How Can Ransomware Costs Impact Your Organization?

Ransomware is now one of the most potentially damaging cyber attacks. Ransomware attacks can cost victims a total of $265 billion by 2031. Studies also estimate that the price tag will increase by 30% over the next ten years. Ransomware is of growing concern and has the potential to tremendously damage small businesses and Fortune 1000 companies alike. In this article at Cybercrime Magazine, David Braue explains everything about surging ransomware costs and the challenges around cyber security training.

The Recent Rise in Ransomware Costs

Research conducted by Cybersecurity Ventures predicted ransomware costs would surge from $325 million in 2015 to $5 billion in 2017, a 15x increase in two years. Furthermore, the study also predicted that the damage would reach $8 billion in 2019. However, the figure soared to $11.5 billion in 2019, and in 2021 it was $20 billion, which is 57x more than in 2015.

Keeping tight control over access and ferreting out anomalies are good defenses. However, it is simply not enough. Remember, cybercriminals have hacked and encrypted some of the best-protected organizations. So, how do you minimize your ransomware costs?

How to Defend Against a Ransomware Attack

“Insurers are increasingly declining coverage unless companies can demonstrate that they are running effective security training and have implemented key security protections such as multi-factor authentication (MFA),” says Braue. Therefore, organizations must conduct a cybersecurity risk analysis and develop an incident response plan that includes ransomware events. The plan must allow your company to quickly isolate and remove the ransomware threat and restore normal operations. Furthermore, constantly back up your data. This method is especially crucial with ransomware because paying the ransom is no guarantee you will get all of your data back.

Additionally, experts suggest you examine your business’s security capabilities and ensure you have proper security protection. Remember, no solution is perfect, but it can vastly reduce the risk of an attack.

To learn more about ransomware costs, click on https://cybersecurityventures.com/global-ransomware-damage-costs-predicted-to-reach-250-billion-usd-by-2031/.

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