Ransomware Can Cost A Business $700,000

08.10.2017

Cybercrime: criminal activities carried out by means of computers or the Internet. Over recent months cybercrimes have made national news headlines. From the PetYa virus to WannaCry, cyber attackers have made a spectacle of technology. This has caused the cost of cybercrime to skyrocket. Research by Kaspersky Lab found the cost of a single ransomware incident can cost a company $713,000 on average, due to the costs of paying the ransom and related losses, such as value of lost data, the expense of improving infrastructure and repairing brand image. The most recent ransomware virus, PetYa, hit 12,000 companies over 65 countries.

The average ransom demand is around $300 according to Kaspersky. Although that seems insigificant, the costs associated with clean up can drive that price much higher.┬áThe reason why the cost to repair cyber crime is so high is simple: companies aren’t prepared. Only 21 percent of 200 small- to medium-sized U.S. businesses said they are completely ready to manage security and protect against threats, according to an online survey by security provider Webroot. Many businesses felt that ransomware wouldn’t affect them because they are “too small.”

That mindset is a common misconception amongst business owners. Cyber attackers don’t care what size your business is – they know that any data is valuable data. They will head for the easiest and quickest target. As these attacks become more sophisticated, it will become harder to get your data back and return your business to normal.

There is hope, and good news, you can prevent ransomware and cyber attacks with the right cyber security plan. This plan will utilize various forms of technology to protect your business from threats. How do you create this plan? How much will it cost? Do you need someone to manage it full time?

Datasmith hears these questions all too often – usually after a business has been attacked. That’s why we’ve partnered with NCGIT to bring you a FREE Cybersecurity workshop. Learn more and register for this FREE event here.

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