The Cost Of Ransomware On Your Small Business

Ransomware is not something that should be taken lightly. For businesses of any size, ransomware can have detrimental effects on a company’s overall wellbeing. In this video, we discuss what effects a ransomware attack could have on your organization.

In recent years, there has been a change in the way cybercriminals make money. One of the newest ways they attack is through the use of ransomware. Ransomware is a type of encryption that prevents you from having access to your files until a ransom is paid. This method is commonly used by ransomware gangs that prey on companies of all sizes. They watch the practices of your business for a number of months and then place locks on your valuable information. This leaves your business vulnerable, while also forcing you to lose money through the ransom fee.

Many factors go into determining the cost of a ransomware attack. Searching “the costs of ransomware on a small business” will produce a variety of results. However, all of the experts agree that a ransomware attack will be very costly in one way or another. These losses can occur monetarily, reputationally, or in terms of your organization’s future security.

One major thing to consider with ransomware attacks is the reputation of your business. Customers want to work with a company they can trust. One that will protect all of their sensitive data. This means that you want to appear as trustworthy as possible to attract the most clients. If your company cannot protect itself, they will not think you can protect them. If a ransomware attack becomes public, you could lose out on tons of potential business, costing you even more than the ransom itself.

Million dollar businesses, global corporations, healthcare organizations, schools, and government offices all deal with ransomware attacks. There is no type of company that can escape this kind of threat. This means that you must do everything you can to make your business secure. Here are some of the ways that you can protect your organization:

  • Educate your employees on the threats of ransomware
  • Invest in the right cybersecurity solutions
  • Make business continuity a priority
  • Have the right outsourced IT company

You cannot fully predict how much harm will be done to your business by a ransomware attack. Because of this, you must always be prepared for the potential of this threat. If you would like help making your company more secure, or if you have additional questions about ransomware, reach out to us. At National Networks, we have a great team ready to assist you with all of your IT needs. Contact us online or by phone today.