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UK security experts discussing ransomware threat

Forget Coronavirus – ransomware might be the biggest threat to your business in 2020

Euan Birch, Security Operations Lead at Proact UK

Do you intend to invest in your organisation’s security? It might just save your business.

Before COVID-19 came along, some of the biggest threats to business according to management today were:

  • Trade friction and slowing global growth
  • Brexit
  • Compliance and regulation
  • Digital transformation (or lack of it)
  • Significant cultural change

These all still apply in the COVID-19 era. However, even though they are all risks which may slow or hinder the ability of your company to do business, they aren’t necessarily catastrophic. Unlike the effects of ransomware attacks.

Ransomware might be the biggest threat to your business in 2020

In 2018, 49% of businesses paid to recover their data after a ransomware attack. Today, that number has risen to 61%, according to new research done by CyberEdge. Simply adding fuel to the cyber-criminal’s fire.

Malwarebytes, a cybersecurity company, carried out a study into small and medium businesses that were subject to cyberattacks over the past few years. 32% of companies reported they were infected with malware, with 20% of those companies needing to completely stop operating! In addition, to those who fell victim to ransomware scams in the UK, 43% paid out to get their data unlocked. But of those that did pay, 46% still lost their files.

Do you intend to invest in security in the next six to twelve months?

In order to combat the increasing risk of ransomware, successful businesses are acting now. They are employing more cybersecurity personnel to protect their systems, investing in toolsets as well as people and ensuring that they tackle the problem head on. With successful infections set to soar, ransomware is the biggest threat to your business in 2020.

Could you be a target for a ransomware attack? Without the right security defence, the answer is yes. Find out how you can mitigate the risks in this on-demand webinar.

95% of cyberattacks are caused by human error (according to a study by IBM). That is why investment in people and toolsets is critical. However, these unintentional actions (unforced errors in the sporting world) are things that we can stop. Imagine eliminating 95% of risk from your organisation, in regard to declines in profit, compliance or regulation. You would do everything to ensure that, wouldn’t you?

Well, that isn’t out of reach.

There are many ways you can reduce the risk:

  • SIEM and Behaviour Analytics give your organisation a view of your environment. They also help you identify attacks as they happen. As a result, giving you the time, advice and ability to stop them in their tracks.
  • Anti-Phishing provides you with a tool much more powerful than an email gateway. This allows you to analyse phishing attacks and remove that risk organisation wide.
  • Vulnerability Assessment helps you to secure your open connections to the internet. It achieves this by providing a detailed report in your risk and detailing how to reduce and secure your company.

These core tools, coupled with skilled resources within your organisation, can place your organisation out in front of the rest. If you make it more difficult to be attacked then you can avoid compromise, avoid losing data and operations, and avoid going out of business due to something as simple as ransomware.

Ransomware could be the biggest threat to your organisation. Find out how to reduce the risk of ransomware in this on-demand webinar with our UK Security Product Manager, Tim Simons.


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