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Over the last couple of years, ransomware has grown to become an ongoing security threat for businesses worldwide, and Colorado Springs businesses are among those that have been on the receiving end of this threat. As most businesses have embraced the use of technology in their operations, cybercriminals have resorted to maximizing their profits by exploiting the loopholes that come with the rapidly growing ecosystem.
Just recently, an attack by REvil on Kaseya VSA—a tool used by most IT businesses in Colorado Springs—led to these businesses’ data being breached. According to a statement released by Kaseya VSA, approximately 60 Kaseya clients on their premises were directly compromised by the attack.
That said, what action should you take after a ransomware attack? Should you pay the ransom to regain access to your data, or is there a better course of action? Below we take an in-depth look at the findings of a study conducted by Cybereason on the impact of ransomware attacks on businesses.
But first, let’s define what ransomware is.
Imagine this, you arrive at your office in the morning anticipating to reply to the heap of emails that piled up the previous evening only to realize that you’ve been denied access to these files, and then suddenly a warning message pops up on your screen. In short, ransomware is an ever-changing type of malware fashioned to encrypt files on a given device, thereby rendering these files unusable.
In most cases, when companies are attacked by ransomware, their first instinct would be to pay the ransom to regain access to their files. Well, this may not be the best course of action. In fact, according to a study conducted by Cybereason on the impact of ransomware attacks on businesses, 8 out of 10 of the businesses that opt to pay the ransom demand end up suffering a second attack, most often at the hands of the same cyber threat organization.
This Cybereason study, titled Ransomware: The True Cost to Business, also reveals that 46% of businesses that opted to pay the ransom demand to regain access to their files reported that all or some of their data were corrupted at the time of recovery. These findings point to the reason why paying ransomware attackers isn’t prudent. Businesses should rather channel their focus on developing early detection and prevention techniques to thwart ransomware attacks before the attacks jeopardize company data.
Besides the findings outlined above, the study also revealed issues about the preparedness of organizations in addressing cyber threats, losses of businesses that may be covered by cyber insurance, and detailed reports on the impact of ransomware attacks based on factors such as company size, region, and industry vertical.
Ransomware attacks are a menace to businesses across the world, often leading to massive business disruptions such as loss of valuable human resources and loss of income. In the case of the recent attack on Kaseya VSA, numerous companies, including those in Colorado Springs, were forced to adjust their operations in one way or the other.
Meeting the demands of the cyber attackers by paying the ransom does not guarantee that they will not hit your business again, nor does it guarantee the successful recovery of the breached data. In the long run, paying the ransom only aggravates the problem since it encourages further attacks. One surefire way of dealing with ransomware attacks is by adopting a prevention-first strategy to enable you to detect the attacks early and stop them from disrupting your business.
To achieve that feat, you need to partner with a proven cybersecurity provider. Colorado Computer Support is that company for you. We offer top-notch IT services, including data backups and planning, managed IT services, email and network security, and server virtualization services. You can depend on us to leverage the right technology to ensure that the security of your data and network is foolproof. Feel free to contact us today to learn more about our services.