Everything You Need To Know About An IT Audit

If you want a shot at success, you’ll have to incorporate newer technologies into your business and back them up with enough IT support. Having adequate support helps ensure that everything is running as smoothly and efficiently as possible so that you can leverage the acquired technology to your advantage.

But how can you tell if you’re getting the right support for your IT needs?

The answer: What you need is an IT audit.

Today, you’ll learn everything there is to know about an IT audit, including what it is, how your business can benefit from it, and how it’s done.

 

What is an IT audit?

Information technology audit, or an IT audit, is a process wherein your IT infrastructure and its servers, systems, devices, apps, and components undergo a thorough assessment. Your hardware, software, and processes will be scrutinized for their capacity to secure your network, systems, and business data; and if they are adequately supported by tools.

To put simply, an IT audit is a general checkup of your IT infrastructure’s health so you’ll know which gaps to fill and how to address them.

Among the factors to evaluated during an IT audit are:

  • Daily operations
  • Quality management
  • Data and cyber security
  • Disaster recovery plan
  • Level of IT support

After the assessment, you’ll get a complete overview of your existing IT assets. You will also receive insights on much-needed upgrades, policy updates, staff training, and other investments.

 

How can your business benefit from an IT audit?

An IT audit gives insight into different aspects of your IT infrastructure. In doing so, it offers the following benefits:

  • Spot issues in your infrastructure that require immediate action so you can fix them right away
  • Get standardized solutions for facilitating business efficiency and productivity
  • Identify IT assets which are no longer necessary and are costing you money, and which assets need to be replaced with newer and better alternatives
  • Plan your IT spendings by following the recommended guidelines on your audit report

However, the main benefit of an IT audit is that it improves the overall efficiency of your business. By helping you provide quality services to your customers, and allowing your business room to grow and innovate in a secure environment, it sets you up for the long-haul.

 

How is an IT audit performed?

Audits are performed by professionals who may be part of an in-house team or an outsourced IT support company. They follow a series of steps to assess an IT infrastructure.

It starts with a preliminary audit of existing IT assets – including the number of devices which are actively used and what they are used for. Next, your IT team will check the efficiency of these assets as they transfer data across your networks.

Weaknesses, required updates, and unnecessary assets will then be highlighted along with recommended cost-saving solutions. And finally, your business continuity plan will be evaluated. If it isn’t viable and there is no disaster recovery plan in place, your IT team can create one based on their findings during the audit.

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Does Your Business Need A New Server?

Today’s businesses are increasingly dependent on technology. And any enterprise that relies heavily on tech will likely have a server. But whether it’s up to par with the latest standards is often questionable. Many companies continue to operate on an old server without even knowing it, or without realizing its adverse effects on their scalability.

 

What is a Server?

A server is a computing device or a program which links hardware and software together. It controls access to computers, systems, applications, and other devices. Depending on the set parameters, a server can enable users to access information within its environment, or it could block them for security reasons. At a business level, these users can be your employees, partners, or clients.

Think of it as the brain of your IT infrastructure. The server is responsible for managing the technological aspect of your business. Due to its critical role in operating systems and processes, your server has to be kept up-to-date to ensure its optimum performance.

 

Why an Outdated Server is Costing You More

By now, you should know that the integration of technology into your business doesn’t guarantee advancement. At least, not when you’re using an outdated system. The same holds true for an old server which does more harm than good for your company.

Unfortunately, many businesses have an “If it ain’t broke, don’t fix it” mentality towards technology at large. Investing in say, a new server is seen as a luxury rather than an obvious necessity.

 

The Disadvantages of an Outdated Server

Sticking with an obsolete server will only cost your business more the longer it goes. The drawbacks of an outdated server include…

  • Poor energy efficiency. Hardware tends to consume more electricity the older it becomes.
  • Requires constant maintenance and monitoring. An old server is prone to issues and security breaches, thus needing more attention than usual.
  • Lowers productivity. Employees are unable to perform tasks efficiently or any tasks at all whenever your server encounters problems.
  • Slows down business. Outdated servers prevent your business operations from running smoothly, from the delivery of services to handling customer care.
  • Continuous need for software updates. To compensate for the inadequacies of an obsolete server, you will have to keep on integrating new software into your infrastructure.
  • Limits scalability. The increasing needs of an outdated server, combined with decreased operational efficiency and employee productivity, limits the capacity of your business to grow.
  • High costs with low return of investment. Old servers will keep you from providing quality services, as well as limit the number of clients you can accommodate. Either way, you could end up losing customers while having to pay mounting costs for server upkeep.

 

How to Tell If Your Business Needs A New Server

A server that has gone past its life span will show signs of wear and tear. The tell-tale signs of an old server include:

  • Louder fan drives. This means that your server’s hardware can no longer keep up with your demands.
  • An increasing number of problems. It indicates that your server is no longer compatible with newer systems.
  • Your server is operating at more than 80% capacity. When a server is working harder than normal, it isn’t a trait to be admired. Rather, it is a sign of slowed performance, and that the server is ill-equipped to meet your business needs.

If you have an in-house team of IT professionals or have outsourced your IT needs to a third-party provider, you should consult them for an expert opinion. They will be able to tell if you need to upgrade your server or not.

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Beware of phishing email scams

Wouldn’t it be great if technology could solve every problem for your workforce? In reality, every IT solution has its limitations, including security defenses. As I’ve written in previous articles, 100-percent security does not exist. The credibility of anyone who tells you a system can never be breached should immediately decline if they make this preposterous claim. Most likely, that person is claiming a specific attack or breach can be prevented with a certain solution, but no solution provides 100-percent security because the person using the system is the weakest link of the system. Armed with this knowledge and an amazing understanding of human psychology, cyber criminals target the person using the system with a variety of threat vectors. Phishing is a cyberattack that uses a disguised email as a weapon to provoke a response by the reader to perform some action desired by the attacker, such as wiring money. In a phishing attack (pronounced “fishing”), the attacker is masquerading as a person or company the user would already trust.

For example, imagine I am the billing person at BIC Magazine, and my email address is rkyslinger@bicalliance.com. I’ve sent you invoices before, and we may have even spoken on the phone a few times or met at an event. One day, you receive an email from me stating we changed our bank, and I provide the bank information in the email. Since you know me, you don’t consider the topic all that unusual because companies do change banks, so you comply. Later, you discover you were not really communicating with me at all. Instead, the email address of the sender was rkyslinger@bicallaince.com, which is a legitimate domain, but it isn’t owned by BIC at all. Instead, the domain name simply transposed two of the letters in the domain, which our brains do not always decipher. The attacker used the knowledge of your purchasing relationship with BIC to get you to change how you sent your payment. The email was legitimate in its style, substance and wording, so it was not blocked by any of your company’s email security systems. The reason the process worked is because a simple underlying assumption was not tested: “Am I really getting this email from who the sender claims to be?” Now, I know many of you are thinking, “Who would fall for such a simple sleight of hand?” The reality is many of the subscribers of this very magazine have wired money to someone claiming to be a vendor they trust. I know this for a fact because I’ve consulted for these companies on how these attacks can be prevented.

The issue is we are too friendly and cozy with our email, and we trust it because it doesn’t look unusual. If it looks like a duck, smells like a duck and quacks like a duck, then it must be legitimate. This psychology is exactly what the attacker is relying upon to get a person to act differently. But even if my email address was legitimate, many people would still have acted because their assumption would be my mailbox wasn’t compromised. How can you — as the reader of the email — ascertain the sender’s mailbox hasn’t been breached? In reality, you have absolutely no way to determine this information except to turn to your trusty telephone and call the sender to verify they actually sent the message. If the email has been breached, you certainly don’t want to email asking, “Is this request legitimate?” So call them. Does this sound like too much trouble? Well, I’ve seen $20,000 to several hundred thousand dollars transferred simply because the recipient of the email didn’t verify the message with a two-minute telephone call.

In most cases, if your organization actually falls victim to these attacks, your cyber insurance policy would cover some or all of the loss after your deductible. The real solution is to act like Ronald Reagan, who stated, “Trust, but verify.” “Trust, but verify” each email that is causing any change in your behavior, especially if money is changing hands. A quick voice call will confirm a legitimate request 99 percent of the time and give you a chance to chat with a colleague or vendor instead of costing your organization a lot of time and money.

For more information, visit www. omnipotech.com or call (281) 768-4308.

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The existential threat of ransomware is real

You roll into work on a Monday morning and learn your network has been infected with ransomware. The attackers have encrypted 100 percent of your data and demand a ransom paid in Bitcoin. You have less than 24 hours to make payment. What do you do? While this scenario may be hypothetical, the threat is all too real. You could just pay the ransom, but if you’ve never bought Bitcoin before, you will be surprised to know there is a three-day holding period once you transfer the U.S. dollars to Coinbase, the world’s largest Bitcoin exchange. If the attacker allows you to extend the period, you will find that a the ransom, but if you’ve never bought Bitcoin before, you will be surprised to know there is a three-day holding period once you transfer the U.S. dollars to Coinbase, the world’s largest Bitcoin exchange. If the attacker allows you to extend the period, you will find that a transfer of Bitcoin can take another three days. Can your business survive without access to your accounting system, payroll, accounts receivable, accounts payable, project files, scheduling, operations database, sales information and possibly email for an entire week? Do you have another plan in the event that you pay the ransom and they don’t give you the entire encryption key? (It occurs frequently.) You may be saying to yourself, “It won’t happen to us,” but many people have damaged their businesses and their firms’ reputation with this erroneous belief. Sure, an attack on your network may not be deadly, but you should consider these threats “black swan” events that can cause existential events.

So, how do you protect yourself? The reality is your network, your email and every digital device you have can be attacked at any time. Perhaps we get comfortable believing our company is too small or no one would want our data, but the reality is the malware and ransomware industry generates billions of dollars annually worldwide, and the smaller you are, the less sophisticated your security and disaster recovery will be. Many people imagine some nerdy hacker sitting in a dark room surrounded by monitors with empty bags of potato chips and half-consumed bottles of soda as the attacker manually tries to penetrate your network, guess your password or exploit a known vulnerability that your systems have not been proactively updated to eliminate.

Unfortunately, these attacks are carried out by global criminal organizations that are as well funded as drug cartels. They use ever-changing methods and rely upon your comfort, procrastination and ignorance regarding the sophistication of the attacks so you don’t take proactive action.

Here are the steps you should take to protect yourself: Your organization must have backups, business continuity and disaster recovery. These three terms are sometimes used synonymously, but they are very different. A backup is simply a copy of the data, and you may have more than one copy going back hours or even years, but you can’t operate from data alone. You must have the underlying operating system, databases and applications. Business continuity is a network design that assumes one or more failures will inevitably occur. Business continuity is a continuously updated and tested process with active systems that allow your business to restore to the last good backup to keep your business running. A business continuity system doesn’t need to have 100 percent of the performance of the primary system, but it will need to have 100 percent of the data, applications and security, and provide ongoing backups to keep your firm operating because you will be adding new data to it.

Finally, you need an offsite disaster recovery system that is physically and geographically separate from your primary systems. Understand the cloud is wherever your data exists, and you should have a disaster recovery copy of your data that is not in your primary cloud. The reality is 100-percent network security can only exist if users have no internal or external access to the data or the systems, but computers are worthless without access to the data. Have a plan and test it just like you prepare for safety training at your place of business or within a plant.

Next issue, I will review a layered security approach to thwart various types of attacks.

For more information, visit www.omnipotech.com or call (281) 768-4308.

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Your convenience is a hacker’s dream

If you could have either convenience or security, which would you choose? For most people, it is convenience. As Americans, we enjoy high-speed internet in every populated area, which has moved many aspects of lives, including banking, shopping and entertainment, to applications delivered through cloud services.

The internet has made our lives very convenient because we can work remotely, transact business, communicate and shop from any populated location on the planet. Of course, all these websites, services and networks require a username and password, so we choose something convenient and easy for us to remember.

Unfortunately, your convenience is a hacker’s dream come true. Your logon credentials are a combination of a username and password. Since your username is unique, the most common username is a person’s email address or a combination of first and last name with numbers. None of these usernames are complicated. In order to make your life easy, you use the same password for all your sites. However, what is easy for you is also easy for hackers. We live in a world where state actors and global criminal organizations are constantly seeking to penetrate every network in the world. The number of network addresses worldwide is a known and fixed quantity, and each firewall has exactly 65,535 ports. Some of the largest organizations with billions in security budgets have already been hacked, including Equifax, Yahoo, LinkedIn and, in 2017, the National Security Agency. The reality is all computing infrastructure will ultimately be compromised.

When a site is hacked, your convenient logon credentials are sold on the dark web worldwide. Your credentials are then loaded into a large, distributed database spanning continents. and robots located on millions of malware-infected computers will attempt to use your credentials to unlock every website or IP address in the world; this is the reality of the digital economy. However, using a password manager allows you to have unique and complicated logon credentials while providing convenience, regardless of the device or operating system you are using.

LastPass.com is a tool you can use personally, with family members or with teams to ensure logon credentials for every website, network access or service are unique and complex. The tool works in every browser, including Internet Explorer, Safari, Chrome, Opera and Firefox, and on all Apple and Android devices. It allows you to have one location to store every logon to every service. You are probably thinking, “If they get hacked, then all my data will still be at risk.” LastPass and other cloud password managers require you to have a master password to access the service on any device or browser. Your logon information is used as one-half of the encryption key to secure the database, ensuring nobody can read the data if the LastPass infrastructure is compromised.

LastPass supports two-factor authentication, further ensuring only you have access to your logon info. The tool has the ability to auto-login to sites and can fill forms with addresses, credit cards or other information. The tool can also store notes. I use it to store PDF copies of my driver’s license, passport info and pictures for every family member, TSA Known Traveler Number, insurance ID cards, health care cards and even the PIN numbers used to freeze my credit on all three bureaus. LastPass has a password generator, allowing you to create the longest, most complex passwords and save them so you never have to remember them. For instance, my Amazon.com logon is 27 characters long, and I have it configured to auto-change this password every month. LastPass has plans ranging from free to $4 per month for a family of six. Business plans range from $4-$6 per user per month. Protect yourself and keep your convenience by substituting one Starbucks drink per month with a password manager like LastPass to begin securing your digital credentials today.

For more information, visit www.omnipotech.com or call (281) 768-4308.

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Why You Need To Outsource IT For Server Maintenance

Servers are integral to the performance of business activities. They store every bit of data your company needs and allow employees from different sectors to seamlessly access them.

It goes without saying that servers are the hardest workers in your company. The least you can do is look after them. But with so many things going on at the front end of your business, you may not have the resources or the time to maintain them.

The solution? Outsourcing to an IT provider who offers server maintenance.

But before we explore the why you need to outsource server maintenance, let’s try to understand what server maintenance is.

 

What is Server Maintenance?

In a nutshell, it is a process that ensures your servers are working properly. It includes a series of checks, fixes, and updates designed to optimize servers and prevent problems before they even happen.

Depending on the provider, server maintenance may include the following services:

  • Software updates and patches
  • Scheduled data backups
  • Security reviews
  • Antivirus setup and updates
  • System files cleanup
  • Database tuning
  • Disk defragmentation

Now that you have a clear picture of what server maintenance is, we’ll tell you why you should outsource it.

 

4 Benefits of Outsourcing IT for Server Maintenance

1. Reduce operational costs

Large companies with multiple servers usually require 24/7 monitoring. Startups and smaller sized businesses may not need them as often. Either way, completely relying on in-house specialists would be costly. You could save more money by outsourcing some or all your IT needs.

Depending on what suits your business, you can opt for non-stop server monitoring or a scheduled maintenance plan. Both can lower your overall expenses and maximize profits.

 

2. Tighter security against cyber attacks

Keeping your servers secure is of utmost importance. If cybercriminals manage to breach them, they can gain access to your networks and its corresponding files, emails, and data. Unless your servers are up-to-date, you’ll be vulnerable to attacks.

An outsourced IT provider can apply the latest patch updates for improved security. These patches will be installed across your servers, drivers, operating systems, and service components.

 

3. Access newer and better features

Bugs are to be expected on different levels of server platforms. Occasionally, your software may have missing components as well.

Hiring an IT company guarantees servers that are monitored for bugs. That way, they can apply appropriate fixes and avert problems such as system failure. Your IT provider can also update your servers to the latest software version and equip them with the latest features.

 

4. Improved business performance

Rest assured that with proper maintenance, your servers will function more smoothly and efficiently. Employees have the leverage of accomplishing tasks in a stable environment, thus minimizing setbacks.


Outsourcing your IT needs to a professional, eliminates bottlenecks which slow down activities and overall performance. You can finally concentrate on key business functions and not have to worry about backend solutions.

On a final note, choose a company who can fulfill your needs in server maintenance. You can gauge IT providers based on the following criteria:

  • Customer feedback
  • Availability of add-on services
  • Flexible pricing options
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What’s the Best Type of Computer Network For Small Businesses?

Creating a computer network for your business is going to be different from a home network. The process is usually more complex and requires high-level security.

It would be best to leave it in the hands of IT specialists. However, this doesn’t mean you won’t have to put any work into it. Small business owners need to make a few considerations when installing a computer network.

 

5 Things To Consider If You Want The Best Computer Network

A business-level computer network is remarkably flexible. But if you want to get the most out of it, there are several factors you should know. We listed down 5 things to consider when creating your own network. That way, IT professionals can help you choose the best type for meeting your business goals.

 

1. Number of connecting devices

First, consider the number of employees in your workplace. Each of them will probably have their own computer and some handheld devices. Factor in all other Internet-ready devices in your office such as printers and scanners. These should help you determine your computer network’s design.

Small businesses usually need one or two sets of Local Area Networks (LAN) to support multiple devices. You can choose between a wireless and a wired computer network.

  • Hardwired connection (ethernet) has the advantage of speed, reliability, and affordability. Unfortunately, it limits connectivity to a certain location.
  • Wireless connection (Wi-Fi) provides greater flexibility for employees. Clients and business partners visiting your office may be able to use it as well.

 

2. Access limitations

The next step is to decide how you’re going to limit access with your computer network. You can limit employee access to the internet so they would be discouraged from wasting time. Computer networks could also be set up to prevent unauthorized access to devices and servers. These limitations offer benefits including:

  • Increased productivity at work
  • Improved efficiency of business operations
  • Enhanced security against cyber threats

 

3. Plans for business growth

When setting up a computer network for the first time, scalability has to be taken into account. Ideally, it has to be technologically ready for the long haul if you plan on expanding your business. You’d want to invest in hardware and software that can grow with your business. They have to be equipped with basic and advanced features, plus room for extra functionality.

 

4. Installation wiring

Be sure to use switches and routers early on. Instead of connecting to separate power points, they enable your devices to draw power from network wall jacks. It could help you save money on electrical wire installation in the future.

 

5. Cybersecurity

Above everything else, you need to protect your computer network from online threats. Small businesses are often targeted by cybercriminals due to their poor or complete lack of security. Cyber attacks not only compromise your data and business functions. They could cost you a number of things such as revenue, reputation, and even your entire business. Because of this, you’ll need a data backup and restoration plan in case of a successful attack.

Don’t forget to take these five considerations into mind. Rest assured that with the help of IT specialists, you’ll have the best type of computer network for your small business.

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What To Look For From A Private Cloud Solution

A private cloud can give you the same benefits as public cloud, plus a few extra perks. It offers the same level of flexibility, ease of use, scalability, and fast setup. And yet it also allows better control, security, and management features than a public cloud.

You can’t deny the advantages of a private cloud. Though as a business, being aware of them isn’t enough. If you’re planning to team up with a private cloud provider, you must also know what to look for.

 

Questions to Ask Yourself When Looking for a Private Cloud

1. Will I be able to integrate public cloud?

You might be looking for a private cloud solution, but there’s no telling when you will need a public cloud. Or maybe you started out with a public cloud and are currently looking to adopt a privatized system. With most businesses counting on a hybrid model, you have to remain open to the possibility of integrating public cloud. This is in case you need both or are considering to migrate from one platform to another.

Choose a private cloud equipped with middleware and cross-platform functionality. You should be able to easily transfer data and apps between platforms, even if they’re from different providers. The lack of integrative capabilities can either slow down your business or hamper its operations.

 

2. Will it allow me to use older technology?

Many businesses have legacy software which, although can still be very useful, are no longer compatible with cloud. Instead of replacing these outdated systems, find a provider who can modernize them. It will enable you to move towards a cloud-first solution without wasting your investment in older technology.

 

3. How much security will I get?

Private cloud is safer than public cloud, mainly because your data will be protected behind your company’s firewall. You also get a dedicated space for managing data as opposed to a shared environment. Another benefit of private cloud is transparency over the use of resources which public cloud doesn’t always provide.

Unfortunately, not all providers have the same level of security. Some can better protect you than others. When exploring options, search for a managed cloud service that meets the following criteria:

  • A good reputation for safekeeping client data
  • No history of online security breaches
  • Actively improves its security system against new threats
  • Willing to meet your company’s unique compliance standards on IT security

 

4. Will there be any support for app development?

You will definitely need apps which are compatible with various software. The best way to ensure this is to develop applications in a native cloud environment. Look for a cloud solution that can equip your developers with the necessary tools and services for native app development. That way, your business can benefit from the multi-platform software.

To summarize, look for a private cloud provider that allows for…

  1. Public cloud integration
  2. Native app development
  3. Top-notch cybersecurity
  4. Modernization of legacy systems

Your quest for a seamless cloud experience will end once you’ve found a solution that meets your every imaginable need.

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What Is The Cloud And Why Does It Matter?

Cloud has become the go-to of businesses for data management. From data storage to processing, the cloud is now an indispensable solution for companies of all sizes. According to the International Data Corporation (IDC), global business investment on public cloud was estimated at $160 billion in 2018. Numbers are still expected to grow by 22 percent in the next 5 years and reach total spending of $277 billion by 2021.

However, the cloud is not a one-trick pony. There are slight variations in its features and the solutions it could offer.

 

The Types Of Cloud Hosting

Cloud can be hosted by a public or private entity.

  • A private cloud (also known as enterprise cloud) can be in-house solution or a managed service. The company itself or a private partner will host the cloud and be responsible for the necessary infrastructure.
  • Public cloud is hosted by a third-party service provider. Apart from the data centers, they will also be responsible in meeting the demands of a company for cloud solutions.
  • Alternatively, you can opt for a hybrid cloud which combines private and public cloud solutions.

 

Cloud Delivery Solutions

Third-party providers offer three levels of public cloud solutions:

  • Infrastructure as a Service (IaaS), as its name implies, can provide your business with the necessary infrastructure for data management. These include storage, networks, and servers.
  • Platform as a Service (PaaS) provides next-level cloud solutions. Besides infrastructure, it gives businesses the platform to develop a wide range of software.
  • Software as a Service (SaaS) is the ultimate cloud delivery option. It provides infrastructure and ready-to-use cloud applications over the internet.

 

Getting the Right Cloud for Your Business

Cloud is not a one-stop shop, but an extensive range of solution. Businesses should focus on choosing the perfect cloud solution based on their needs.

Deciding on a cloud hosting service

Private cloud is great for businesses with existing infrastructure, or are partnered with companies who do. Larger companies who can afford the much-needed hardware are likewise capable of hosting their own cloud.

Unfortunately, a private cloud is a costly endeavor. Most businesses simply can’t afford it. Public cloud is a more cost-effective solution. Small to medium-sized businesses can obtain cloud services on-demand without spending on infrastructure.

Of course, you can always benefit from both with a hybridized cloud system. You can use the private cloud to manage some of your data, and a public cloud service to scale your business. In terms of data security, there really isn’t much of a difference between the two. Both private and public cloud can protect your data granted that safety precautions are taken.

 

Choosing the right cloud delivery solution

IaaS offers the most flexibility. It allows access to data centers depending on your company’s budget and desire to scale it up or down. You’ll have full control of the infrastructure without having to physically maintain it. But you do have to manage data on your own.

PaaS offers the same level of flexibility and scalability as an IaaS cloud. Although it gives the added benefit of letting you create apps for your business. Meanwhile, an SaaS can handle every aspect of your cloud computing needs, minus the customizability of PaaS.

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What Business Owners Need To Know About Ransomware

Ransomware attacks are predicted to occur at least once every 40 seconds this 2019. It’s expected to cost industries $11.5 billion in the same year. Just recently, Jackson County, GA was infiltrated by a ransomware infection that cost them $400,000 while Orange County, NC experienced its third ransomware attack in six years.

Ransomware infection is real and it is dangerous. Here’s everything that a business owner should know about them.

 

What is Ransomware?

As its name implies, ransomware is a type of malware. Malware (a.k.a. malicious software) is an umbrella term for any file or program that has malicious intent and is harmful to a computer and its user.

Cybercriminals use ransomware to hold data as “hostage” and demand ransom from their victims. The process involves gaining unauthorized access to a system or network. Once inside, the ransomware locks authorized users out and prevent them from accessing any data.

 

The Top 3 Dangers of Ransomware

1. Data loss

Hackers typically use data access as a “bargaining chip” to demand a ransom. They will threaten to destroy or distribute the data so you would be forced to pay. In exchange for the ransom, they will promise to restore your access to the infiltrated system or network by handing out the decryption keys.

However, paying the ransom doesn’t come with a 100% guarantee that these cybercriminals will live up to their word. Meaning, the risk of losing your data will be there the moment you get infected by ransomware – even if you agree to their demands.

 

2. Hefty ransom costs

While it isn’t generally advised to do so, more individuals, businesses, and government entities are paying the ransom. Majority of them (70 percent) are paying a ransom in secret instead of alerting authorities.

According to Symantec, this trend has resulted in an increased number of ransomware attacks over the last few years. The amount lost to this malware is also increasing. Currently, it averages to $1,077 but for many businesses, the ransom could reach thousands of dollars.

 

3. Business losses

Even if you don’t pay hackers, the fact they have full control of your data will already cost you in other ways. Here are examples of how ransomware can negatively affect your business:

  • Pay for cyberattack investigations
  • The potential damage, destruction, or distribution of your data
  • Lost time and decreased work productivity
  • Spend resources on data restoration efforts
  • Compensate customers affected by the breach
  • Loss of reputation

It is estimated that businesses lost $8,500 per hour in 2016 and 2017 due to these effects.

 

Tips for Preventing Ransomware Attacks

Hiring IT specialists who can implement a comprehensive cybersecurity system should be on top of your list. You can hire an in-house team, outsource to professionals, or have both if it suits your needs. Set up preventive measures such as firewalls and data encryption to protect yourself from attacks. But don’t stop there.

Constantly work on improving your security by performing maintenance checks and updating software. Educate employees with the latest cyber threats and data protection strategies. Finally, you need a disaster recovery plan. It provides solutions that will help you recover from data loss and reduce its impact on your business.

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