The Real Cost of a Ransomware Attack?

In an age driven through technology, it is imperative that your business can maintain its day-to-day operations without the threat of a breach.

Cybersecurity Basics

Cybersecurity includes a complex system of technological practices designed to protect networks, programs, and devices from unauthorized personnel commonly referred to as hackers. As technology has progressed and more businesses transfer their valuable information online through backup reinforcement solutions such as the “cloud”, cybercriminals have been able to access these private accounts easier than ever before. 

Typically, hackers dedicate their livelihoods to breaching private systems in order to disrupt business operations and/or steal information. There are different kinds of breaches and approaches to access your network, and the question is – are you prepared?

What is Ransomware?

Ransomware is a form of malware – a software that is designed to infiltrate computer systems through unauthorized means in order to gain access, disrupt or damage information. This form of breach, intends to publish or block confidential records until a typically financial “ransom” is paid. 

It is important to note that ransomware is a type of malware. Malicious softwares are the vehicle in which cybercriminals utilize while executing ransomware attacks. 

Cybercriminals encrypt files in your network and add extensions where you can access portals to you pay the designated ransom. Criminals threaten to even delete your data if the ransom is not paid by their deadline. Once hackers find an entry point into your system, they have to potential to spread throughout your network to other servers. 

Ransomware attacks occur in a variety of ways. The most common tactic is by duping the user into clicking a malicious link via email, social media, or direct message. Once Some ransomware software is so sophisticated that it can operate without human interaction. Vulnerabilities in your network such as browser plugins can lead to extortion as well. 

Malware used in Ransomware Attacks:

It’s important to recognize the different ways cybercriminals attempt breaches in order to prepare and defend your network – and although there’s an array of malicious softwares out there, these may have the greatest influence on ransomware attacks.

Viruses

A virus is a computer program that, typically, infiltrates a system with unauthorized access and replicates itself by attaching to preexisting programs and modifying its code with that of the virus. A virus can be spread from one computer or device to another once it enters your network. Viruses are used to reprogram your system for a hackers benefit or delete files. 

Spyware

Computer spyware is a malicious software that enters a network with the intention of gathering unauthorized information about an individual or an organization. This information is then sent to an outsider for their personal use, or for resale to external entities such as data firms and   advertisers. Spyware is often downloaded through unreliable online sources. 

Trojan Horses

Trojan Horses are malware disguised as legitimate softwares. This virus is typically downloaded by the designated user through deception by a cybercriminal. Once this software enters your system, it is activated for the hacker to gain access, block, copy and steal your sensitive information. 

These malware operations are commonly used amongst cybercriminals but there are many more approaches such as but are not limited to – worms, bots, spam & phishing, etc. 

Ransomware is on the Rise

More information than ever before being sent and stored through network servers, this is essentially a cause for concern on its own; however, an increase in personal devices and usage poses a real threat to your businesses security. 

In the past twenty years alone, business’s phone operating systems have completely changed. For the first time, phone and computer networks converged and as feature functionality continues to grow overtime, we must stay up to date on the latest cybersecurity protocols to protect our valuable information.

Ransomware attacks have grown by 350% since 2018. These attacks have been on the rise as a result of readily available technology at our fingertips. As technology advances, our data becomes at risk on the internet – not only our personal information, but private organization data. 

The rise in ransomware attacks can also be attributed to the outbreak of COVID-19. The virus left organizations across the globe vulnerable to breaches due to unexpected distractions that came with altering business operations. 

The Costs of Ransomware Attacks…

On average, a ransomware attack costs roughly $84,116. In a study conducted by Coveware, between Q3 and Q4 of 2019, the cost of a ransomware attack doubled in cost from $41,179. This significant increase should be cause for concern for businesses across all industries – and it’s not only financials your business should consider…

Down Time

If your corporation is hit by a ransomware attack, you will lose valuable work hours from every employee effected by the network breach. It could take days to address and diffuse the situation, which means you’re also at risk of losing business from existing and potential customers. In some instances, cybercriminals will insinuate a ransomware attack with the intended purpose of disrupting a businesses operations. 

Tech Support

Tech support includes factors such as hardware replacement and repair costs along with labor. A ransomware attack would also take away valuable working hours from your IT departments long term projects in order to defend against a breach. 

Reputation

In some instances, a ransomware attack could mean damage to the victim’s brand as well. Customers want to feel comfortable purchasing goods and services from company’s they can trust – and if your organization is hacked, customers may fear that not only their personal information could be at risk, but they may question the integrity of the corporation as a whole. 

Don’t underestimate the totality of a ransomware attack. These breaches can be detrimental to your organization, and your organization should have a proactive plan to protect your valuable information. 

Find What Solution is Right For You

LDI knows how scary a ransomware attack can be – as a technology company ourselves, we must be vigilant in integrating these protective solutions into our organization as well as connecting our customers to solutions. 

With all of the security options out there, it can be difficult to narrow down the right choice for your business. LDI will first and foremost run a proactive analysis of your existing system to check for any inconsistencies or holes that cybercriminals could enter your network through. 

Our solutions include, SentinelOne, a leading cybersecurity software system that ensures your valuable data is secure by utilizing the latest technology in malware protection. SentinelOne provides real time endpoint protection utilizing multiple patented AI algorithms that protect against threat vectors. In short – this solution ensures that your devices remain secure by defending, blocking and remedying viruses at the source. 

Once a system is installed, the defense against cybercriminals doesn’t stop there. We ensure your valuable information is safe with system administration based on your business needs. LDI will be there to manage, monitor, and protect your network from anywhere at anytime. 

Don’t remain vulnerable to a ransomware attack, get in touch with an LDI representative today to learn how we can integrate software and additional tech support into your cybersecurity plan.