The potential effects of ransomware on your business

The potential effects of ransomware on your business

Ransomware is an extremely dangerous form of malware that can block access to your computer's data until a ransom is paid to cybercriminals. Ransomware has been spreading worldwide since 2012, and since 2017, businesses have had to pay an average of $11.7 billion as a result of these attacks. Ransomware can infiltrate your computer by the opening of an unsecured file, and so cybersecurity measures need to be put in place, particularly in smaller businesses as they are particularly vulnerable.

How can ransomware impact businesses?

• Loss of important data

  For many businesses, client data is their most important asset, and when a file system is infected with ransomware this crucial data can be lost, leading to catastrophic and sometimes irreversible problems. The release of sensitive information can also put your business in jeopardy as it can be extremely damaging to your reputation.

• Business interruption

  Blocked access to data can put the running of your business on hold, resulting in significant financial losses. Many businesses have lost tens of thousands of dollars due to ransomware interrupting their productivity, and it can take an extremely long time to fix the issue and get back on track. For this reason, it can be tempting for businesses to pay the ransom, but IT specialists advise against this because it can make your business vulnerable to attack in the future.

• What to do

  In the event of a ransomware attack, one of the most effective things you can do for damage control is to hire a forensic accountant. A forensic accountant can document the timeline of events, calculate any losses and potential losses and can ensure that you are completely covered when making an insurance claim, reducing financial damage to help you protect your business.

  If you suspect that your business has been affected with ransomware or need advice in protecting your business, contact KA Forensic and we'd be glad to help. We can be contacted by email at [email protected] or feel free to call us at 877-665-5994 today.