Ransomware attacks have been more widespread in recent years, which should come as no surprise. In the first half of 2021, the number of ransomware attacks nearly doubled. According to recent research, ransomware attacks targeted 1,097 US organizations in the first half of 2021.
The popularity of ransomware is increasing among cybercriminals for two main reasons: it is extremely effective and lucrative. It has been a preferred tactic among attackers because of its ease of use, efficacy, and likelihood that a victim will pay the ransomware.
The fact that some firms are still debating whether to invest in anti-ransomware capabilities or incur the costs associated with a ransomware attack should come as no surprise.
While having enterprise-grade antivirus software installed on your machines can be beneficial, this is actually the bare minimum of protection required by reputable managed service providers (MSP).
We already know the answer: recovering from a ransomware infestation is much more expensive than preventing one in the first place. Let’s have a look at a few of the reasons for this.
If you think that installing enterprise-grade antivirus software on your machines will keep you protected, you may be in for a rude awakening.
Benefits of working with a Managed Service Provider
Given the stringent requirements of a good cybersecurity policy, a company requires as much assistance as possible. This is sometimes accomplished through in-house IT, where expert staff establishes guidelines and resources for dealing with security concerns.
However, this isn’t always sufficient.
Cybersecurity is a significant financial and personnel commitment. When on-site solutions aren’t enough, small businesses turn to MSPs or managed service providers.
An MSP is a third-party resource for companies that need assistance managing their technological needs, one of which is cybersecurity.
Even though smaller firms lack the resources of a huge organization, hiring an MSP allows them to save money and improve efficiency when dealing with the dangers of digital threats.
When you work with an MSP, you can expect a number of safety benefits. Here are some of the benefits we can provide to you at Rojan.
Rojan Managed Services
- Cybersecurity:
Never undervalue the significance of cybersecurity. The workplace is rapidly changing. Today, the majority of work is done digitally, requiring employees to use at least one device for work, though most use more.
There is a lot of work involved in securing your business, and having a plan in place is critical. As a Managed Service Provider (MSP), our team of experts at Rojan will collaborate with you to develop and implement a security plan that meets your requirements while remaining within your budget. - Security Auditing:
Rojan has the resources to identify weaknesses and security gaps in your organization. We assist in addressing the issues that are causing noncompliance in order to establish an effective security program.
Security measures are meaningless unless they are implemented. A security audit determines the effectiveness with which your organization’s security policies are implemented. Our audits will identify any gaps or vulnerabilities in your existing systems and procedures. - Email Security:
Businesses are relying on email more than ever to stay connected with both colleagues and external partners as we all adjust to our new normal of remote working.
Unfortunately, that makes email a prime target for phishing, ransomware, and malware attacks.
Rojan provides dedicated and comprehensive email protection 24/7 so you can rest easy knowing that your internal and external communications won’t be compromised. - Network Security: Strong network security protects your business, but it can also limit your employees’ flexibility. Your goal is to keep everything safe and running smoothly, and Rojan allows you to do both at the same time.
Contact our team of experts to learn how intelligent security not only responds to threats, but also protects your company from them—all while keeping your employees focused on the big picture.
The cost of a ransomware attack
According to a recent IBM report, ransomware attacks cost an average of $4.62 million. This is nearly half a million dollars more than the average data breach, which costs $4.24 million. Furthermore, it excludes the cost of paying the ransom.
Aside from the financial damages ransomwares can cause, other equally-important aspects must be considered:
- Revenue Loss in the Business:
Two-thirds of victims report that their company suffered significant revenue loss as a result of a ransomware attack. - Brand and reputational harm:
Perhaps the most serious consequence is the loss of business due to reputational damage, which can take years to repair. - Loss of C-Suite Personnel:
In a third of the cases, victims lost C-Level talent as a result of a ransomware security incident. - Employee Layoffs:
Almost one-third of companies laid off workers as a result of financial pressures resulting from a ransomware attack. - Business Dissolutions:
Aside from the financial consequences of a breach, network security is critical for any business because an attack can jeopardize your customers’ trust.
In fact, 60 percent of small businesses fail within six months of being the victim of a data breach or cyber attack. - The Cost of Paying the Ransom:
According to a recent study, 35 percent of organizations that paid the ransom sent between $350,000 and $1.4 million to the attackers. In the first half of 2021, 7% spent even more, a situation that became common.
The issue with paying is that it does not guarantee that victims’ data will be recovered. For example, nearly half of victims who said they paid the ransom said some or all of their data had been corrupted.
An additional 3% stated that they were unable to access any of their encrypted data after paying.
Keep your business safe from ransomware with Rojan
The best strategy for organizations is to avoid having a ransomware attack in the first place. That is why Rojan offers a multi-layered solution that uses their technical expertise and resources to detect and prevent a ransomware attack at the earliest stages.
Rojan is committed to collaborating with defenders to eliminate cyber attacks from endpoints to the enterprise and everywhere – including modern ransomware.
Learn more about ransomware defense here, or schedule a demo today to see how an operation-centric approach to security can benefit your organization.
If you have been or to prevent ransomware attacks go to Rojan Disaster Recovery DRaas