The rapid evolution of technology resulted in the development of cybercrime. Businesses are most often the target of cyber threats, which leads to the reason why having the right cybersecurity provider is vital for your business especially against ransomware attacks. Ransomware is destructive software that encrypts its victims' data and demands are made for payment to regain access to the files, databases, or applications. Ransomware frequently propagates through networks and specifically targets file servers and databases, resulting in extensive harm and incapacitation of organizations.Â
Ransomware attacks threaten small- and medium-sized businesses (SMBs). These malicious software attacks block access to computer systems until a ransom payment is made. A recent report shows that ransomware attacks have affected nearly half of small and medium businesses (SMBs) and enterprises, with each group accounting for 46% of the incidents. Interestingly, 65% of SMBs either do not consider themselves as potential targets for ransomware or are uncertain about it, which shows a slight rise from 59% in 2022. The consequences of such attacks can devastate businesses, leading to financial losses and severe disruptions in operations. Therefore, SMBs must understand and mitigate the risks associated with ransomware to protect their data and ensure uninterrupted business operations.
Ransomware Attack and Its Impact on Business Operations in 2023
According to the 2023 Mid-Year Threat Review by Rapid7, a staggering number of 1500 organizations worldwide have been targeted and affected by ransomware attacks in the first half of 2023. Moreover, for Corvus Insurance, the frequency of global ransomware attacks in Q3 2023 has increased by 11% compared to Q2 and has risen by 95% year-over-year (YoY). These attacks are occurring at an unprecedented rate. Various businesses in 2023 have fallen into the trap of cyber criminals threatening their cyber security. Another report discusses how many organizations have fallen victim to ransomware attacks in 2023. They report that 98% of business and government groups claim they have collaborated with a company that has experienced cybercriminal activity within the past year. This alarming statistic suggests that ransomware attacks target a diverse range of businesses.Â
The US Marshals Service is recovering from a February 2023 assault that affected a computer system storing sensitive law enforcement data for the Technical Operations Group (TOG). Critical tools have been restored, but a new, more secure system is being implemented. Stolen data includes employee information, legal procedures, administrative details, and PII (Personal Identifiable Information) of individuals under investigation. Another case is the Managed Care of North America (MCNA) Dental attack. The cybercriminal group LockBit claimed responsibility and demanded a $10 million ransom to prevent the release of 700GB of sensitive data. This compromised information included personally identifiable data, health insurance details, dental care documentation, bills, and insurance claims. LockBit proceeded to publish this data on their dark web platform. In September 2023, Johnson Controls International had a significant ransomware breach that encrypted many company devices, causing disruptions to operations. The breach started at the company's Asia offices, leading to a partial shutdown of IT systems. Subsidiaries' websites and customer portals showed technical outage messages. These cases illustrate the severe impact of ransomware attacks, which caused massive disruption to their business operations and affected many innocent people.
The Essential Role of a Cybersecurity Partner for Your Business
Cybersecurity partnerships are essential in businesses as they offer diverse resources and perspectives to address cybersecurity challenges. This partnership helps develop strategic solutions and improve security measures. Having a partnership helps identify vulnerabilities and enhance security measures that respond to cyberattacks effectively. Cyber threats such as ransomware attacks require cybersecurity professionals' expertise. Many studies support how working alongside a cybersecurity partner can assist businesses in staying updated on the most recent security trends and regulations, helping with compliance and upholding customer trust.
What Are The Benefits Of Having A Trusted Cybersecurity Partner?
1. Proactive Threat Detection and Management
Cybersecurity partners bring a depth of specialized knowledge and help you stay updated with the latest threats and best practices, offering invaluable insights to protect your business.
2. Proactive Threat Detection and Management
They continuously monitor your systems, using advanced tools to detect and manage threats before they become critical, ensuring proactive rather than reactive security measures.
3. Cost-Effective Security Solutions
Outsourcing cybersecurity can be more economical than building an in-house team, providing top-tier expertise without the overhead of full-time employees.
4. Enhanced Incident Response and Recovery
In the event of a breach, a cybersecurity partner can rapidly respond, helping to minimize damage and restore operations efficiently.
5. Compliance and Regulatory Assistance
With complex and evolving data protection laws, a cybersecurity partner can benefit businesses by ensuring they stay compliant and avoid potential legal and financial repercussions.
How Everleap Is Your Ideal CyberSecurity Provider
Having a reliable cybersecurity partner for your business is necessary. Businesses must protect their data from digital security threats like ransomware attacks. Everleap offers Managed IT Services and Cybersecurity Solutions to address the rising demand for comprehensive digital security. They provide critical support to businesses in the ever-changing digital landscape.Â
Reach out today to learn more about our cybersecurity solutions.