What would a security breach like ransomware cost your organization? How would your reputation be impacted if you had to tell your clients their sensitive information was compromised? What is the cost of downtime on your business?

A global research study conducted by Cybereason showed that organizations affected by ransomware had the following impacts to their business:

Lost Revenue: 66 percent of organizations reported a significant loss of revenue following a ransomware attack.
Ransom Payments: 35 percent of businesses that paid a ransom demand, the cost was between $350,000-$1.4 million, while 7 percent paid ransoms exceeding $1.4 million.
Brand and Reputation Damage: 53 percent of organizations indicated that their brand and reputation were damaged. This type of damage is difficult to quantify but can have a significant impact if customers and clients begin to view an organization as “unsafe.”
C-Level Talent Loss: 32 percent of organizations reported losing C-Level talent as a direct result of ransomware attacks.
Employee Layoffs: 29 percent reported being forced to lay off employees after a ransomware attack. The financial impact of a ransomware attack could cost employees their livelihood.
Business Downtime: 26 percent of organizations reported that a ransomware attack forced the business to cease operations for some period of time. According to Gartner, the average cost of IT downtime is $5,600 per minute.

Cybercrime is on the rise, and having an IT department is no longer a luxury. It’s essential to stay operational.

According to Malwarebytes’ Annual State of Ransomware Report, ransomware is a “top three” problem for all organizations worldwide; and 32% of companies were hit by at least one malware attack last year. Of that 32 percent, one-fifth had to stop operations immediately and shut down their business overnight. That means about 7% of all companies in the countries surveyed (US, UK, France, Germany, Australia, and Singapore) were forced out of business last year because of a cyberattack. Things are getting worse, and that number is expected to rise as cybercrime becomes more prevalent.

Cybercriminals are organizing into “gangs” and introducing “ransomware-as-a-service” by creating software and nefarious tools available on the dark web to almost anyone no matter their knowledge or skill level. From DDOS attacks, to backdoor malware, to ransomware, the vulnerability to cybercrime has increased exponentially. Because cybercrime is becoming a big business, it threatens to disrupt all organizations in any industry.

Recently, there has been widespread news coverage of security vulnerabilities like “Log4j,” which allowed a hacker to potentially gain complete access to a network and upload ransomware, steal sensitive data, or otherwise cause destruction. If such a vulnerability is exploited, a hacker could do untold damage to an organization’s brand and reputation, costing not only money but its viability.

A study conducted at the University of Maryland was one of the first to quantify the actual threat of cyberattack. They found that, on average, hackers attack computers connected to the internet every 39 seconds or approximately 2,244 times per day. These attacks looked for any vulnerability and did not target any specific person, organization, or industry. This means that today, literally everyone connected to the internet is at risk.

Good cybersecurity requires constant attention and is essential to staying operational. An IT department is a specialized team that will manage the network, so potential vulnerabilities cannot be exploited. They also provide a human aspect to intervene and respond when a security event occurs. If a cybersecurity threat is identified, skilled professionals are needed to investigate and respond correctly to mitigate potential damage.

Hackers are constantly looking for ways to exploit cybersecurity weaknesses, like stealing passwords. According to Microsoft, there are 579 password attacks every second – that’s 40 times more than a hummingbird flaps its wings! This means everyone must stay vigilant or risk falling victim to a cyberattack. In today’s world, this means hiring an IT department.

Without an experienced IT department, many SMBs will fall victim to ransomware and other cyberattacks that could shut down their business. Ransomware may be one of the most detrimental and widely reported types of attack today, but the list of threats is ever-growing. There are many types of malware, hacks, account takeovers, phishing, and others in the world today that could cause untold damage if proper cybersecurity is not in place.

Continue Reading >> Staying operational is not a luxury. It’s essential.