Ransomware Equals a Data Breach

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From a data regulator’s perspective, it is the responsibility of your business to keep data safe from cyberthreats, inform clients about a breach within a stipulated period and provide necessary documentation as proof of your efforts. Although different regulations have laid down distinct mandates for breach notifications, the principle remains intact.

While there is an over-arching belief that data isn’t really “stolen” in a ransomware breach, no organization hit with ransomware has been able to back this up as fact. That’s why compliance regulations mandate businesses to notify their clients if their data is in jeopardy.

Think Beyond Basic Backups to Tackle Ransomware

Although ransomware has long been a serious concern for business owners all over the world, the COVID-19 pandemic has created new opportunities for this threat to flourish, and the attack vector is likely to become even more dangerous in the coming years.

According to a report, 304 million ransomware attacks occurred globally in 2020, with ransomware affecting over 65% of global businesses.1 Experts suggest that this is only the tip of the iceberg. Unfortunately, even though SMBs continue to be disproportionately affected by these nefarious attacks, reporting and notifications rarely make the news.

What You Should Know if Your Business Is Targeted by Ransomware

It may not be news to you that ransomware is on the rise, but the numbers may leave you shocked. In 2020 alone, there were close to 300 million ransomware attacks worldwide.1 The cost of ransom payments demanded by hackers are also increasing in tandem with the increase in attacks. According to a recent projection, the global annual cost of ransomware attacks will touch $20 billion by the end of 2021.