How Ransomware Attacks Affect Your Ottawa & Eastern Ontario Business

Ransomware attacks are on the rise and every business, no matter size or location, can fall victim to a ransomware attack. It is estimated that every 11 seconds a business is cyberattacked by ransomware.

Following recent high-profile ransomware attacks that affected a major gas pipeline and a leading global food company, software commonly used by MSPs was used in a massive cyberattack this month to deliver ransomware to thousands of organizations around the globe. The cybercriminals demanded a $70 million payment in bitcoin in exchange for a decryption key to help victims recover data from the ransomware attack.

How Ransomware Attacks Affect Your Business In Ontario & Across Eastern Ontario

Ransomware attacks have major negative effects on businesses. One short-term, but major effect is the disruption of critical business operations due to the inability to access your data. Other short-term effects include costs associated with incident response and mitigation efforts, interruption of system processes, lost productivity, and the ransom payment itself if a business decides to pay it.

Longer-term major effects on a business due to a ransomware attack include the following:

Loss of Revenue – Every industry vertical is vulnerable to revenue loss from a ransomware attack. Out of 1,263 surveyed organizations that were attacked by ransomware, 66% reported that their organization suffered significant revenue losses. The loss of revenue is due to disruption of business processes, system downtime, diversion of resources for recovery, brand damage, and more.

Damage to Brand and Reputation – A cyberattack can do major damage to an organization’s brand and reputation. Consumers are skeptical about organizations handling their sensitive data now more than ever. It has been reported that consumers are willing to leave a company that was attacked. An organization’s reputation is almost impossible to fix once the public is aware of an attack. A cyberattack can ruin opportunities for organizations that seek the best talent, suppliers, and investors as well.

C-level Resignations and Dismissals – A ransomware attack can have a major effect on the tenure of top-level executives and leaders. Most companies who were recently attacked reported their Chief Information Security Officer (CISO) or even their Chief Executive Officer (CEO) were forced to resign or to retire early.

Employee and Staff Layoffs – C-level positions are not the only ones at risk from a ransomware attack. Ransomware attacks can devastate a business financially. Some companies have to lay off an entire staff due to the suspension of operations in certain areas.

Forced to Close the Business – The most devastating effect on a business from a ransomware attack is forced closure. A ransomware attack will force businesses to shut down their servers. Aside from all the expenses and costs of a ransomware attack, an extended period of downtime can force a business to close its doors forever.

What You Should Do

To protect your organization from cyberattacks, including ransomware, it’s important to have the right cybersecurity measures in place. Your entire staff should have cybersecurity training on identifying details in phishing emails, for example, and on creating strong and complex passwords. Your organization should constantly back up your data and have at least one copy stored off-site. Updates to computers and other devices should be installed often. Professional IT services providers, like Fuelled Networks, can run cybersecurity assessments to ensure your business is protected. Fuelled Networks can help you implement these measures and more.

Proactive Rapid Ransomware Removal

Ransomware removal is becoming an increasingly important way to help companies regain access to their business systems and data. This can be a challenging and painful process if you’re not well-versed in the steps required to restore your operations to full working order.

Fortunately, Fuelled Networks specializes in ransomware removal. We have been providing exceptionally responsive services for organizations of all sizes in Ottawa, Kingston, and throughout Eastern Ontario, since 1982.

Every day you are without access to your business systems, the damaging impact to your productivity and revenue grows. If your organization has fallen victim to a ransomware attack, it is important to proactively begin to rebuild. Here are a few ways your organization will benefit from rapid ransomware removal:

Speed up network and data recovery times

Reduce the possibility of providing poor customer experiences either online or in-person

Maintain positive public relations by exhibiting a proactive approach to cybersecurity

Mitigate the risk of additional costs and public negativity that come with having a ransomware attack

Diminish the ability of cybercriminals to maintain access to sensitive business systems and data

The professionals at Fuelled Networks are ready to help your business with all your cybersecurity and IT needs. To schedule your free initial security consultation, or to get immediate assistance with ransomware recovery, call (613) 828-1280 and speak with one of our friendly and knowledgeable service personnel.