In past few months, very concerning reports has been rolled out which shows great escalation in the Ransomware attacks.
As Ransomware attacks are getting too frequent these days; so only the best defense technique against Ransomware can protect us.
For that it’s important to understand; what are the impacts of Ransomware. This will significantly help you to make a strong defense strategy against it.
You must have heard this phrase “It’s becomes too easy to defeat your enemy when you know everything about them.”
So we will also follow the same rule. In my previous posts i have already discussed about Ransomware Types & Variants, Why Ransomware Attacks Are So Effective, How Ransomware Attack Works.
Now it’s to know about the dangerous impacts of Ransomware.
Without wasting anymore time let’s get started….!
What Are The Impacts Of Ransomware?
1. Global Impact Of Ransomware
From various report it is now clear that no one is prone from Ransomware attack. Cyber-criminals never target any specific field of user work group for this Ransomware attack. But in past few years it has hugely affected home users, businesses, organizations.
We can say, Ransomware victim’s comes in all shapes & sizes. Many business owners think that they will never be attacked by Ransomware crooks because their business is not so big. But that’s not true.
Huge proportion of Ransomware attacks happened in small sector businesses because of their weak security resistances.
Some leading negative consequences of Ransomware attacks faced by almost every victim are:
- Permanent or temporary loss of proprietary or sensitive information.
- Lots of trouble in performing regular operations.
- Huge financial losses sustain for restoring up your files and systems.
- Latent harm to reputation of an organization.
- Even making the Ransom payment doesn’t guarantees safe releasing of your encrypted files.
- Attackers get victim’s money along with their banking details.
- Getting the decrypting files doesn’t mean malware infection has completely been removed.
2. Worrisome Business Impacts Of Ransomware
Ransomware put tremendous impacts for disturbing business operations and at the end leads to data loss situation.
Here are some huge impacts of Ransomware attacks on business are:
- damage or loss of all the crucial information
- In the Ransomware post attack period Business disrupts a lot.
- Destruction of hostage data, file and system.
- Business downtime
- Victimized company’s reputation dropdown
- Productivity loss
Apart from the ransom the cost of downtime because of restricted system access will bring major concerns.
It’s a fact that, due to downtime victim’s may has to pay cost of ten thousand of dollar daily.
As a matter of fact, losses due to cost of downtime may need to ten thousand dollars daily.
As, Ransomware are becoming more and more widespread, so all companies requires to brush up their annual cyber-security goals. Moreover, approach for some appropriate implementations of Ransomware recovery plans and commit sufficient funds in their IT budgets for cyber-security resources.
3. Complete Lock-down for Data Accessing
Among the most effective impact of Ransomware “data encryption” is very hard to deal with.
Meanwhile this victim is completely restricted to access any of their encrypted data.
The only way for unlocking these encrypted files is through the decryption key which only belongs to hackers.
Many times, the decryption key is given to organization, after the payment of ransom. But there are also some cases when data is not handover to the victim, even after the ransom payment.
4. Disrupts Regular Business Operations
The main risk that generates with “operational impact of Ransomware” is on the businesses. Can you just imagine, what will happen if all of a sudden entire services or process of your business halt down.
Well this dreadful Ransomware threat is so impactful that it can:
- close down entire plant
- Freeze manufacturing control system
- Make other backlogs
All the damages occurs due to downtime can be major one and can have so many consequences.
5. Financial Costs To Restore Network
A well-organized strategy of backup and recovery will not certainly make the Ransomware attack painless.
As this takes extensive amount of money and time for data restoration.
Apart from that, the decision of recovering your system using the backup moreover depends on three things:
- First the amount of data loss that is considerably acceptable by your business or organization.
- Up to how extent, impact of Ransomware has spread
- How fast the Ransomware attack was spotted.
However, in many cases, data gets so encrypted that you can’t revert back to the restore point. At that time external backup is considered as the best option.
6. Permanent Data Loss
Among the wide reaching impact of Ransomware “Data loss” is the most effective one. As it starts from little disruption and leads to permanent business failure.
Sometime data loss in Ransomware attack leads to disclosure of all your confidential information which end up with fines and lawsuits.
Attackers always look for backup files and folder after encrypting your system data. So that user can’t retrieve their corrupted file from the backup. Such dreadful activities make this Ransomware threat so profitable and effective.
Victims don’t have any choice left either they have to pay the ransom or they have face their risk of data loss.
7. Risk Of Reputation Damage
Another very high impact of Ransomware on business and organization is that it can completely destroy your business reputation.
Reputation loss due to Ransomware cyberattack will put major impact to your businesses. Big companies can easily fill up the loss of customer’s trust and reputation damage. But for small companies’ reputation and customer trustworthiness breakages is very devastating.
Victim of Ransomware may have to face the trust breaking situation with their customers.
In simple words no customers will trust your company, mainly if it targets on e-commerce. All your customers feel concerned before submitting their personal information to your business or organization.
How To Minimize The Impact Of Ransomware Attacks?
The impact of Ransomware can easily be minimized by following some preventive measures.
At first they need to accept this fact that whether their companies are small or big it can be breached by cyber crooks.
We also suggest all Small and Midsize Business (SMB) to do following things:
- Invest in such data protection plan that mainly deals with Ransomware not just with some common system malware.
- Make a Cyber Security Plan
- Only invest in reliable and most experts recommended security software.
- Upgrade from the Legacy Software
- Always keep your system software patches up-to-date including your system operating system update.
- Upgrade all the unsupported Hardware
- Avoid connecting untrusted data storage devices with any computer connected on the network.
At Cloud Central, I suggest you all to invest only in latest data protection plan. Choose such data protection tool which create regular data backup’s and its security built in must be “intelligent layered”.
All these tips are highly recommended as it provide the victim with recent backups. So, that they can fill up all their data loss without any delay. Moreover it will help victim to protect their backup from getting encrypted by Ransomware attackers.
After reading about the impacts of Ransomware, you all must have got enough idea of how dreadful a Ransomware can be.
All I want to say no matter what’s the size of your business, you can also be the next target of Ransomware attack. Once the breach occur in your business, it may cost you downtime, huge financial loss, permanent damage reputation.
Therefore it’s important to deploy some best defense against Ransomware for the complete security of your assets.