Recently Lincoln College, an Illinois-based institute of higher learning announced it plans to close its doors at least partially due to a ransomware attack last December. This is the latest example of the catastrophic effects ransomware can have on organizations worldwide. Ransomware is a form of malware targeted at organizations of all sizes and industries. It holds your data and information hostage, preventing you from accessing it until you pay the “ransom.”
Victims of ransomware face a multitude of impacts, including:
Temporary or permanent loss of sensitive or proprietary information.
Disruption of regular operations. 28% of ransomware outages lasted a week or longer.
Financial losses include, but are not limited to, the ransom payment itself, possible regulatory fines, and increased insurance premiums. These losses are in addition to any lost sales, productivity, and customers.
Damage to an organization's reputation. Customers, employees, and residents of the community may no longer trust an organization to protect their information.
These impacts contributed to 31% of businesses closing permanently after being hit with a ransomware attack. With these statistics in mind, it is far better to prevent a ransomware attack than to recover from one. Initiatives such as employee training, vulnerability management programs, and phishing recognition training are of the utmost importance to keep your organization safe and secure.
To learn more about preventative cybersecurity or to see if your current security is up to the task of protecting you, contact the DIG at contactus@thecyberdig.com