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Ransomware Does More Damage Than You Think

Businesses need to be ready to handle a ransomware attack. Ransomware is the biggest cybersecurity threat that the world faces today, and attacks are only evolving to become more complex and more damaging. At a recent conference in Tel Aviv, U.K. National Cyber Security Centre (NCSC) CEO Lindy Cameron cautioned “Even with a war raging in Ukraine – the biggest global cyber threat we still face is ransomware. That tells you something of the scale of the problem.” The expert also cautioned that the sophisticated attacks that we’re seeing could potentially have a significant impact on nations and economies. Ransomware’s impact can be felt throughout a business causing more damage in more areas than you may expect.

A ransomware infection doesn’t just impact a small section of a company’s IT environment. It bleeds out into many areas, snarling productivity and recovery at the same time. Which environments in an organization do ransomware impact? Storage systems and cloud-based data storage top the list, hit in more than Storage systems or cloud-based data account for 79% of impacted environments in successful ransomware attacks, but other key elements that impact an organization’s ability to do business also take a hit when that organization is struck down by a ransomware attack.

Environments Impacted by a Ransomware Attack 

Storage systems 40%
Cloud-based data 39%
Networks/connectivity 37%
Key IT infrastructure 36%
Data protection infrastructure 36%

Source: https://www.hitachivantara.com/en-us/pdf/ebook/long-road-ahead-to-ransomware-preparedness.pdf

Ransomware Delivers Reputation Damage Too

Unlike the classic song, businesses do care about their bad (or good) reputation. Building a strong brand and a positive brand reputation is hard work. Unfortunately, much of that hard work can be undone in a flash by a cyberattack. Getting hit by a successful cyberattack like a ransomware strike can be very damaging to a company’s brand and reputation. A report by IBM and Forbes Insights found that 46% of organizations that experienced a cybersecurity breach suffered a major hit to their reputation and their brand’s value as a result.

If a company falls victim to a ransomware attack and suffers a data breach, as a result, serves consumers, the hit that a cyberattack can deliver to consumer sentiment becomes even more disastrous. In recent years, many consumers have become savvy about identity and data theft, making them very concerned about what companies do with their data. Most of them don’t think companies try hard enough to protect their data. An estimated 64% of consumers believe that companies aren’t doing enough to secure it. Consumers also do not tend to be forgiving of companies that can’t protect their information. One in four Americans says that they will not do business with a company that has had a data breach.

How Many Organizations Experienced Damage to Their Brand from Common Threats? 

IT systems failure 66%
Human error 57%
IT security breach 46%
Data loss from backup/restore failure 39%
Natural or manmade disasters 23%
Third-party security failure 19%

Source: https://www.hitachivantara.com/en-us/pdf/ebook/long-road-ahead-to-ransomware-preparedness.pdf

Mounting a strong defense against threats like ransomware is essential for ensuring a company’s successful future. An estimated 60% of companies go out of business within six months of suffering a cyberattack. Put the right defenses in place now to stay out of that group.

Source: ID Agent

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