Data breaches exposed more than 4.1 billion records in the first half of 2019. Each year, an average of 28% of small businesses experience data breaches, with up to 10% of those organizations being forced to close their doors as a result of the breach.
The cost of a data breach can be significant for organizations of any size, and enterprises must consider the potential cost of a data breach when deciding what cybersecurity measures to take to safeguard their company from ransomware and other cyberattacks.
Financial cost of cybersecurity breaches
Many businesses’ first concern when a cybersecurity breach occurs is the financial implications—and the costs of many of these sorts of assaults, including ransomware, have soared in recent years. Ransomware attacks alone cost small businesses an average of $84,000, according to cybersecurity firm OSIbeyond.
Larger organizations, especially those that have been hit particularly hard by an assault, may suffer significantly larger expenditures. As you strive to restore your data and regain confidence with your customers, you may incur both immediate and ongoing financial consequences.
There are thousands of ongoing discussions about specific incidents inside the groups of people that talk about cybercrime (Cybersecurity Ventures estimates that globally a ransomware attack occurs every 11 seconds). These debates are rarely covered in the news or on the dashboards of small and medium-sized business owners.
However, every now and again, a cybersecurity breach is so significant that it reaches the news, as was the case with the ransomware attack on the Colonial Pipeline. If you lived in the Southeastern United States, were you prepared? People panicked, and depending on where you live, energy shortages certainly had a substantial impact on your business—and your personal life.
What would you do if you were a trade contractor and a significant supplier was attacked? It’s very impossible to be totally prepared for a cyberattack because it can target your company directly or arrive through a supplier, a customer, or even your bank. We live in an internet-connected economy, and hackers are experts at assaulting both small and large organizations.
The dangers of a ransomware attack
Your technology link with your customer, your own email system, and your technology connection with your providers are the three main entrance points where ransomware can disrupt your business operations. You have a direct access point to ransomware assaults through your consumers if you have customer-facing web servers for your e-commerce or VPN.
Second, ransomware can be delivered by spam emails containing Word or Excel attachments, or via RDP brute force assaults. Third, due to their lack of attentiveness, some companies in your supply chain may find themselves unable to provide or fully reconcile with you as a result of a ransomware assault on their systems.
Protect your points of entry
Website security and intrusion, email, user clicks, and malware (delivered via a variety of methods, including insider threat) all pose a hazard. Ensure that your IT team, whether internal or external to your firm, is concerned about security.
Provide continuing and active training to staff on data security best practices, such as updating passwords frequently, being aware of spam and hacker activities, verifying the veracity of sender emails, and never opening an attachment unless you expect it.
Discuss cyberthreats with vendors
Your company is your responsibility, and safeguarding it may necessitate having difficult conversations with business partners. Inquire about your vendors’ cybersecurity measures, and have them brief you on how they safeguard your data and what they plan to do if a hack occurs. Also, make sure you have a backup strategy in place in case your major vendors are unable to function normally.
Publicly discuss cybersecurity
Your company most likely has security processes in place, but training your employees on how to spot spam, hacking, and ransomware is vital. Participate in discussions on cybersecurity legislation with your local, state, and federal legislators and representatives.