The Silent but Growing Threat to Businesses of All Sizes
A study by Sophos found that the overall average cost of a ransomware attack is $1.8 million, which includes the cost of the ransom payment, as well as the cost of data recovery, lost productivity, and customer churn.
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When files are encrypted, employees would be unable to access them, which disrupts operations, leads to productivity loss, and potentially the loss of company and customer data. Sixty-three percent of businesses that experience a ransomware attack shut down for at least one day.
Of businesses that experience a ransomware attack, twenty-nine percent go out of business within six months.
It's estimated that a ransomware attack will occur every 2 seconds by 2031, with losses amounting to more than $265 Billion annually.
Ransomware attacks have been on the rise in recent years, and they can have a devastating impact on businesses of all sizes. In 2022, there were an estimated 493 million ransomware attacks worldwide, according to Statista, with the prediction of increased growth over the coming years. For the same year, IBM stated the average ransom payment was 812,360 dollars, with some businesses paying millions to regain access to their data.
In addition to the financial and operational costs, ransomware attacks can also damage a business's reputation, customer trust and lead to lost sales and revenue. In some cases, ransomware attacks have even forced businesses to close their doors.
Become Ransomware Resistant with Titan
Titan Cloud Storage is a secure cloud storage solution that helps protect your data from ransomware attacks with features including:
Titan Cloud Storage offers immutable storage, which means that data cannot be changed or deleted once it is uploaded. This makes it much more difficult for ransomware to encrypt or delete data.
Titan uses a variety of security measures to protect your data, including brute force bucket scanning, DDoS, foreign adversary, encryption in both rest & transit, and physically secure data center facilities with 24/7 security monitoring.
With Titan Cloud Storage, you have the option to replicate your data across multiple locations. This means that even if one location is compromised, your data will still be available.
Data loss happens due to human error too. With Versioning, you can easily revert files to prior versions. Never lose data due to accidents or process mishaps again.
Businesses can’t afford not to have the additional layer of security that Titan provides. Preemptively protect your business from ransomware attacks and rest assured that your data is safe and secure.
Next Steps to Protect Your Business
There are a number of steps that businesses can take to protect themselves from ransomware attacks, including:
1. Implementing strong security measures. This includes using strong passwords, keeping software up to date, and installing security software.
2. Backing up data regularly in a secondary location. This will ensure that you have a copy of your data that is not encrypted by ransomware.
3. Educating employees about ransomware. Employees should be aware of the risks of ransomware and how to avoid it.
4. Having a plan in place in case of a ransomware attack. This plan should include steps for recovering data and restoring operations.
5. Use a ransomware resistant cloud storage solution such as Titan Cloud Storage.
It's not if but when. Further protect your data today.
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Contact us today to learn more about our services or sign up for a free trial and see for yourself how we can help protect your business from ransomware attacks.