Are you Protected?

• As of May 25, 2021, HC3 tracked 48 ransomware incidents targeting just the United States
• 65% that were hit by ransomware in the last year said the cybercriminals succeeded in encrypting their data in the most significant attack
• 34% of those whose data was encrypted paid the ransom to get their data back in the most significant ransomware attack
• The global average bill for rectifying a ransomware attack –considering downtime, people time, device cost, network cost, lost opportunity, ransom paid, etc. – was $1.85 million

*Info retrieved from HHS Ransomware Trends 2021 report

With damages from cybercrime expected to hit $6 trillion this year (up from $3 trillion in 2015), we expect the number of ransomware attacks to increase and newer forms to become more sophisticated and disruptive. 

Why is this? 

Cryptocurrency is becoming more popular. With online currency like bitcoin becoming more widely accepted, it’s easier for hackers to encrypt data, demand a ransom, and get paid with little risk.

Small businesses are small fish to hackers. That’s no secret. The payout of a hacker infiltrating the network of a small business is significantly lower for a $1 million company versus a billion-dollar company. But it’s also significantly easier.

The reality is that over half of the small businesses that are hit by ransomware go out of business 6 months later. This is because ransomware costs a small business money, but reputation damage costs more. How many customers will keep coming back when a small business compromises their personal data?

Unless that small business has something no one can get elsewhere, chances are that customers will find more “secure” means to do business by taking their money to someone who hasn’t had their sensitive data compromised.

Regardless of the decision you make, just make sure to make one. In-house or managed IT services may be an additional cost to the bottom line, but it is better than getting hit with ransomware and being out of business 6 months after. Considering that ransomware victims paid $406 million worth of cryptocurrency to hackers in 2020 (a +300% rise over the previous year), you’re simply rolling the dice on your company’s future if you wait.