Ransomware can strike computer systems without a moment’s notice. Just when operations appear to be running smoothly—attacks can wreak havoc throughout a company. Embodying a plague-like effect, ransomware can infiltrate a single computer before and incubate for days before causing full-fledged organizational chaos.
Picture this. Another day at the office begins with business as usual. As you go about your daily meetings and responding to emails, word begins to spread of an impending attack at your office. An employee in the marketing department has just reported they’ve been locked out of files and are unable to access crucial systems.
The clock is ticking and you’re losing money by the minute.
Access to all data files locally, remotely, or anywhere else within the network are suddenly inaccessible. Servers have become encrypted and all of the workstations in your office are unable to perform simple tasks such as even accessing the internet.
As you begin strategizing your defense against the attack, you wonder what your next course of action should be.
How Ransomware Spreads
Like a person that has been struck with the flu, a ransomware attack can leave other nearby systems vulnerable. Similar to any other illness, there is an incubation period in which the virus may lay dormant before spreading to other systems and devices.
During the incubation period, the virus has the capability of replicating itself amongst all computers attached to the same network. Attacks of this magnitude can impact every department of your organization. So it’s important to have a plan in place to help mitigate your risks.
Ransomware has become one of the most prevalent forms of cyber attacks. According to a recent report, a 500% increase in ransomware attacks against businesses occurred in Q1 2019 compared to Q1 2018. Whether it be the lawyer who can’t access files regarding an impending case or a doctor that is unable to retrieve patient information—ransomware can be devastating to any type of organization until it becomes eradicated.
How Ransomware Can Impact a Business
Ransomware can impact a company and pose several challenges within an organization. Cybercriminals are able to use ransomware to lock files and withhold critical information. Users are unable to access these files unless they pay a ransom that will free up computer access once again.
Viruses of this magnitude can create a number of challenges including:
- Operational downtime: as the saying goes—time is money. Every second of operational downtime coincides with significant financial losses. The longer systems remain down, the greater the financial implications. No matter if your business is a fabrication shop with CNC machines down or a doctor’s office that can not access patient records, any downtime will put your business at risk.
- Reputational loss: in the eyes of consumers, a ransomware attack can drastically harm a company’s reputation. Fortune 500 companies that have fallen victim to attacks have seen their reputations tarnished. It can take years to build credibility and only seconds to destroy it. It’s difficult to put an exact financial impact associated with the reputational loss but a recent study by Centrify found that 65% of consumers lost trust in an organization after a breach.
- Recovery costs of data: in addition to financial losses from downtime, the cost of recovering your data can also be significant. If data hasn’t sufficiently been backed up—the financial implications could be disastrous to the point of causing complete business shutdown.
The ripple effect of ransomware impacts every aspect of an organization. Taking the steps to prevent and safeguard against ransomware is crucial for protecting the interests of businesses.
How TBC Can Help Prevent Ransomware
The best way to fight ransomware is to stop it from happening in the first place. Whether you’re looking for that extra layer of protection or you’ve already been hit by ransomware, TBConsulting can help to protect the interests of your business.
At TBConsulting, we offer a number of services designed to help prevent the occurrence of ransomware attacks. As a distinguished third-party company, TBConsulting has the tools and know-how to protect against harmful ransomware.
Utilizing our 24 hour monitoring program, TBC can provide an additional layer of security protection. Using our cybersecurity risk diagnostic test we can help assess the security needs of your company. If you would like to learn more about protective measures that can safeguard your organization—please contact us for a 30 minute consultation. Stop the attack before it strikes by calling us today.