Ransomware breakdown: 3 Things That Every Business Owner Must Know

The Covid-19 pandemic has proved to be a virus spreader. Not, only biologically but also digitally. Similar to the Covid cases, the reported cyberattacks are at their peak. We have seen some major data breaches of the decade. Giants like Colonial
Pipeline, EA, and Dominos have been put down to their knees due to data theft attacks. And the only responsible threat for these disasters is Ransomware. The Rising tide of ransomware has flooded every industry with its fatal consequences.

These attacks raised a question for every small and large business owner out there. How safe are They? And it’s a necessary thing to ask if you own a business in this crisis. But before that, there is something else that nobody
is asking. What let these disasters happen in the first place? The answer depends on how much you know about ransomware. Because out of many factors responsible, unawareness gets the least attention. Running a business
in the digital world is a battle, and it’s better to know your enemy before fighting a battle.

The 3 Things About Your Enemy (Ransomware):

The 3 things that you should know are simple yet critical. They are What, Why, and, How. Elaborating them will give you a clear picture of your and your enemy’s (Ransomware) strength and weaknesses. These can be elaborated as follows:

What is Ransomware?

Internet is flooded with queries and opinions about ransomware. Like, is ransomware a virus? Is it really a risk that I should worry about? how do ransomware attacks occur? Etc. And every doubt starts with the only question
i.e. What is Ransomware? Putting it simply, Ransomware is malicious software that once entered a system, can encrypt all the data present on it. The data includes all types of data like documents, images, videos, codes,
credit card information, customer information, sensitive business files, etc. Moreover, it is not limited to just a single PC rather it can encrypt the server’s data or multiple PCs over a network.

Generally, the victim is left with limited options. Either to restore their data if a backup is created or to pay ransom to the attacker and hope to get a decryption key. Otherwise, start everything again from scratch. And that’s the worst
and last thing for any business owner to think of.

Why It Is a Serious Threat That You Cannot Ignore?

The most common mistake made by businesses is to think that, My Business is too small for a ransomware attack to occur, Or My business is too big, no one can think of attacking it. Both the scenarios reflect
the negligence of business owners regarding business security. But what leads to this assumption is the fact, that they don’t know how often does ransomware attacks happen?

Due to this ignorance and lack of information, the toll of cybercrimes has raised so high. In reality, the market data shatters all the misconceptions about the severity of its risks.

Ransomware is a prominent and constantly evolving form of malware (CISA). The average ransom demand has risen from $5,000 in 2018 to nearly $200,000 in 2020 (NSI, 2021).

In 2020, double extortion ransomware was used in 50% of all ransomware attacks. Cyber insurance claims involving ransomware
increased by 260% in 2020.

Office files account for 48% of infectious attachments containing malware such as ransomware. 94% of ransomware and other malicious software is delivered to companies via email.

The data speaks for itself. If companies keep on ignoring ransomware as a potential threat, then nothing can save them from a catastrophic failure.

How To Tackle and Overcome Ransomware Attacks?

There are many Do’s and Don’ts to take care of to avoid a ransomware attack. But the truth is that keeping up with every security measure is not a one-man’s job. Tackling a cyberattack is not something that can be done simultaneously
with running a business. It requires fields experts to predict, assess, and counter these attacks.

For this, You need support, A reliable one. On which you can depend on with complete faith. You need a systematic plan for
risk management and people to carry out those plans effectively. For this, you can train your employees, upgrade/establish your own IT infrastructure, introduce the latest security protocols and measures, or hire security experts.
But doing so is not possible for every business. Running a business is costly in itself. Above it creating/managing a separate department for its security can become a burden.

To overcome this burden, you can switch to a better and cost-effective alternative of IT Managed Services. The third-party service helps you efficiently manage your business security
with the latest security protocols. It lightens the loads from your shoulder and gives you peace of mind with 24×7 security monitoring and rapid threat response.

IT Support Services has proved to be a reliable partner not only for small businesses but for bigger ones too. Many organizations like Adobe, IBM, Apple, etc.
outsource their security. It’s is not because they are not capable of creating their own IT infrastructure. But, in this ever-evolving era of threats, they trust their security with top-notch field experts offered by IT Services.

Conclusion

Viruses, Malware, Spyware, Adware have now become an inseparable part of our life. Daily we don’t know where and how our data is used. But when it comes to your business you cannot allow anyone to put its integrity at risk. Because that’s
one thing you have given everything to.

So as a business leader it’s wise to know every possible cause that can harm your business in any way possible. Stay updated, alert, and safe by taking necessary countermeasures.