Ransomware is a type of malicious software (malware) that is designed to encrypt files and data on a victim’s computer or network, rendering them inaccessible to the owner of the data. The attackers then demand payment, usually in the form of cryptocurrency, in exchange for a decryption key that will restore access to the encrypted data.

Ransomware attacks can have devastating effects on businesses of all sizes. Here are some key facts to consider:

Ransomware Attacks are on the Rise

According to a report by Verizon, ransomware attacks have increased 13% year-over-year from 2021, which is a greater increase than the previous five years combined.

The Cost of Ransomware Attacks are High

A study by cybersecurity company Sophos found that the average cost of a ransomware attack is now over $800,000, which is nearly 5 X more than from 2020. This does not includes the cost of lost productivity, and recovery efforts.

Small Businesses are Particularly Vulnerable

While large corporations often have robust cybersecurity measures in place, small businesses may not have invested in strong protection against ransomware attacks. This makes them a popular target for attackers. Traditionally, cybersecurity was costly and resource intensive. Today, there are more options than ever and it is more affordable than ever.

Ransomware Can Cause Significant Downtime

If a business’s critical systems and data are encrypted by ransomware, the business may be unable to operate until the data is restored. This can result in lost revenue, lost customers, and reputational damage.

Paying the Ransom Does Not Guarantee Data Recovery

Even if a business pays the ransom, there is no guarantee that the attackers will provide the decryption key. In some cases, businesses have paid the ransom only to find that the attackers were unable or unwilling to provide the decryption key. In addition, you may find that not only did the not decrypt the data, but leaked or sold the data the dark web.

Ransomware attacks can have serious consequences for businesses, including significant financial losses, downtime, and reputational damage. It is important for businesses to invest in strong cybersecurity measures and to have a plan in place for responding to a ransomware attack.