The Rise in Ransomware Attacks and their Cost

13 Aug 2021, MOQdigital

Cyber Security, Executive

Every year, industry leaders strategise on how to stay one step ahead of cybercrime. However, as widespread digital transformation, Cloud adoption, and remote work initiatives take hold, today’s organisations, both large and small, are encountering a drastic spike in ransomware activity – with bad actors employing new and sophisticated tactics that capitalise on businesses who are in a state of change. For IT leaders, it’s never been more important to safeguard their assets to avoid the material and financial impact of ransomware.

Costs are steep

Historically, organisations in more highly regulated industries (like healthcare, energy, financial services, etc.) have been the target of attack and incurred the highest data breach costs. However, in today’s market, businesses of all sizes, no matter the industry, are now being targeted. In fact, 46% of SMBs have been victims of ransomware attacks. So, what’s the financial impact of a successful attack? Prices are going up, and it’s costing companies in a big way.

  • High payouts – The more valuable the data, the higher the price tag. By design, bad actors target vital data that businesses rely on to survive, often backing victims into a corner and forcing them to pay a lofty ransom. In some instances, meeting a ransom doesn’t always ensure access, as bad actors can still refuse to decrypt data even after ransoms are paid in full.
  • Costly downtimes – Business disruptions of any kind are expensive. And in today’s digital centric world, successful attacks can grind operations to a halt and leave users without access to critical business, customer, and operational data. The average downtime due to a ransomware attack is 19 days, costing businesses roughly $300,000 per hour according to Gartner downtime estimates
  • Reputation damage – And it’s not just monetary harm. Even after surviving a ransomware attack, an organisation’s reputation can be irretrievably tarnished. Customers and investors can take on a negative view of the brand and raise doubts about its ability to protect clients and their data. This can trigger a ripple-effect that has led countless profitable businesses to permanently shut their doors in the fallout of a successful attack.

Cyberattacks are a Constant threat

With a new attack expected every 11 seconds in 2021, ransomware is quickly trending in the wrong direction with no indication of slowing down. Experts estimate that many bad actors are upping the ante to take advantage of the uncertainty surrounding COVID-19. With organisations aggressively shifting to remote workforce models, new entry points are surfacing across systems, SaaS applications, and endpoints. Unfortunately, this disruption has amplified malicious efforts, as cybercriminals double down to target today’s businesses.

How MOQdigital and Commvault Metallic can help

Sometimes, the best offense is a good defence. With the proper data protection strategies in place, organisations can mitigate the risk of successful ransomware attacks and instil high levels of business continuity. MOQdigital recommends employing a dedicated, third-party solution like Commvault Metallic that stores data outside of bad actors’ reach and provides robust tools for data recovery. SaaS-delivered solutions can also provide an additional layer of security – operating in a separate security domain outside of customer environments. Commvault Metallic offers:

  • Virtual air-gapped storage, to isolate data backups from source environments and maintain Immutable data copies for recovery.
  • Rapid recovery options, via granular search and flexible restore options.
  • AI-powered anomaly detection, to alert users to abnormal file access patterns and potential ransomware activity.
  • Enterprise-grade security protocols, with zero-trust access controls.
  • Built-in compression and deduplication optimised for high performance.

Choosing MOQdigital as Your Provider

Losing operations in a ransomware attack is a nightmare for organisations. Coming up with a robust SaaS backup strategy will help you be better prepared for the unexpected and using the right recovery solution will help you stay safe and secure. If you are looking for a robust recovery solution for your environment, MOQdigital’s Consultants have combined decades of experience in DR/BC solutions and can help you ask the right questions and make sense of the options available to you. Following that, our Cloud engineers can help you complete the design and implementation of your Data Protection Solution. We would be happy to begin a conversation with you on your next steps to planning a comprehensive Data Protection Strategy.

contact us