By Sarah Evans 
Hacking is skyrocketing. The use of ransomware for hacking, specifically, is growing rampantly, as hackers encrypt computer files and deny users access to their own data.
Ransomware attacks increased by 7x in 2020 alone. Recent projections predict that at least 3 out of 4 of IT organizations will confront a ransomware attack by 2025.
When ransomware attacks are deployed, resulting data loss costs are astronomical.
82% of ransomware attack victims report significant loss of data while 61% of ransomware attack victims reported lost data to corruption.
Detrimental business operation halts are often the result of data loss. Though often neglected from ransomware damage tallies, these interruptions cost businesses up to 23x more than the ransom itself. Business disruption costs average at $1.2 million with the highest cost being $6.5 million for small to medium enterprises (SMEs).
Secure your organization through vital protection practices. First, give employees the tools to evaluate whether a link, email, or attachment is reliable. Second, back up important data onto external devices, which will be guaranteed to help recovery should there be an attack. Third, by acquiring malware detection, you can stay one step ahead of cybercrime with early detection of suspicious activity. Lastly, stay on top of patch and software updates, which can be crucial to protecting yourself against ransomware.
Ransomware attacks are increasing in complexity, making the knots they leave behind difficult to untangle. With increasing frequency as well, preparedness must be undertaken with a mindset of not of if but when. Stay prepared, and know the costs.
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