Ransomware Is Killing Businesses – Here’s How You Can Stop It From Ruining Yours

Zephyr_p/Shutterstock: Ransomeware is destroying your business

Ransomware attacks are instant, but the pain they carry will hurt your business deeply. From employees to clients, there’s a multitude of these harmful software wreaking havoc. With each passing year, attack frequencies have only increased.

While we only hear about the attacks on big shots like Honda, no industry or business sector is safe from the threat. In fact, surveys have shown that companies with 1-99 employees are at a much more exposed threat level, simply because they do not have the sophisticated virus guards or firewalls in place.

Even a high profile entertainment law firm suffered a huge loss of trust when a REvil ransomware attack auctioned off their clients’ confidential documents on the dark web. This kind of damage is near irreversible dooming institutions to break down.

How Do Clients View The Attacks?

Den Rise/Shutterstock: Your clients will blame you for the attacks

A study from Veritas shows how customers and clients blame companies for the problem. It’s becoming increasingly evident that all companies must look at having cyber insurance since it’s often the only thing that stops the business from going bankrupt.

While many customers have expressed that they do not think companies should pay ransom to hackers, the same numbers agree to pay when it’s their information at risk. It’s surely a difficult spot for organizations to be in.

In an even poignant find, many blame the CEOs directly for these security failures, instead of pointing the finger at hackers! The numbers aren’t lying.

A study done across continents revealed how 40% thought the CEOs were failing at their jobs, and 35% believed they should be fined following a major cyber-attack. 30% went so far as to say they shouldn’t be allowed to run the company if an attack of such caliber happens.

What Should CEOs Do?

Companies might think that handling the situation well, would bail them out. But the reality is, consumers have already lost their trust in their organization and would likely boycott after an attack.

So it looks like prevention is really the only option for the leaders. 80% of IT company heads feared a critical breach in 2019, which has doubled since 2015. Implementing sufficient data controls and cybersecurity is therefore vital than ever.

arka38/Shutterstock: Invest in cybersecurity to save your business

Most IT professionals have revealed that CEOs are truly the weakest link in a majority of companies as they haven’t received any cybersecurity training, unlike lower-level staff who are constantly evaluated.

If this is true, you need to start taking it seriously, by analyzing the threats, placing firewalls, adhering to protocol, and getting help when necessary. In other terms, get your cyber right!