What is ransomware and how does it impact a business?
Ransomware is malicious software or malware that gains access to a technology device, locks the user out of their device or blocks them from accessing files and programs, and then demands a ransom or payment.
The first ransomware attack was in 1989 and asked victims to mail $189 to a PO Box in Panama. Attacks have evolved in complexity and volume since then. KnowBe4, a security awareness and training solutions company, predicts the global cost of ransomware to increase from $20 billion today to $157 billion by 2028. Ransomware will attack a company every two seconds!
A company can no longer say it won’t happen to us, or we’re too small, or ransomwhere doesn’t happen in our town. Every company in every industry in every location is open to attack.
Downtime, data loss, intellectual property theft and reputation are all at risk when a company suffers a ransomware attack. If you’re a small to midsize business, there is a strong possibility your business would be forced to close.
Tips for avoiding ransomware
- Partner with a professional IT company. Insight BTR has the knowledge and experience to protect your company against threats. We also keep up-to-date on cybersecurity so you have time to focus on the things you want to, like your products and services, customers and employees.
- Create a culture that takes cybersecurity seriously. Provide ongoing employee training, require password updates and teach employees to look for suspicious emails and activity.
- Keep your technology and software up-to-date. Regular updates include the latest security patches. Make sure antivirus and anti-malware programs update automatically and conduct regular scans with software, programs and operating systems.
- Limit access controls. Only give access to files, programs and accounts to those who need access. Restrict users ability to install and run software on network devices.
- Back up your systems. Ideally everything is backed up daily and stored on an external hard drive or kept offline.