Ransomware is one of if not the fastest growing cyber-crimes globally. Last year, 37% of businesses were victim to an attack.
In case you didn’t know, a ransomware attack is where cybercriminals infiltrate your network (or device) and steal your data by encrypting it, meaning although the data is still there you can no longer access it.
Then they demand you pay a significant ransom fee for the encryption key. If this fee isn’t paid (which can often be tens if not hundreds of thousands of pounds) they delete your data.
It isn’t just the cost of the ransom fee that you need to be concerned about though. There is the reputational damage, the downtime, and the stress that goes with it. In 2021, the average downtime suffered after a ransomware attack was 22 days!
Official advice is not to pay the ransomware demands.
Contradictory to this, a new survey shows that a massive 97% of business leaders who have experienced a ransomware attack in the past would pay up quickly if they were attacked again. A third of these would pay instantly.
If nothing else this tells us just how much of a nightmare the whole thing is for any business.
The other issue is, that when you pay a ransomware fee, it is not guaranteed that you will get your data back. In fact, on average only 65% of data is restored once the fee is paid.
You may face further extortion. And by letting cybercriminals know that your business pays ransom fees, you are almost advertising your business to them and are likely to face attacks in the future. It almost feels like a lose-lose situation.
So what is the best way to deal with ransomware?
Firstly, you should make sure that you have the correct security measures in place to try to prevent an attack:
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Educate your people on cyber security and best practice
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Implement multi-factor authorisation across all your applications
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Use a password manager
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Ensure all updates are installed quickly
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Always have a working backup in place – ideally one where older data is retained and cannot be altered.
It is also beneficial to have a response and recovery plan that details what you will do in the event of a ransomware attack, after all, it is an emergency situation.
Not only will this allow your business to respond faster, but it should reduce the amount of downtime suffered.
This is what we do. We help businesses increase their cyber security to reduce their chances of being affected. Let’s talk.
