Every day, companies across all industries are paying Cyber Criminals to regain their business critical data.
Here are the facts about ransomware to which every business owner should know.Ransomware comes in quite the variety pack these days, but let’s start by cancelling out some definitions.
Ransomware is not Malware
Ransomware is not Ransom
Ransom is the practice of holding a prisoner or item to extort money or property to secure their release, or it may refer to the sum of money involved. In an early German law, a similar concept was called weregild.
While Ransomware is a form of malware, it’s definitely unique in what it does. Sprinkle in some ‘ransom’ and you’ve got a malicious virus that keeps your data encrypted until ransom is paid (usually in bitcoins).
The current state of Ransomware?
Source = Symantec
It’s pretty contagious!
As opposed to individual devices, more Ransomware attacks are spreading across entire networks. The healthcare industry has recently experienced this.
And It’s Not Cheap To Recover From!
Businesses lose an average of $133,000 per year in recovery costs following ransomware incidents.
Source = SOPHOS
Not only is ransomware becoming more common, but it’s also expensive and can halt an entire system.
As a small & medium sized business, it’s painful to your bottom line. We decided to ask some IT professionals for their thoughts and noticed a common trend…
When it comes to Ransomware, it’s not a matter of IF but WHEN. Business continuity will give you access to your captive data.
No hostages here!
Joel is the Founder of Cloud E Systems and heavily engaged with designing and implementing network infrastructure solutions for a leading global partner company in mining.
He has over 14 years experience building, supporting and delivering complex enterprise network & security systems across Internet Service Providers (ISP), mining and the Federal Government private sector.