The risk of ransomware is that it is a type of malicious software, or malware, that prevents you from accessing your computer files, systems, or networks and demands you pay a ransom for their return. Ransomware attacks can cause costly disruptions to operations and the loss of critical information and data. Some of the possible risks and impacts of ransomware attacks are:
- Financial loss: The ransom demands can be very costly, and if businesses do not have the money to pay, they may lose everything. In addition, businesses may incur other costs such as recovery expenses, legal fees, fines, or lost revenue.
- Data loss: The attackers may encrypt or delete the data on the infected systems, making it inaccessible or unusable. The attackers may also steal the data and threaten to disclose it to authorities, competitors, or the public if the ransom is not paid. This can result in a breach of confidentiality, integrity, or availability of the data.
- Reputational damage: Ransomware attacks can damage the reputation and trust of businesses among their customers, partners, suppliers, regulators, or investors. This can lead to a loss of market share, competitive advantage, or customer loyalty.
- Operational disruption: Ransomware attacks can disrupt the normal functioning of businesses and affect their ability to deliver products or services. This can affect their productivity, efficiency, quality, or compliance. In some cases, businesses may have to shut down completely or temporarily.
How to minimize Ransomware attack
This type of malware attacks are a serious threat that require a proactive and comprehensive approach to manage the risk and mitigate the impact. Proper security awareness for employees & protection at endpoint, internet gateway can minimize this risk.