1 October, 2022

How much does a ransomware attack cost businesses??

Ransomware is an attack that encrypts information and steals data for which the attacker demands a ransom, the information is usually released until the sum of money requested by cybercriminals is paid. (photo courtesy)

Editorial Dept. Voz de la Diaspora

Panama – With the accelerated digital transformation, organizations become increasingly vulnerable to cybercriminals, who have perfected their techniques to deploy ransonware or ransomware attacks with greater precision, forcing companies to invest more to accelerate their defense strategies.

Ransomware is an attack that encrypts information and steals data for which the attacker demands a ransom, the information is usually released until the sum of money requested by cybercriminals is paid.

(Illustrative photo/courtesy).

 The real cost to a company that suffers a ransomware or data hijacking attack, is 7 times higher than the ransom amount paid, according to the CEO of Secure Solutions, That is, Faskha.

 “The evolution of these attacks is so great that, in the first four months of the year, attacks were reported on 1 decade 60 organizations around the world every week”, explained the expert.

 Eli Faskha claims that this type of malware has grown fast, and it is used both in attacks on home users and large companies or governments.

(Illustrative photo/courtesy).

According to Check Point researchers, Safe Solutions partner there was an increase in 24% in year-over-year ransomware attacks on organizations around the world.

 In the case of Panama, the 5.2% of organizations are impacted every week by ransomware attacks in the last 6 months, he added.

 Faskha cited as an example the massive ransomware attacks launched by the Conti group against public institutions in Peru and Costa Rica., in this last, the Government went so far as to declare a state of national emergency and later, declared a cyber war.

(Illustrative photo/courtesy).

 “In Panama, special attention should be paid to this type of threat after the effects of the attack on the Costa Rican government.; because cybercriminals observed that they are capable of threatening the stability of a Central American country and pressuring governments to agree to negotiate”, added the expert.

 The cost of a ransomware attack is high, keep in mind that the amount of extortion is minimal compared to other losses, and that no matter the size or sector, any organization can be vulnerable,

The impact is such that in most companies in the region an attack is at least, at full close of business for three days, also, lost financial data is difficult or very expensive to recover, and there is a cost for the damage to the company's image.

 Confidential customer data is also at risk in these cases., suppliers and other people or companies linked, add the expert.

(Illustrative photo/courtesy).

How to protect yourself from ransomware?

 A quick response is vital to reduce the impact that organizations suffer from such a cyber attack..

 As a recommendation, Faskha considers that regardless of the size of organizations, it is necessary for them to develop cyber hygiene habits and best practices., for example, back up critical data on a regular basis, and have a database and servers in locations not connected to the network.

 Enabling two-factor authentication and strong password policies is also critical.; implementing proven and effective threat detection tools; keep software up to date; and the training of employees on computer security, said the expert.