Organizations that pay ransom to hackers are 80% more likely to experience a repeat attack.
Unless your business has bottomless financial reserves, continuously paying hackers to give you back your data is NOT a viable cybersecurity strategy.
Research by Cybereason shows that not only did many companies face repeated attacks after paying ransomware, 50% of the companies that had been hit by ransomware a second time suspect it was by the same hackers. Additionally, of the organizations that did pay ransomware, 46% got their data back either partly or completely corrupted. Twenty-five percent said ransomware caused their business to close.
Don’t count on cyber insurance to cover the costs of ransomware. Forty percent of companies that were hit by ransomware said their cyber insurance didn’t cover all the costs. Attacks can also affect brand reputation, layoffs and other major business disruptions.
When businesses pay a ransom, they are solving a temporary problem that just opens them up to more problems. There are solutions that allow businesses to circumnavigate ransomware attacks, like regular backups. Even if you don’t pay, ransomware is hugely disruptive to an organization. At ACE IT Solutions, we believe that the best approach to ransomware is to prevent it from happening in the first place.
Here are the top 5 solutions you can put in place now to fight ransomware:
- Security awareness training
- Security operations center (SOC) services
- Endpoint protection
- Data backup and recovery
- Email scanning
Just one of these solutions alone will not provide the protection needed to defend your data against ransomware attacks. All these solutions work in tandem to provide a layered cybersecurity approach. Putting the right cybersecurity strategy in place costs far less then paying ransomware.
Read more: To Pay or Not to Pay: A Sucker’s Choice
Contact ACE IT Solutions at 646.558.6358 to schedule a complimentary cybersecurity assessment. We will assess your systems to discover gaps in your cybersecurity program, to ensure you can prevent and recover quickly from disruptions — including ransomware.