Ransomware is a form of cyber extorsion. Learn about the worrying average cost of a ransomware attack for businesses, and how BCDR helps to protect organisations from the risk of downtime.
Ransomware attacks have increased significantly over the past years and months, especially with the global switch to remote working following the COVID-19 pandemic.
Not only are these attacks on the rise, but they are also evolving and posing an increasing threat to cloud-based environments.
Ransomware is a form of cyber extortion, and it comes with potentially devastating consequences for businesses of all sizes. More than try to get your data back – ransomware attacks are a problem because of the challenge of getting systems back up and running to ensure profits face a minimal impact.
Nowadays, SMBs around the world are aware of the risks, but are they familiar with the worrying statistics?
The cost of downtime for SMBs following a ransomware attack is a growing concern. Ransoms have progressively become more complex and sophisticated, making it more difficult and time-consuming for victims to recover. When businesses rely on outdated backup tools, the challenge is much greater.
Ransomware attacks can result in considerable business downtime because breaches are rarely limited to a single computer. Nowadays, most ransomware attacks are designed to crawl business networks looking for additional machines to infect. If the malware goes undetected, it doesn’t take long for multiple devices, servers, and data in the cloud to become compromised.
Recent reports have shown that the cost of downtime is nearly 50 times greater than the ransom itself. The cost of downtime has exponentially increased to an average of $274,200, in comparison to the average cost of the ransom which comes at $5,600.
As attacks get more advances and aggressive, it’s now essential for organisations to tick all the boxes on the cyber security list to stay protected.
There are preventative steps to take against ransomware, but no protection is foolproof. It’s extremely important to have a recovery strategy in place to ensure downtime is minimised in the event of an attack.
Business continuity and disaster recovery (BCDR) plans are effective solutions to reduce significant downtime during a ransomware attack to a minimum.
BCDR solutions are built specifically for scenarios where systems and business-critical data are unavailable. The virtualisation of systems allows businesses to run business as usual until the original devices are restored and free from ransomware. Without the BCDR tool, it could take days or weeks for businesses to get access to their systems again.
At Euro Systems, we work with the best technology partners to offer all-in-one solutions that incorporate local backup and recovery with a secure, cloud-based repository and full disaster recovery in the cloud.
As for cloud-platforms, like Microsoft and Google, they don’t back up files automatically for you – which is why businesses are recommended to make use of third-party back-up services, to make sure their employees’ data is fully backed up and always recoverable.
It’s also essential that businesses keep software and systems up to date. This helps to benefit from the latest security measures in applications and minimise vulnerabilities. Monitoring servers also helps, to make sure they are protected from ransomware risks.
Learn more about our BCDR solutions here.
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