Ransomware Does More Damage Than You Think

Reputation Damage is a Consequence of Ransomware Too

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. 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.

Risk and Costs Are Rising

The pace and severity of ransomware attacks have been steadily rising in the last few years. According to Gartner, ransomware will have infected 75% of all enterprises by 2025. In 2020 and 2021, ransomware assaults more than doubled, increasing by 92.7% year-over-year. That means that every organization needs to strengthen its defenses against ransomware and be ready to face the possibility of an expensive, damaging attack. By 2031, the annual cost of ransomware damage is expected to reach $265 billion, with a ransomware attack targeting a firm every two seconds. This makes ransomware the fastest-growing type of cybercrime.

Get Ready for a Severe Operational Impact

The operational impact of an attack can cost businesses a fortune all on its own without taking into account the expenses of incident response or any ransom paid. Lost productivity, delays in fulfilling customer requests, operational technology outages, production line shutdowns and more adverse outcomes of a ransomware attack can shut a company down, adding another layer of expense to the cake. Experts estimate that 25% of businesses that fall victim to a ransomware attack are forced to close temporarily due to the inability to operate. For many companies, any closure or loss of operational capacity, even for a few days is a major disaster.

A Ransomware Attack Hits Multiple Environments

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.

Environments Impacted by a Ransomware Attack 

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. 

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

A Strong Defense Against Ransomware is Critical 

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.

Stop credential compromise threats before they start by ensuring that your company isn’t going to receive a nasty surprise from the dark web,  Contact us today or book a discovery session!