Since the beginning of the COVID pandemic, some of the ways in which we have adapted and changed our habits to avoid contracting or spreading the virus have opened the doors for cybercriminals to exploit new vulnerabilities and spread their own kind of “pandemic.”
With the majority of employees now working remotely, companies no longer have the strong handle on cyber security that they were able to have when employees were working under the safety of corporate cyber security measures. Home and public networks, as well as the general lack of security on personal devices, have left major gaps in security which have caused ransomware attacks to skyrocket far beyond what most organizations are equipped to handle.
In 2020 alone, ransomware attacks grew by at least 7x, and by 2025, 75% of all organizations will have been affected by at least one ransomware attack. With the majority of these attacks falling on SMB’s, it’s likely that the results will be completely devastating to many of them.
Just one ransomware attack can cost 23x more than the actual ransom, with the added loss of profits, loss of reputation, and cost of recovery.
The best course of action for any business is to take a proactive approach to cyber security and be ready to stop any potential threat before an attack takes place.