3 Ways Ransomware Can Hurt Your Business

Over the years, cybercriminals have become increasingly sophisticated. It’s more important now than ever to protect your systems from the dangers of ransomware. Not only is ransomware dangerous to your technology, but it can also limit your company’s ability to interact with your customers. Here are three key ways that ransomware can hurt your business—and what to watch out for.

What Is Ransomware and What’s the Big Deal?

Ransomware is a specific type of malware that holds key data hostage for a specific fee. Depending on the situation, this could be anything from your clients’ credit card information to your personal banking details or even intellectual property. In some cases, cybercriminals may threaten to publish the information, while in other cases, they may just threaten to delete it.

It Puts Your Clients’ Information at Risk

When your clients choose to work with you, it’s not just because they like your product. It’s also because they trust you to be professional and keep their information safe. If your company is hit with ransomware, it could put your clients’ sensitive financial information at risk. Not only could this result in a loss of business in the short term, but it could also negatively affect your reputation in the long term.

It Minimizes Your Company’s Productivity

Ransomware essentially holds key pieces of data hostage until you pay the offending cybercriminal to get them back. This can make it very difficult for your company to maintain its normal operations. Instead of moving forward with the development of new products and services, you’ll need to take the time to solve this pressing problem. In today’s competitive environment, even a few days off could set your company back.

It Could Cost You Big Money

Even if you’re prepared, ransomware can set your business back financially. Ransom payments can be incredibly expensive, and you should only pay them in an emergency. There are many other ways to get your data back without paying the ransom, but they can still be pricey. You’ll need to pay experienced tech professionals to help you locate the data and get it back safely. It will usually be more affordable to bolster your security as a precautionary measure, as opposed to waiting for a ransomware attack to happen.

To protect your business from ransomware, it’s very important to have a reliable digital security system. This should include multiple copies of your data in different places as a backup. Contact Sytex.ca today to learn more about how we can keep your business safe from ransomware.



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