Your business is at risk of ransomware.

It doesn’t matter your size, location, industry, or technology: every single organization on earth is being targeted for ransomware attacks by ruthless cyber criminals.

Many have already fallen victim. And if the trends are any indication, many more will follow. Every business needs to be alarmed and prepared. Otherwise, the consequences could be devastating.

The Current State of Ransomware

Research shows that 2024 is on track to be the worst year ever for ransomware. Attack volumes are increasing, as are ransom demands and payouts, now that bad actors around the world have discovered they can steal huge sums using ransomware. To put this into perspective, the average demand in 2023 was $400,000, but in just 12 months it has grown by 500% to $2 million.

Attackers stole over $1 billion last year. They will probably shatter that record this year.

Ransomware costs are rising in part because attackers are changing their techniques. Before, they would encrypt data and demand money to restore access. And while that approach hasn’t disappeared, now attackers will also copy the data and threaten to leak it somewhere unless a ransom is paid. They can (and often do) demand additional payment for as long as they still have copies of the data. And since these are unscrupulous criminals, many will still sell the stolen data to the highest bidder regardless even if a ransom was paid.

Unfortunately, paying off attackers is just one part of the damage, financial and otherwise, that ransomware attacks cause. Businesses often pay large sums to restore or replace technology damaged in the attack. They lose revenue and damage relationships while their operations are being disrupted by the attack. They may have to pay fines to regulators or settle lawsuits with partners and customers. And they see their plans, strategies, and reputations undermined in ways that hurt the company for months and years to come.

For all those reasons, the combined cost of a ransomware attack averaged $5.1 million in 2023. It will climb even higher this year—and highest of all for any business that considers itself immune to ransomware.

Why EVERY Business Must Be On Guard

It’s a major misconception that only large companies get targeted for ransomware attacks. In fact, 85% of all ransomware attacks go after small and midsize businesses, and no one is off-limits.

Many hackers avoid targeting big companies because they have extensive security resources to see and stop the attacks. Smaller companies, in most cases, don’t have the same level of protection, making it easier for attackers to find and steal sensitive data, and more likely that victims will pay the ransom to stop the attack. To hackers, small and midsize businesses aren’t small fish…they’re prime targets.

Recent years have seen successful ransomware attacks on hospitals, schools, nonprofits, mom-and-pop businesses and anyone else attackers think is likely to pay a ransom. That trend will likely continue, (and worsen) as larger companies put more ransomware protections in place and drive attackers to seek smaller, easier targets.

Any business with an internet connection could fall victim to a ransomware attack—unless the right protections are in place.

How Your Business Stops Ransomware

Ransomware has no easy solution. No single tool or technique eliminates the risk entirely. It takes a multi-pronged approach to become resilient against ransomware, from training employees to using multi-factor authentication to securing networks and endpoints.

One critical component for fighting ransomware, something that no effort is complete without, is a comprehensive solution for data storage, backup, and retrieval. If data is the “gold” every hacker wants to get at, you need to secure that data in the smartest, strongest vault available.

WGTech can help you put secure data storage systems in place, along with other strategic security measures to keep your ransomware risk in check.  Don’t wait for an attack to arrive. Instead. feel confident you’re ready for whatever may come. Contact our team to explore how you get resilient to ransomware.