How Ransomware Attacks Affect Businesses

These days, many businesses of all sizes benefit from the convenience, ease, and efficiency that comes with digital solutions. Thanks to modern technology, the day-to-day running of businesses has become far more streamlined and simpler, and they now turn to modern tech for most aspects of their business from dealing with finances and customer communication to the storage of documents and files.

When it comes to the latter, many businesses not only store their data on local systems onsite but also back up files to the cloud. This is something that providers a greater level of security, convenience, and accessibility for businesses. However, our reliance of digital storage means that we also face the increased risk of becoming the victim of cybercrime attacks such as ransomware, which can have a huge negative impact on businesses. In this article, we will look at some of the ways in which ransomware attacks can affect businesses.

Some of the Effects of These Attacks

There are many ways in which this type of attack can affect your business, and this is why it is important to have protection in place such as Veeam Object Lock. This is something that can save you a huge amount of stress and hassle as it can help to protect against ransomware attacks among other things. Some of the effects of these attacks are:

Loss of Access to Data

One of the major issues, when this type of attack occurs, is the loss of access to your business data and files. If the ransomware attack is on your onsite systems, you may still have a clean cloud backup you can turn to. However, if this is also affected, you could find yourself facing huge issues when it comes accessing vital files and data. This is why having solutions such as Object Lock in place can be invaluable, as it can help to ensure you still have a clean backup you can turn to.

Financial Repercussions

The other major issue that businesses face when hit with ransomware attacks is financial repercussions. In order to decrypt your files and data, the ransom is often very high, and this can have a huge negative financial effect on your business. You will essentially find yourself being blackmailed by the cybercriminals, who will demand large sums of money in exchange for your data and files. For some businesses, this can be financially crippling.

Chance of No Decryption

One added problem to consider is that even if you pay the ransom to the criminals, there is no guarantee that the data will be decrypted. So, you might essentially end up paying their ransom for nothing. In many cases, it has been found that the criminals did not decrypt the data after receiving the money they demanded, and this means you are affected on both levels as you lose your data, and you are hit financially.

These are some of the ways in which your business can be affected by these attacks.

Written by Eric

37-year-old who enjoys ferret racing, binge-watching boxed sets and praying. He is exciting and entertaining, but can also be very boring and a bit grumpy.