January 14, 2022 | By stephen

Share

Budgeting for Ransomware Protection: A Business Essential in 2022

• Cybersecurity

According to Cybersecurity Ventures, businesses record a new ransomware attack every 11 seconds. With Symantec estimating that the U.S. accounts for up to 18.2% of global ransomware incidences, there is enough reason for your Chicagoland business to be concerned. So, how well is your organization prepared to shield its systems from ransomware? Does your CFO have a budget for ransomware prevention? In this article, we discuss what ransomware is, explore reasons you should be concerned about, and explain why you need a ransomware protection budget.

What is Ransomware?

Ransomware is a cyberattack vector involving cyber actors introducing malicious software (malware) into your network to encrypt your data or computer systems. The encryption blocks access to your files until you pay ransom to the cyberattackers.

So, how do the bad guys introduce malware into your systems? According to CSO Online, cyberattackers deliver 94% of malware through emails. Typically, you will receive an email purportedly from trusted sources. The email contains a malicious link, file, or image and a message that prompts you to open them. When you click on these attachments, they redirect you to a page that mines your credentials or automatically introduces malware into the organization’s network. Approximately 48% of these malicious attachments are Office files, making them challenging to identify.

VIDEO: Does Your CFO Budget For Ransomware? | LeadingIT 060

Why Should You Care?

Ransomware has been around for a very long time. So, why should you care now more than ever? Here’s why:

Ransomware Cases Are Continually Increasing

While almost all cyberattack vectors increased in 2021, ransomware received the most attention. From the Colonial Pipeline to Brenntag to Acer, JBS Foods, Quanta, NBA, and Kaseya, the list of businesses that suffered ransomware attacks this year is endless.

We could almost say this was ransomware’s breakout year. The cyberattack vector wreaked havoc on businesses and individuals globally. It affected our ability to travel, access healthcare, buy groceries, put gas in our cars, make calls, and what have you. According to MSSP Alert, businesses globally had recorded over 500 million attempted ransomware attacks at the start of November this year. As you can see, the bad guys have been working overtime.

Ransomware Is Expensive

Initially, ransomware attacks were pretty simple — hackers would encrypt personal gadgets and demand a few dollars for decryption. Over the years, it has evolved into one of the most lethal and costliest cyberattack vectors.

Ransomware attackers have advanced their tactics and learned to commercialize their craft further. To say they are reaping big is an understatement. Fintech News estimates that businesses pay an average ransom of $111,605 for each ransomware attack. This amount does not include the losses because of downtime, reputational damages, lost clients, and other related costs. According to The Sophos State of Ransomware Report 2021, the total ransomware attack recovery cost can go as high as $1.85 million per incident.

Budgeting for Ransomware Protection Is No Longer Optional For Businesses

On the surface, investing in cybersecurity may seem costly. Why spend thousands of dollars annually on safeguarding your business against a threat that you’re not even sure will befall you?

It’s a no-brainer that most small and medium-sized businesses opt for random IT Guys who they call when necessary. This option always seems better than outsourcing IT support until you become a victim of a ransomware attack and your fears become a reality.

Here’s the thing—technology can empower your organization to do more, perform better, and run faster. However, without the best IT support, it exposes you to the risk of ransomware attacks, which can bring your business to its knees overnight. That’s why with cybersecurity and ransomware prevention, there’s no option but to have the best support available. So, why should your Chicagoland business have a ransomware prevention budget?

• Everyone is a potential target: Ransomware attackers primarily targeted large organizations for a long time. However, with supply chain attacks increasing by over 650% this year, it’s clear that the cyber actors no longer discriminate. Therefore, every business should invest in ransomware prevention.
• It’s less costly to invest in ransomware prevention: As we highlighted, the cost of recovering from a single ransomware attack can be as high as $1.85 million. You can secure dedicated IT support at a fraction of this and reduce your chances of becoming a victim. When budgeting for ransomware prevention, don’t just focus on the financial perspective; also factor in what it might cost you if you have lackluster support.
• Investing in ransomware prevention enhances your cybersecurity posture: Contacting a reputable IT support company reduces your chances of falling prey to cyberattacks. That’s because the IT team brings on board years of experience and grants you access to a deep bench of professionals.

LeadingIT offers 24/7, all-inclusive, fast, and friendly technology and cybersecurity support for nonprofits, manufacturers, schools, accounting firms, religious organizations, government, and law offices with 10-200 employees across the Chicagoland area.