2024 Cyber Report: Average Ransom Demand - $1.5 million; Average Ransom Payment - $626,415

Three Steps to Protect Your Business from Ransomware

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The Growing Menace of Ransomware

Ransomware attacks are on the rise, targeting businesses of all sizes. In fact, ransomware incidents reported to the Office for Civil Rights have increased by a staggering 264% over the past five years.

According to the Corvus Insurance Q2 2024 report, the construction industry is among the most frequently targeted sectors, with a 20% quarter-over-quarter increase in ransomware attacks. Other industries with uptick in attacks include Government Administration (+71%), Hospitality (+50%), Oil and Gas (+40%) and Insurance (+31%).

According to the Corvus Insurance Q2 2024 report, the construction industry is among the most frequently targeted sectors.

Source: https://www.corvusinsurance.com/blog/q2-2024-cyber-threat-report

To put these numbers into perspective, consider the escalating financial stakes:

  • Average Ransom Demand has surged to $1.5 million
  • Average Ransom Payment reached a new high of $626,415

Three Steps to Reduce Ransomware Risk

These figures underscore the urgent need for robust cybersecurity measures to protect your business from the devastating financial impact of ransomware. Here are three practical steps you can take now to reduce the risk:

  1. Educate and Train Employees: Human error is one of the leading causes of successful ransomware attacks. Regularly educating and training employees on recognizing phishing emails, suspicious links, and other common tactics used by cybercriminals can significantly reduce the risk. Encourage a culture of vigilance and make cybersecurity training a routine part of your operations.
  2. Implement Strong Password Policies: Weak passwords are an open invitation for cybercriminals. Ensure that all employees use strong, unique passwords for their accounts. Implement multi-factor authentication (MFA) wherever possible to add an extra layer of security. Regularly update and review password policies to keep up with evolving threats.
  3. Regularly Backup Data: Regular data backups are crucial in mitigating the impact of a ransomware attack. Ensure that backups are performed frequently and stored securely, preferably offsite or in the cloud. Test your backup and recovery processes regularly to ensure they work effectively when needed.

How IT Service Provider Can Help?

While the steps above are essential, partnering with an experienced IT service provider like Digitek Solutions can offer additional layers of protection.

  • Managed Service Providers (MSPs): We proactively monitor your systems, identify threats, and implement mitigation strategies. This allows you to focus on your core business while knowing your network is secure.
  • Cloud Hosting: Our all-in-one cloud hosting solutions provide robust security measures, including automatic system updates, automated backups and dedicated online support (not outsourcing to other companies or outside of USA). This ensures your data is always protected and readily recoverable in case of an attack.
  • Zero Trust Platform: Every user, device, and application must be authenticated and authorized. It monitors how many different devices are trying to access the network, forcing users and devices to be continuously re-verified, assess all devices to make sure they have not been compromised and much more.

By leveraging our expertise, you can significantly reduce your risk of ransomware attacks and gain peace of mind. Ready to learn more about how Digitek can safeguard your business? Contact us today for a free consultation! 602-334-4670 | sales@digiteksolutions.com