This post is part of a series sponsored by TSIB.
According to IBM's 2023 Cost of a Data Breach Report, it is estimated that a data breach costs businesses an average $4.5M in 2023. Statista, share that over 317M Ransomware attempts are happening around the world in 2023.
Unfortunately, the rise of ransomware attacks across all industries is alarming and has unfortunately become an easy “payday” for hackers. There are many types of malware, malicious software designed to cause harm. One of the most popular is ransomware.
Ransomware is a type of malware that prevents you from accessing your data and software. As a company owner, this is very concerning, especially when there is the added threat of publishing your data publicly.
To regain access to your data, you must pay a ransom. However, there is no guarantee that your information will be restored even after the ransom is paid.
You need to be aware of what appears on your computer at all times, as ransomware attacks are common by email. It is important to take a moment to check the email sender. Once you have confirmed that the sender is legitimate, it is safe to click on any links/attachments in that email. Downloading attachments from unknown senders is a way for ransomware to enter your computer.
Additional procedures you can perform include:
- Using strong passwords
- Enables multi-factor authentication
- It does not use automatic login
Another way to reduce your exposure to ransomware is to save your information on another computer server or application, create an image of your data. Your backups should be stored offline to avoid any attacks. The more you back up your data, the better. It ensures that if your company is attacked, you can still access your information. However, it is important to check your backups regularly, in case your data is infected with ransomware, which can spread to your backup. Fortunately, you can find previous versions of the copy before the data gets infected if that happens.
These cyber attacks have driven the need for Cyber Insurance. If your company does not have Cyber Insurance, now is the time to purchase it. Ensure that your company is protected from ransomware attacks and reduce your company's exposure to risk. The internet can be a scary place but protecting your data doesn't have to be. Access TSIB and talk to us about the best internet insurance for your company.
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