Imagine opening your business one morning, turning your computer on and reading a message that says something like: Attention – Your System is Locked. If you want your data and programs unlocked, you must pay a fee of $800. If you are a new business or a small one, $800 can be a lot of money. It is in effect a ransom payment and is the harbinger that your computer is a victim of ransomware.
What is Ransomware/Malware?
Ransomware is malware that either freezes your computer or locks it so you cannot access data and programs that your company typically uses. The criminal that is holding your system hostage, demands a ransom that is usually paid in Bitcoin. One thing about this kind of criminal is they believe in excellent customer service. Instructions are sent you about how to pay in Bitcoin. Also, the thief or gang of thieves usually do return your computer back over to you – otherwise, most people would not bother to pay the ransom.
However, the ransom is only the beginning of your expenses relating to a ransomware incident involving your business.
What Are the Other Costs of Ransomware?
In 2016, the average cost of paying a ransom demand involving accessing a business’ computer programs and data was $679. It is expected to rise in 2017 to nearly $800. But, that is not the only, nor necessarily, the greatest expense. The other costs attendant to ransomware include:
It is the duty of every business to safeguard the Personal Financial Information (PFI) and Personal Identifying Information (PII) of clients and customers. Regulatory authorities such as the US Department of Health and Human Services (HIPAA compliance) or the Federal Trade Commission for letting PII fall victim to a ransomware attack. Fines can be high (millions of dollars) but are usually not levied if there had been no other prior issues regarding confidentiality. For those firms who had previous breaches, fines can quickly add up to millions of dollars.
A Lack of Productivity
When a computer system is unreachable, your employees are undergoing downtime. Without your business data and programs, they are unable to work and are simply nothing more than another expense due to ransomware. Depending on the size of your workforce is how much this costs. A research study by the firm Vanson Bourne for SentinelOne reveals that it takes 38 man hours to recover from a ransomware attack.
Loss of Customers/Lack of New Customers
When a company is victimized by a ransomware attack, most states require that anyone whose data may have been breached must be advised of the possible breach. Doing so may lead to customers leaving you for another company. Likewise, it is harder to find new clients or customers.
Loss of Employees/Inability to Hire Top Applicants
The situation is similar when it comes to employee retention and new hires – employees want to know their employer has an excellent reputation that is unsullied by a successful ransomware attack.
Alary Clinitech in Oshawa, Toronto and Southern Ontario is the trusted choice when it comes to staying ahead of the latest information technology tips, tricks, and news. Contact us at (416) 291-7377 or send us an email at firstname.lastname@example.org for more details.
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Alary Technologies has been our IT support team for the past year at the START Clinic for Mood and Anxiety Disorders.Â They have done a excellent job in upgrading our system, organization, and supporting us in technical computer matters.Â Compared to other IT companies we have worked with, Alary Technologies comes on top.Â Ahmed Kufaishi the Managing Director at Alary Technologies is solution focused, knowledgeable and makes an effort to really understand his clientsâ€™ needs.Â It has been a pleasure to work with Ahmed and Alary Technologies.Â I would recommend their services to other companies and clinics.
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Ahmed has been providing our company with expert IT services for close to 3 years. He has guided us through hardware upgrades, server back up procedures and was instrumental in brokering a custom software program that fully automated some key functions in our business. Ahmed has always been thoroughly professional in all his dealings with us and has provided consistent and sound advise for all of our IT requirements. We consider Ahmed and Alary Technologies to be an important partner for our business.
It is refreshing to work with someone who can organize things and describe in plain language. I have a large and growing knowledge base for my work as an architect. I have realized that I canâ€™t do everything, that I do need a team member who can look after this one relatively small by crucial part of my practice.