Technology use has become an integral part of running a business effectively. It allows for efficiency, improved communication, and more accurate information tracking. However, increased use of technology also makes businesses more susceptible to ransomware attacks. Ransomware is a type of harmful software used to either encrypt your data or lock your devices until you pay a ransom.
A Forrester Technographics Security Study found that 59% of organizations are breached in a year. Many never recovered from these attacks because they did not have an up-to-date or active cybersecurity strategy in place. These statistics can be scary, but it is important to remember that businesses do recover from these attacks, especially those with Ransomware Protection as a Service™ (RPaaS™) established. This blog will explore just how long it takes for businesses to recover from ransomware and the steps that you need to take when an attack does occur.
Can a Company Recover From Ransomware?
A company can recover from ransomware. However, the impact of a ransomware attack can be hard on a company, and it often takes lots of time and money to get everyday processes up and running again. Ransomware attacks can also negatively impact the customers’ trust. If they don’t feel that their information is safe with your company (such as their personal address, contact information, and payment methods), they will be less likely to return to you in the future. In fact, consumers lose trust in a company, on average, by more than 67% after a data breach. Having ransomware recovery services like what is offered by InterVision can help you recover quicker and keep your customers’ trust.
How Long Do Ransomware Attacks Take To Resolve?
As of the third quarter of 2021, the average length of interruption that businesses and organizations experienced after a ransomware attack was 22 days. The survey defined interruption as “the state where companies show less than 100 percent productivity or experience some material interruption as a result of a ransomware attack.” In 2020, that downtime cost companies about $283,000 due to lower production, efficiency, and business opportunities.
With the downtime cost in mind, how much does it cost to recover from a ransomware attack? On average, it cost businesses $3.8 million to recover from a ransomware attack in 2021. Having ransomware protection will shorten the time that these attacks last and will save your company money overall.
What Should Companies Do if They Have Been Attacked With Ransomware?
If your company does experience a ransomware attack, you must get the appropriate information, report to the correct people, and prevent future attacks. Below is an outline of the steps to take after a ransomware attack.
- Note extent of damage: Before you do anything, it is important that you have all necessary information, including which devices were affected, what data was breached, and what the ransom amount is. Having all this information will allow for a fuller report when you contact the FBI and your internet service provider.
- Report to the FBI: This step is often missed but should be completed early. It is important to report the breach to the FBI because they will start an investigation into the ransomware to ensure that other companies aren’t affected by it. You may file a report here.
- Report to your internet service provider: Similarly to reporting to the FBI, this step is important because it allows your service provider to safeguard the data of other companies to protect them from the same ransomware.
- Isolate infected devices: Ransomware can spread like the flu. To prevent the spread, make sure that you isolate the device. This is where your IT team comes in. Do not do anything with the device, like trying to shut it down, until your IT team advises you to do so. Taking action on your own can increase the spread.
- Restore backup data: This step allows your company to work in at least some capacity while your ransomware issue is resolved. Before you restore your backup data, though, ensure that it isn’t also infected. If you don’t check, you may increase the spread of the ransomware. Do not hire a hacker to decrypt your files. Also, do not pay the ransom. 32% of companies affected by ransomware pay the ransom, but they only get 65% of their data back, on average.
- Let customers and investors know: Because your customers and investors have put money into your company, they need to know when an attack has occurred. Their information may be breached, or it may affect their investment in the company overall. They should find out about the attack via a letter, email, phone call, or meeting before that information is released to the public. If your company has a legal team, they can help with the letter as well as with any criminal charges your company might take against the hacker.
- Add protection: Once you have recovered from the ransomware attack, make sure to get the best possible malware protection for your company. This will prevent future attacks. InterVision offers Ransomware Protection as a Service™ to help with detection, protection, and recovery after a ransomware attack.
Protect Your Company with InterVision
With ransomware protection, ransomware will be less detrimental to your company. InterVision’s Ransomware Protection as a Service™ is the industry’s first and only holistic approach to ransomware. We take care of you during every part of a ransomware attack. We offer a cloud landing zoning to replicate data and aid with recovery. Install ransomware now to protect your company later. Contact us for more information about keeping your company safe from ransomware.