IT Security

What is Ransomware as a Service (Raas)

According to CyberEdge Group, an astounding 69% of organizations were compromised by ransomware last year, a fact that left everything from data security through to compliance at very real risk of being torn wide open. By both detecting threats as they arise and simultaneously shielding business systems, managed ransomware services are the best defense that any company could have against these increasingly sophisticated attacks. This is crucial at a time when ransomware is finding more ways than ever to break into a company’s inner workings, including through supply chains and MSPs that are out of reach of direct in-house security processes. Here, we prove the real value of putting steps in place to manage ransomware at last by breaking down what exactly ransomware is and the true cost of leaving this risk unchecked.

What is Ransomware as a Service and how does it work?

Ransomware is a type of malicious software that allows cybercriminals to gain access to and ransom your data, ultimately blocking your access to information until a demanded ransom is paid, or until a missed payment leads to the deletion or publication of that data. Like any malicious software, ransomware can access your networks in various ways, including through email downloads, fake advertising, and even social media chat messages. Once in a network, a ransomware program can spread across the network, infecting shared devices, servers, and any accessible systems.

What is an example of a ransomware attack?

There have been many famous ransomware attacks on reputable, big corporations, including a well-known attack against the University of California at San Francisco, which saw a month-long standoff as hackers demanded a cool $3 million for ransomed academic work from the School of Medicine. During negotiations, network administrators set to work isolating the infection to prevent ransomware from traveling to the core UCSF network. Unfortunately, the fact that cybercriminals were able to gain access in the first place meant that the university ultimately paid a reported $1.14 million in bitcoin for those initially stolen documents.

How much does a ransomware attack cost?

It’s difficult to quantify how much a ransomware attack costs because, in many instances, it’s the long-term reputational damage that brings the largest financial sting. In a general sense, however, estimates now predict that an average ransomware attack costs as much as $2 million, with one third of respondents to a recent survey citing financial damages in excess of $1,000,000.

Should you pay a ransomware attack?

While paying a ransom isn’t illegal, law enforcement agencies advise against this action as there are no guarantees that cybercriminals will release data. This is proven by the fact that only 8% of organizations around the world receive all of their data in the wake of even a paid attack, with hackers only restoring an average 65% of stolen information. Despite this, more companies are paying ransoms, with 32% admitting to paying in 2021 compared with just 26% in 2020, a fact that could very well be behind the fast-growing ransomware trend.

How much does it cost to remove ransomware?

According to a worldwide independent survey across 5,000 IT managers, average ransomware remediations costs are currently around $622,596.18, though this is dependent on a range of factors, including location and the stage at which ransomware is detected.

How much ransomware attacks have cost in the US

In 2020 alone, ransomware attacks cost local and state governments over $18 billion.

Does insurance pay for ransomware?

Some cyber-insurance policies do pay for ransomware, though as this risk proliferates, there is a strong argument against the upfront payment of ransomware. What’s more, given that this malicious software has to be actively downloaded onto systems, some insurers will argue liability, making payouts unlikely.

What is managed ransomware services?

Managed ransomware services as offered by Externetworks are the best possible course of action to help companies avoid the escalating and often unavoidable expense of ransomware by both limiting business vulnerabilities and protecting against threats through the use of antivirus software. This ensures a proactive approach to protection that, even in the rare event of a breach, can help you minimize data loss as much as possible. Protect your business and your clients by getting in touch to discuss these benefits and more with a friendly member of our team today at (972) 865-7420.

FAQ’s:

What are the benefits of using a VPN?

Prevent external attacks through added defences around your networks, providing multiple layers of protection.

Why should I invest in security?

Boosted defences reduce your vulnerability to attacks, giving you greater peace of mind when it comes to your business.

What are the benefits of managed antivirus?

Enhance protection via managed antivirus solutions Protect your systems and infrastructure through effective perimeter defence Reduce vulnerability by utilizing appropriate defences Proactively monitor latest threats Prevent threats through the use of effective antivirus solutions.

What is proactive monitoring?

Our proactive monitoring service monitors the latest threats to ensure your networks are always protected from the latest attacks.

What is Ransomware?

Ransomware can have a serious impact on your business, in which someone’s computer is held at a virtual gunpoint with a demand for payment in return for a decryption key.

What is Managed Benefit?

Protection via Managed Benefit from the latest antivirus software to give your business a complete protection solution.

What happens if my systems are attacked?

In the event of an attack, our security experts work to get your systems back up and running in no time at all, helping to prevent critical data loss.

What are the financial damages?

In a survey, over one third (35%) of respondents who had experienced a ransomware event cited financial damages in excess of $1,000,000.