One of the main reasons that ransomware has become so prevalent and so effective is because of how damaging it can be to victims of an attack. Once infected, files and documents, or even entire systems, are essentially held hostage and rendered useless until you pay the ransom or are able to recover the systems yourself. So what are the effects of Ransomware?
Ransomware sweeps through systems with encryption, making data or entire devices inaccessible. In a networked environment, it can jump from system to system, and take out an entire network within a matter of minutes. The latest variants of malware have the potential to infect servers, backups and even mobile devices.
Try to imagine the effect this would have on your business. For how long, if at all, would your business be able to function if you were unable to access any file or document from any device on your network? What would you do if this information was lost forever? What if you were locked out of systems themselves entirely? And picture how your customers or partners would react if they knew their confidential data or information was at risk? Even in the best case scenario, you would be looking at downtime to clean infected systems and restore data.
New research from Trend Micro in the UK has revealed some alarming figures. According to the report, 44 percent of UK businesses have been hit with a ransomware attack in the last two years, with some and nearly two-thirds of those businesses end up paying the ransom to try and reclaim their data. However, the report also claims that of those businesses who paid ransom money to their attackers, 1 in 5 never got the data back. Another worrying statistic from the report is that businesses lost on average 33 man hours dealing with and resolving the effects of a ransomware attack.
What this research highlights is that businesses are particularly vulnerable to attacks, and that many of them have no plan or strategy for when they are attacked. They simply rely on paying the ransom and hoping to get their data back. This fuels the ransomware fire, opens the business up to repeated attacks and costs businesses a tremendous amount of time and money.
If you cannot afford the downtime or the risk to your businesses information and productivity, you need to have a strong IT strategy to minimise the chances of an attack and be ready in the event that it does happen.
Further reading: Ransomware: What your business needs to know
Worried about the effects of Ransomware?
Speak to the experienced team at Stanfield IT on 1300 910 333