No 3 Minute Warning: Businesses Held Ransom By Online Hackers Who Can Attack In Seconds
51% of victims of ransomware estimate that the cyber-attack had cost them between £1,000 to £2,000 per day in lost revenue
UK small businesses are being urged to protect themselves from ransomware, which can attack in seconds and cost victims thousands of pounds.
Under the cyber-attack, online hackers can shut down a company’s website and encrypt its data before asking for large sums of money to release the information.
According to a new study by Timico, 74% of all businesses held to ransom said the attack had an instant impact, with their data systems going from fully functional to essentially useless within seconds.
26% of those surveyed said their systems were paralysed within a few seconds, 21% reported under a minute, while a further 27% said the criminals took hold of their system within a few minutes.
When it comes to the consequences of such attacks, businesses are losing more than just time – as they have to fork out for the ransom fee while also losing vital trade while their sites and systems are down.
51% of victims of ransomware estimate that the attack had cost them between £1,000 to £2,000 per day in lost revenue, while 18% said they were never able to recover what they’d lost.
26% could not even estimate the overall financial cost to the business of the ransomware attack, deeming it ‘unquantifiable’
When it comes to preventing and preparing for such an attack, businesses are advised to contact their senior stakeholders, test their back-up policy regularly, and educate staff on potential risks.
Nabeil Samara, chief digital officer at Timico, said:
“These research findings clearly show that the speed of a ransomware attack is almost instant, while the effects on the organisation can be far reaching.
“It’s not just a case of the data loss and financial cost to the business. A ransomware attack can have a debilitating effect, with long-term consequences across the business, with the company even breaching terms of any regulatory bodies that the business holds themselves accountable to.”