Ransomware and the Cost of Downtime Blog

What is Ransomware?: The Cost of Downtime

2020 saw hundreds of thousands of office workers across the world transition to remote work. This created tons of new opportunities for ransomware attacks, phishing scams, and other deceitful online practices to target vulnerable business data. Even before the COVID-19 pandemic, ransomware attacks were rising, with 184 million attacks in 2017 alone. This number increased by nearly 4 million in 2019. By May 2020, ransomware attacks had reached an increase of 715% as users attempted to exploit the pandemic to steal data. The recent attack on Colonial Pipeline shows no one is immune to this threat. This trend looks bleak, so what can you do as a business owner?

Nearly half of all businesses worldwide experience a ransomware attack each year. This means preparation is crucial. Ransomware attacks are the most common cybercrime and cost businesses both money and valuable time to address the issue. In 2020, the average cost of a ransomware attack was $274,200. Downtime after an attack can cost nearly 50X more than the ransom itself. It’s easy to see why ransomware is the biggest cybersecurity threat in the world today.

Ransomware is the single biggest threat facing MSPs.

After an attack, most companies face costly downtime while decrypting their data. 4% never successfully recover the encrypted data. 34% of businesses take more than a week to recover from ransomware. Datto’s Cloud Deletion Defense Enables data recovery across risk vectors — even when the protected machine has been compromised. At C3 Tech, our IT experts can scan attacks preemptively, and recover data with minimal downtime.

It’s important to recognize that most ransomware attacks occur over email. This means educating your staff on proper email filtering and using industry-leading protection software is paramount. Lack of training and poor user practices are two areas businesses can tackle proactively. C3 Tech is a platinum partner with Datto, a company that specializes in data security. C3 Tech offers Orange County businesses proper cybersecurity training and managed IT services, so your business can operate efficiently and safely, even if you’re 100% remote. 

2020 saw hundreds of thousands of office workers across the world transition to remote work. This created tons of new opportunities for ransomware attacks, phishing scams, and other deceitful online practices to target vulnerable business data. Even before the COVID-19 pandemic, ransomware attacks were rising, with 184 million attacks in 2017 alone. This number increased by nearly 4 million in 2019. By May 2020, ransomware attacks had reached an increase of 715% as users attempted to exploit the pandemic to steal data. This trend looks bleak, so what can you do as a business owner?

Nearly half of all businesses worldwide experience a ransomware attack each year. This means preparation is crucial. Ransomware attacks are the most common cybercrime and costing businesses both money and valuable time to address the issue. In 2020, the average cost of a ransomware attack was $274,200. Downtime after an attack can cost nearly 50X more than the ransom itself.

After an attack, most companies face costly downtime while decrypting their data. 4% never successfully recover the encrypted data. 34% of businesses take more than a week to recover from ransomware. Datto’s Cloud Deletion Defense Enables data recovery across risk vectors — even when the protected machine has been compromised. AT C3 Tech, our IT experts can scan attacks preemptively, and recover data with minimal downtime.

It’s important to recognize that most ransomware attacks occur over email. This means educating your staff on proper email filtering and using industry-leading protection software is paramount. Lack of training and poor user practices are two areas businesses can tackle proactively. C3 Tech is a platinum partner with Datto, a company that specializes in data security. C3 Tech offers Orange County businesses proper cybersecurity training and managed IT services, so your business can operate efficiently and safely, even if you’re 100% remote. 

Reducing the risk of ransomware requires a multi-layered approach. Get in touch today to discover what your business can achieve with the right technology. To learn more, visit C3 Tech at 1536 E Warner Ave, Santa Ana, CA 92705, call us at (714) 689-1700 or send us an email at info@c3tech.com.

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