The battle against ransomware has never been so intense as it is since the onset of the COVID pandemic. When employees across the country found themselves suddenly ditching the commute and staying home to work, a whole new realm of cyber security vulnerabilities were suddenly opened up for cyber criminals to exploit. In 2020 alone, ransomware attacks rose by at least 7x, and 75% of companies will fall victim to ransomware attacks within the next 4 years.
The cost of these attacks is increasing and certainly goes far beyond just the ransom itself. Adding in the loss of profits, halted production, loss of reputation, and potential loss of critical data, a single ransomware attack could cost 23x more than the ransom itself.
Unfortunately, the majority of reported attacks are falling on SMBs, and many of them never recover. Not only that, but even cyber insurance is now failing businesses as premiums are rising, claims are being denied, and applications are being turned down more frequently.
The best move to battle this aggressive opposition is to protect against attacks before they happen. With proper personnel training, keeping software up to date, keeping data backed up, and investing in a high quality malware detection program, businesses can take an offensive approach and avoid the pitfalls of the current cyber vulnerabilities.