The frequency and severity of cyber threats are escalating and will continue to get stronger as cybercriminals pivot from one target to the next to maximize profit potential. Sooner or later, an attack will be successful. This presents a huge risk for businesses that lack sufficient cyber-resiliency preparation to stop the spread and recover quickly.
Cybercriminals are becoming experts in deception, which makes them increasingly difficult to detect. When they infiltrate an organization’s system, the door remains open for them to recode and encrypt a business’s data. Once this happens, cybercriminals gain control (of data and systems) and can hold a business’s information for ransom.
In addition to the ransom cost, additional costs are incurred following a ransom attack. Of those companies falling victim, 74% report business disruption lasting more than a day, with 28% taking a week or longer to recover from a ransom attack. For many, especially small and midsize companies, the…