Impacts of Ransomware Attacks

What Are The Impacts Of Ransomware Attacks?

What Are Ransomware Attacks?

Before learning the impacts of ransomware attacks, we must learn what these attacks actually are and how do they come into existence. This attack snatches away the accessibility of sensitive data from its actual owners. The attackers hack into the accounts of companies and collect sensitive data. They also can bound the owners from accessing such data through various means of encryption. Such attackers ask for a ransom in return. Thus, such attacks are known as ransomware attacks.

 

Cyber-attackers are always on the go and search for unprotected computer systems. A successful attack can bring loads of monetary value to these attackers. Therefore, to prevent losses, organizations must follow the modern protocols of cybersecurity by their means or through any outsourcing service provider. The impacts of ransomware attacks are life-shaking for business entities as the hackers ask for millions in return.

Examples Of Ransomware Attack 

There are many examples of this attack, while there can be many more developing examples that people are still unaware of. Unfortunately, a data breach is not a term of today; rather, it’s quite old, and its existence lies way before the emergence of smartphone technology.

A ransomware attack known as the CryptoLocker became a cause 500,000 computers to lose sensitive information in the year 2007. This type of attack allows the real owners of the data to see the infected files but does not allow them to access them. Another attack named FAIR uses a strong algorithm to hack into systems and breach the sensitive data of the probable victims.

Impacts Of Ransomware Attacks

The impacts that these ransomware attacks can cause are too much in number. However, below are a few impacts of ransomware attacks:

Increased Downtime

Downtime is a phase of an organization where it experiences 0% productivity. This means that the overall production of such an organization is nothing. No goods are being manufactured, no profits are being gained, and the employees are on the brink of leaving. These ransomware attacks can affect the largest of industries and increase their downtime. From the day of the data breach to the recovery of data after paying off a huge amount, there is a huge gap. Thus, this causes the organizations to face extended downtime.

Negative Brand Reputation 

A notorious tag gets attached to any brand that is currently under cyber attack or has gone through a cyber-attack in the past. As a result, people tend to lose trust in such organizations, and the potential customers also steer away from joining hands with such organizations. This is one of the most important impacts of ransomware attacks. Nearly 46% of businesses lost their brand reputation due to cybersecurity breaches.

Losing Secrecy 

Another major impact of ransomware attacks includes the data losses that organizations may face. Cyber attackers can leave your data out in the open. Making your sensitive data public is the worst feeling that any organization can go through.

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