Ransomware: the latest statistics every business should know
Learn the truth about this devastating type of cyber attack, and how to protect yourself
Internet criminals are becoming more and more sophisticated—and they’re starting to demand more and more in exchange for the safe return of your data.
Keep reading to find out how ransomware works, see some eye-opening cybercrime statistics, and learn how you can keep your business protected.
What is ransomware?
Ransomware is a type of malicious software (or ‘malware’) that’s designed to deny access to a computer system or specific data until a ransom is paid. If the ransom is not paid, the hacker will threaten to destroy your data or withhold access to it permanently.
How is ransomware spread?
Ransomware typically spreads through phishing emails or by you unknowingly visiting an infected website.
How does ransomware affect businesses?
A ransomware attack can be devastating for businesses of any size—and anyone with important data stored on their computer or network can be at risk.
Because the process of recovery can be extremely complicated, even when you have a data recovery specialist on the case, some victims decide to actually pay the ransom to recover their data. However, if you choose this route there’s no guarantee that you’ll get everything—or indeed anything—back from the attacker.
Now for the scary ransomware statistics
- On average, 1 in 5 small and medium-sized businesses (SMBs) report that they’ve fallen victim to a ransomware attack.
- The amount of ransom requested by hackers is increasing: the average requested ransom for SMBs is now ~$5,900—that’s up 37% year-over-year.
- Downtime costs are up by 200% year-over-year, and the cost of downtime is 23X greater than the average ransom request.
- Hackers are not only targeting businesses, but state and local governments too. The Florida city of Riviera Beach recently agreed to pay nearly $600,000 to hackers in exchange for the safe return of their data.
How do I protect my business from ransomware?
1: Your first step should be to check the setup of your computer systems and network for any vulnerabilities.
2: Next, educate your team on cyber security best practices.
3: Finally, partner with a reputable IT company whose job it is to make sure you’re fully protected, both now and in the future.
Want more advice on how to protect your business?
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