Computer hacks…data theft…ransomware…
These phrases are associated with high-profile cyber crimes. These type of crimes, unfortunately, are happening more often and with increasingly higher costs.
While cloud computing often gets a bad reputation as being vulnerable to cyberattacks, there are some that feel that cloud computing may actually be the solution to enterprise data security.
The Kaspersky Lab discovered that they total cost of one incident involving ransomware could cost companies over $700,000. This money goes into paying the ransoms themselves and other damages, including data loss, the price of reinventing their brand image, and improving their security infrastructure to avoid future targeting.
Most companies aren’t ready for ransomware
Even with all the cyberattacks occurring around the world, there are a vast number of companies that are unable to withstand a cyber attack. Furthermore, many of these companies have not attempted any preparations.
In fact, according to Webroot, out of 200 small and medium businesses surveyed, only 29 percent think they’re ready to protect themselves from attack.
What is ransomware and should it concern me?
There are two main types of ransomware.
One, extortion occurs when attackers withhold data until the victim pays to get it back.
Two, the other type involves actually damaging data.
While the goal of dealing with cyber attackers is to limit them to your company’s data—and thus, reduce overall exposure—it is inadvisable to simply pay the ransom. This is because you’re unlikely to see your data again whether you pay the ransom or not.
So what can you do to survive a ransomware attack?
It’s advisable you set up data in a segmented storage method as to limit the amount of data attackers can access. You may also need to partner with a IT consulting company to plan for future prevention techniques.