If you don’t know, ransomware attacks are on the rise. Every year, hundreds of companies are attacked, which is why they end up losing a lot of money. Bear in mind; not many firms can comfortably pay $67 million for the ransomware, as recorded by the UHS back in 2020. However, this organization is the perfect example for anyone who believes that ransomware is not around. This is why security experts have been looking for different trends to reduce the costs associated with these attacks. The biggest reasons behind the increasing number of ransomware attacks are the increase in cyberattacks & the improvement in hacking techniques. Here, in this blog, we will walk you through a few strong reasons why ransomware attacks are rising.
No wonder downtime has emerged as the primary reason behind the growing popularity of ransomware attacks. Not to forget, the ransomware attacks might take weeks and even months to restore. During this time, it will become difficult for the normal services to be operated, which is why they will become a distortion in the business continuing to earn revenue. Therefore, if such problems aren’t fixed on time, your computer system might be second on the list of getting attacked.
As technology continues to evolve, organizations have to spend a lot of money to make the most out of it. In the aftermath of ransomware, organizations often begin to overlook the costs involved in getting the encryption key. This is right for situations when an organization will succumb to the pressure and agree to pay whatever the other party is demanding. Therefore, it is best to upgrade technology because it will have a profound impact on the entire system. On the other hand, it is important to train the IT experts as well, so they can become pro at identifying the problems. You can learn more here how to achieve this goal.
The Cost of Ransomware
One of the leading reasons behind the growing popularity of ransomware attacks is the cost associated with it. Because business data is viable for every organization out there, a firm will never compromise on it. This is why most firms are forced to pay whatever ransom is demanded by the hacker. In some instances, the hackers demand more money, even after the ransom has been paid. This is very frustrating, and if an organization agrees to pay, it will only enable the hackers to demand more.
Cost of Reputational Damage
Another reason why ransomware attacks are increasing is that firms do not want to compromise on their reputation In the market. Not to forget, the modern customer has a plethora of options to choose from. Therefore, if your business fails to remain credible in the market, it will be hard to retain the current clients. To escape any such issue, organizations decide to pay the ransom amount to the hackers. However, by doing so, they only compel such negative people to attack more organizations and earn money.