Our Blog

The cost of Ransomware and how BCDR helps

hacking-2964100_1920
Share on facebook
Share on linkedin

Ransomware attacks have increased significantly over the past years and months, especially with the global switch to remote working following the COVID-19 pandemic.

Not only are these attacks on the rise, but they are also evolving and posing an increasing threat to cloud-based environments.

Ransomware is a form of cyber extorsion, and it comes with potentially devastating consequences for businesses of all sizes. More than try to get your data back – ransomware attacks are a problem because of the challenge of getting systems back up and running to ensure profits face a minimal impact.

Nowadays, SMBs around the world are aware of the risks, but are they familiar with the worrying statistics?

On average, ransomware attacks:

 

  • Require up to 287 days to recover
  • Ransoms cost small enterprises £4,242 on average
  • Downtime after an attack can cost up to 50x times more than the ransom itself.
ransom statistics

You might also enjoy reading these articles...

The cost of downtime

The cost of downtime for SMBs following a ransomware attack
is a growing concern. Ransoms have progressively become more complex and sophisticated, making it more difficult and time-consuming for victims to recover. When businesses rely on outdated backup tools, the challenge is much greater.

Ransomware attacks can result in considerable business downtime because breaches are rarely limited to a single computer. Nowadays, most ransomware attacks are designed to crawl business networks looking for additional machines to infect. If the malware goes undetected, it doesn’t take long for multiple devices, servers, and data in the cloud to become compromised.

Recent reports have shown that the cost of downtime is nearly 50 times greater than the ransom itself. The cost of downtime has exponentially increased to an average of $274,200, in comparison to the average cost of the ransom which comes at $5,600.

 

How can businesses prepare for the risks of ransomware and downtime?

As attacks get more advances and aggressive, it’s now essential for organisations to tick all the boxes on the cyber security list to stay protected.

 

There are preventative steps to take against ransomware, but no protection is foolproof. It’s extremely important to have a recovery strategy in place to ensure downtime is minimised in the event of an attack.

Business continuity and disaster recovery (BCDR) plans are effective solutions to reduce significant downtime during a ransomware attack to a minimum.

BCDR solutions are built specifically for scenarios where systems and business-critical data are unavailable. The virtualisation of systems allows businesses to run business as usual until the original devices are restored and free from ransomware. Without the BCDR tool, it could take days or weeks for businesses to get access to their systems again.

At Euro Systems, we work with the best technology partners to offer all-in-one solutions that incorporate local backup and recovery with a secure, cloud-based repository and full disaster recovery in the cloud.

As for cloud-platforms, like Microsoft and Google, they don’t back up files automatically for you – which is why businesses are recommended to make use of third-party back-up services, to make sure their employees’ data is fully backed up and always recoverable.

It’s also essential that businesses keep software and systems up to date. This helps to benefit from the latest security measures in applications and minimise vulnerabilities. Monitoring servers also helps, to make sure they are protected from ransomware risks.

Learn more about our BCDR solutions here.

Looking for a trusted IT partner?

We work closely with our customers to implement IT solutions for a wide range of applications. Get in touch for a no commitment consultation, our team will be happy to assist and find the right solution for your business needs.

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email

Leave a Comment

Your email address will not be published.

Get in touch

enquiries@euro-systems.co.uk

0800 334 5238

Lets
talk.

Euro Systems logo

Please enter your details to download our Business Continuity brochure

Please enter your details to download our Hosted Voice brochure

Maitland Gray

SALES DIRECTOR

Maitland joined Euro-Systems in December 2018. He has over 29 years’ experience in the IT industry. He has dealt with businesses large and small and has a broad knowledge of IT and how the right solution can help customers improve and prosper through the use of IT.

mgray@euro-systems.co.uk

Allan Carson

Onboarding Specialist & Head of Pro Active

Allan has over 10 years experience in helpdesk, reactive field visits and is our Onboarding Specialist. In addition to this, Allan heads up our Pro Active monitoring team. Allan is responsible for carrying out customer audits for all new clients and ensuring that his team keep client IT systems in tip top shape.

acarson@euro-systems.co.uk

Stephen Smith

Project Delivery Consultant

Stephen is an experienced Technical Consultant with over 15 years project management and delivery experience.  Areas of expertise include cloud migration, major system upgrades and the development of our hosted telephony platform. Stephen continues to develop our hosted telecoms offering and widen the gap between our offering and that of our competitors.

ssmith@euro-systems.co.uk

Michael Hayes

Finance Director

mhayes@euro-systems.co.uk

James Glancy

James Glancy

Head Of Service

James is our Service Manager and has overall responsibility for the service delivery of support team and reactive field engineers.  James ensures that our service levels are met and the client experience is second to none.

jglancy@euro-systems.co.uk

Eddie Robertson

Eddie Robertson

Managing Director

As the MD of Euro Systems, Eddie is responsible for the overall strategic direction, profitability and management of the company. Eddie is passionate about our clients and is committed to our purpose to make their lives easier.

erobertson@euro-systems.co.uk

What we
do.