Ransomware has already cost American businesses many millions of dollars. The FBI's Internet Crime Complaint Center received 1,838 ransomware reports in 2014 and saw that number increase to 2,453 in 2015. Ransomware attacks are on the rise, and the FBI says the number will likely grow. Cybercriminals commonly use ransomware because it offers a high return for little risk – sophisticated crypto-ransomware and anonymous payment collections using bitcoin make this an easy and often effective method for cybercriminals.
2. Ransomware can result in significant losses.
It can be extremely difficult to combat ransomware once it has infected a company's systems. Because of this, many companies have opted to pay an exorbitant ransom rather than lose their files for good. This year, ransomware attacks have resulted in hundreds of millions of dollars in losses due to paid ransoms. And the actual cost is much higher, since this figure doesn't account for the revenue that companies lose while their productivity is halted or from the long-term impact of permanently lost files.
3. Mid-market businesses are a prime target.
Personal computer users may be unwilling to pay a ransom to get their files back. That's why cybercriminals are likely to target mid-market businesses: These companies have many valuable assets that they're willing to spend money for, and they have enough capital to pay the ransom. But companies can help prevent ransomware attacks through sophisticated security measures.
4. Preparation is crucial.
It is impossible to control whether or not an attacker will target your business or employees will click on something they're not supposed to, but you can protect your computers and reduce the chance that ransomware will affect your bottom line. These methods include keeping your software up to date, educating your employees about cybersecurity best practices, using cloud backup systems, and establishing a practice of quickly isolating an infected computer from the company's network before the damage spreads.
Sun National Bank provides timely and helpful thought leadership to the business community. Small Business Matters and Commercial Insights are published by Sun National Bank to provide segment-specific information on a wide array of topics, including fraud prevention, technology, managing cash flow and more. The information contained herein is for general informational purposes only and does not constitute tax, legal, or business advice. You can learn more at sunnationalbank.com/blog
About Sun National Bank
Sun National Bank is the primary subsidiary of Sun Bancorp, Inc. (NASDAQ: SNBC), a $2.19 billion asset bank holding company headquartered in Mount Laurel, New Jersey. Sun National Bank is a community bank serving customers throughout New Jersey and the metro New York region. Sun National Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnationalbank.com.
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