on best practices and cyber security

– Implement multi-factor authentication across all applications

– Use a password manager

– Make sure all updates are installed quickly

– Make sure you have a working back up in place – ideally one where older data is retained and cannot be changed.

We would also recommend having a response and recovery plan in place that details what you will do in the event of an attack. This not only means that your business can respond faster but it should also reduce the amount of downtime suffered as you have already considered exactly what needs to happen. 

If you need any help with updating your security or would like to chat through your options and best practices, get in contact today! We would love to help!

Published with permission from Your Tech Updates.