“Time is money” is a fundamental concept for modern business owners. If an organization doesn’t maximize the use of available resources, it risks massive financial losses.
A 2020 Gartner report states that a single (!) minute of downtime could cost companies over $5,600. (sometimes more, depending on the industry)
Shutdowns, stalls, and outages can lead to significant revenue losses. And while downtime sometimes occurs due to “natural” events, cyberattacks contribute to it the most. Out of all cybersecurity threats, ransomware seems to be the leading reason for downtime.
It can disrupt internal company processes by attacking the business infrastructure, breaching data, and holding it “hostage” until the company produces a ransom. Even though a significant percentage of companies are inclined to pay such a ransom, there’s no guarantee that the attackers will return the files safely.
To avoid malicious events hurting your company, it’s best to rely on robust IT security; antimalware software, backup software, and endpoint protection are crucial to your company’s financial wellbeing. Implementing these security measures can help enormously if you’re thinking about getting cyber insurance. Often, companies believe that it’s out of their reach because it’s too expensive, however, they can minimize the cost of cyber insurance by having the right strategies, systems, and protocols in place to give them a low-risk profile. This shows insurers that they already have proactive strategies and systems in place.
This article will go over downtime costs statistics, the best IT security software to counter malicious actions, and reliable software to keep all of your data safe.
- Estimations show a ransomware attack will occur every 11 seconds in 2021.
- Ransomware downtime costs businesses over $64,000 on average.
- Ransomware attacks cost companies more than $75 billion annually.
- Healthcare organizations pay out $8,851 per minute of downtime on average.
- Most healthcare facility attacks cost up to $5 million per single incident.
- Since the start of the pandemic, financial organizations have seen a 238% surge in ransomware attacks.
- An extensive ransomware attack hit the Baltimore City government in 2019; the total loss value went over $18 million. (over a month of downtime)
- In 2020, MSP businesses paid $5,600 on average to “unlock” breached data.
- The Danish brand Demant had to pay $85 million following a ransomware attack on 22,000 of their computers across 40 countries.
- According to Ransomware Marketplace reports, the average ransomware downtime span in 2020 was 16.2 days, compared to 12.1 days in Q3 of 2019.
Cybersecurity and Protection Guidelines for Businesses
Cyberattacks is one of the main reason for reputation and funds loss. Still, numerous other issues may cause severe damage to businesses: ransomware, cloud vulnerabilities, third-party exposure, social engineering, and many others. Hence, cybersecurity is not a silver bullet but a part of the enterprise security strategy that forms a reliable ecosystem with regular risk management measures. No business is immune to cyberattacks.
Be it an SMB or a massive enterprise, your company’s network contains valuable data to hackers, and stats show us it’s less expensive to invest in robust protection rather than to pay out ransomware and rebuilt your network.
- Data Backup
Backing up data on secure servers off-site or the cloud can recover any data “held” up by ransomware. Multiple backup methods decrease the chances of your data being compromised and lost.
It is best to initiate daily incremental back-ups to portable devices or the cloud. Furthermore, you can update backups every end-of-week, combined with quarterly and yearly backups.
It seems crucial also to encrypt information during data transfers and enable multi-factor authentication (MFA) to access it.
Additionally, you can periodically check and test data recovery or opt for a decent hard drive backup software.
- Device and Network Security
Firstly, install reliable security software, covering the whole network. It is crucial for on-site device security and endpoint protection.
Secondly, update all company operational and security software regularly. Set up firewalls, turn on spam filters, and monitor cyber threats through your cyber protection provider.
- Strong Passwords (or Passphrases)
Passphrases are easier to remember without having to write them down. However, if they comprise multiple words, it’s harder to crack them.
Aim for long passphrases, at least 14 characters, capital and lowercase letters, unpredictable combos, and unique instances of a passphrase for each device.
- Equipment and Systems Usage Monitoring
Having a record of all company devices and software enables you to monitor how each device is used, how it connects to various networks, and if it comes in contact with portable hard drives.
Additionally, remove any unused software and devices to deny potential backdoors for hackers.
- Cybersecurity Policies
A comprehensive cybersecurity policy aids your employees understand their responsibilities regarding data, computers, devices, emails, and browsing.
The more they know about potentially malicious threats, the less likely they’ll contribute to a data breach.
- Educated Staff and Customer Protection
In addition to policies, cybersecurity training educates your staff on security and protection. They must know how to recognize and counter a malicious attack as best as possible.
Education can include good passwords and passphrases maintenance, cyber threat identification and avoidance, threat counteractions, and threat reporting.
Best IT Security Software
To ease your search for stellar cybersecurity software, here’s a brief list of the top-performing providers in 2021.
- All-in-One protection – detection, removal, data encryption & backup, threat monitoring
- Unmatched cloud backup capabilities
- Sophisticated virus detection possibilities
- Physical theft mobile device protection
- High-tier infiltration protection
- A strong username and passwords protection
- Unlimited devices protection
- Efficient malware remover (Money-back guarantee)
- High value-for-money
- Multi-level virus protection (VPN, Firewall)