Increasingly, businesses are learning they can’t completely avoid hacks or ransomware attacks, and instead must work toward mitigating their damage. With groups moving on from larger organizations to increasingly targeting smaller companies, obscurity is also no longer a reasonable form of protection, according to CFO Daily News. Instead, companies must ensure they’re prepared for an attack, and able to quickly move forward to recover from it. While the cost of a ransom can be high, a recent survey from We Live Security has found that expense is dwarfed by that associated with the downtime after an attack. Based on the information provided to them, while the average ransom requested from a small business is around $5,900, the actual cost of lost productivity is more than 20 times that, at roughly $114,000.
To help mitigate the impact, companies need to invest in ensuring key information is identified in advance, backed up in accessible formats for restoration, and that any recovery capabilities are sufficient for their needs and readily tested.
With a ransomware attack now occurring roughly every 11 seconds, and that pace continuing to accelerate, a proper recovery plan can make a huge difference to a company’s bottom line.
The article in CFO Daily News includes several common mistakes, as outlined in The Backup and Solutions Recovery Review, that companies make in terms of cybersecurity, including insufficient redundancy, too many backups of non essential items, and inadequate recovery options.
Source:
https://www.cfodailynews.com/articles/business-continuity-plan/
