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Ransomware – What Business Owners Need to Know About It

posted by: Paula Boyden date: Oct 09, 2020 category: All comments: 0

One of the most pressing cybersecurity issues today among businesses is what is known as ransomware. It is a cybercrime that attacks businesses and their customers by publishing private data or restricting crucial access to online operations. What the perpetrators are after is an unreasonably large amount of money sent over. Knowing this, you need to find ways as a business to prevent ransomware attacks.

In this article, we will talk about the effect of ransomware on your business and tips to prevent attacks from happening. When you strive to protect your company from these online threats, you are investing in your business’s future, scalability, and the overall welfare of your employees and customers.

Reasons Ransomware Affects Businesses

 There are multiple ways that ransomware can restrict businesses from maximising their online presence and further expansion. Take note of the following as reasons you need to invest in preventive measures against cyberthreats:

1. Loss of valuable revenue

 Businesses are always under pressure to keep up with their customer’s demands, especially when it comes to online operations. In fact, this is more relevant in 2020 since businesses are mostly restricted to remote means due to the COVID-19 pandemic. This also means that ransomware attacks can happen more frequently.

Hackers who are behind the ransomware attacks often succeed in pressuring establishments to pay for the ransom because they can be put in danger if their private data is exposed or operations are put on hold. For instance, a government entity in Baltimore lost 18 million in damages dollars due to malware attacks from a group called RobbinHood by encrypting hard drive access.

Businesses like you need to be careful around the Internet, especially with 2020’s new normal being mostly online for orders, customer information gathering, and crucial business operations. These circumstances are essentially opportunities for ransomware hackers.

2. Tarnished online business reputation

 Businesses with a strong online presence must face many challenges in building their customers’ and investors’ trust. Malware hackers are there to tarnish that, making a business lose valuable clients and their reputation among markets.

Businesses that are attacked by ransomware may be able to recover their money or data, but the event of the crime will be a lasting impression on your business’ branding and reputation.

When word gets out that hackers attacked your online business, customers and investors will likely leave your business, which not only tarnishes your online business reputation but can also lead to your bankruptcy. These grave cyberthreats do have the potential to turn your current business success into nothing.

 Tips to Prevent Ransomware

 Now that you know more about ransomware and its effects on modern businesses, take note of the following tips to prevent attacks from happening:

1. Examine your company for security issues

 You need to find out if your website and other technological equipment are susceptible to future threats or have questionable preexisting data disguised as files. Work with a cybersecurity specialist to initiate a thorough analysis of your technology and rule out possible threats and vulnerabilities.

2. Acquire ransomware protection services

 Businesses like yours need state-of-the-art cyber threat intelligence and strong cybersecurity protocols. These will help you identify ransomware quickly, prevent it from infecting your technology, and calling them out for the local cybercrime division of your local police to track them down and apprehend the crooks.

Consult with cybersecurity and intelligence experts like us at Fraud Watch International to effectively protect your business against ransomware and other pressing online threats.

Ransomware is a serious threat to your business’s trustworthy relationship with your customers, credibility, security, and daily operations. With the Internet constantly growing daily, you need to find ways to assess ransomware-related threats and block them out of your website. Take note of the previously mentioned tips and solutions for your business today.

Are you in need of ransomware prevention services? FraudWatch International can provide you with that. We are your dedicated team of cybersecurity experts to protect you and your business from online threats, like phishing and malware. Consult with us today and keep your online business presence secure and trustworthy!

 

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