Is Ransomware as Big a Threat as It Seems? No… It’s Worse

Ransomware seems to be everywhere. One can hardly turn on the news without hearing about a new ransomware attack—and that’s just the ones that hit the news cycle, not to mention the smaller ones that are either hidden by the companies or not considered newsworthy. Meanwhile, businesses are urged to invest in more security tools and IT-themed acronyms than ever. Is all this investment actually worth it? Is ransomware actually as significant a threat as it is made out to be?

The truth is, it isn’t. If anything, it’s even worse.

What is Ransomware, Exactly?

As its name would suggest, ransomware is a malware that locks data away behind encryption until a payment—the ransom—is delivered to those responsible. Ransomware attacks have evolved to also demand payment to prevent the attackers from leaking the information to the press or contacting those whose data has been stolen directly.

As such, there are various costs that any ransomware attack will bring to the targeted business:

• Downtime - If you and your team are locked out of your resources, you aren’t able to get work done for the duration of the event… be it hours, days, or even weeks.
• Lost Trust - When your clientele works with you, they do so with the expectation that you’ll take good care of their information and you will be there to hold up your end of the bargain. Ransomware keeps you from doing so, damaging your reputation.
• Data Loss -  The strategy of ransomware is to prevent you from accessing your data until you pay, but what guarantee do you have that your data will be restored even if you do?

Clearly, ransomware is something to be avoided… so how does one do that?

How to Be Proactive About Avoiding Ransomware

Here’s the key: if you’re already dealing with a ransomware attack, it’s too late. You need to have a layered strategy in place before the issue presents itself. This strategy should incorporate the right tools—a firewall, endpoint protection, and email filtering—to keep your business as secure as possible. In addition to that, you need to train your team members to act as a security feature in and of themselves.

Finally, and most crucially, you need to have a comprehensive and thoroughly tested backup and disaster recovery plan. If your data is backed up, there’s no reason to pay the ransom because you have a copy to fall back on… it’s part of the reason that double and triple extortion happen.

Ransomware Protections are Fully Worth It (Even If They Don’t Seem to Be)

Here’s the thing: the value of ransomware protection, like most of what is offered under a managed service agreement, is largely invisible. From the outside, it simply seems as though you haven’t dealt with any problems. Under the surface, however, the vigilance and security solutions of a managed service provider are there to help block the majority of threats you would otherwise have to deal with, including the highly organized, for-profit ransomware-as-a-service platforms that have arisen.

Want proof? Work with us to apply a cohesive strategy to your business’ security needs! We’ll work with you to ensure you have a technology partner you can trust available to you in good times and bad. Our strategies are designed to ensure your business receives the most significant benefit in terms of both security and operational efficiency.

Let’s talk about what we can help you accomplish to make you more secure against the threats you face. Give us a call at (806) 249-4748 to learn more.