Ransomware is malware that either freezes your computer or locks it so you cannot access data and programs that your company normally uses. The criminal that is holding your system hostage, demands a ransom that is usually paid in Bitcoin.
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.
CSP, Inc in Raleigh is the trusted choice when it comes to staying ahead of the latest information technology tips, tricks, and news. Contact us at (919) 424--2000 or send us an email at email@example.com for more details.
Always at your service to provide the highest level of quality support to our customers.
Anthony Firth Client Engineer
“I’m passionate about building and fostering relationships, and finding solutions for success.”
Michael Koenig Client Account Manager
“Enabling IT to become an effective and valuable partner by delivering premier customer service and quality IT solutions achieving business goals.”
Jake Parrott Business Development Manager
“Serving the client through IT solutions is my passion. A happy client is a happy me.”
Jason RichardsonClient Engineer
“Striving to provide friendly and quality service to our customers”
Ted Rorabaugh Client Engineer
“I help clients stabilize and grow their IT infrastructure so they can focus on growing their core business.”
Josh Wilshire Systems Engineer Team Lead
“Providing courteous, quality IT service for our customers.”
Rich Yoest Rapid Response Team Supervisor
“Striving to be your trusted adviser and IT teammate in accomplishing all your business goals”
Brandan Bishop Client Account Manager
“I strive to provide the highest level of quality service to our customers.”
Tommy Williams Sr. Hardware Engineer
“I’m driven by the steadfast belief that technology must serve as a business enabler. This mantra has driven 21
Years of successful partnerships.”
Stephen Riddick VP Sales & Marketing
“CSP doesn’t succeed unless your company succeeds.”
Stephen Allen Inventory Manager
“Through my intuition and genuine concern to help others I have built long-lasting relationships with our customers, co-workers and business partners.”
Scott Forbes VP Support Services
“Every day, I work with clients to help plan the future of their businesses.”
Michael Bowman vCIO
“Your IT problems become our IT solutions.”
Mark McLemore Project Engineer
“Managing internal and external operations to ensure that CSP provides quality and reliable customer service .”
Margie Figueroa Business Manager
“Helping customers get the most out of their IT Infrastructure.”
Marc Gillet Project Engineer
“Providing quality internal and externals financial support to our customers and accounting support to CSP.”
Katie Steiglitz Accounting Administrator
“Your satisfaction is our #1 priority.”
Heather Moore Project Manager
“Some call me the CEO. I call myself the Cheerleader for an awesome team!”
William B. Riddick Founder & CEO
“CSP is here to assist you with your IT needs.”
Beth Wylie Inside Sales Manager
Thinking ofHiring A New IT Company?
On What Questions You Need To Ask Before Signing Any Agreement.