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Is Your Company Prepared for The Growth of Ransomware?

From medical consultations to supermarket purchases, digital services have largely replaced in-person interactions, exposing firms to new security hazards. To remain successful, businesses in all industries must modify their risk management techniques especially when remote work has created several chances for cybercriminals to hack networks and systems.

The most common cyberattacks include:
• Ransomware
• Password Attacks
• Phishing
• Denial of Service (DOS) Attacks
• Internet of Things (IoT) Attacks

Ransomware Is on The Rise
Ransomware is a sort of software that prevents victims from accessing their data until they pay the attackers a ransom price. Although this strategy has been used since the late 1980s, newer attacks have become more sophisticated. The fees of ransomware have risen, and the keys to unlocking files have become extremely hard to crack without paying the ransom. Not only are we seeing more ransomware attacks, but their intensity and effects are also growing. Unsurprisingly, businesses pay around S$1.5 million every year on ransomware costs in Singapore.

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Reputation Harm Happens
Aside from the financial losses of dealing with ransomware costs, organizations also suffer reputation harm. The harm inflicted by ransomware attacks seldom stops with the payment of the ransom charge. Bad press for a firm may quickly snowball into reputational harm, turning devoted customers against the organization. Ransomware is a trendy issue, and media sources are fast to report on the latest attacks. The impacts of this publicity might last long after other areas of the firm have recovered.

How Businesses Can Remain Safe
Most risk management experts caution that the question is not whether a cyberattack will occur, but when. Follow these recommended practices to safeguard your business against ransomware attacks.

• Create A Healthy Cybersecurity Culture
Even though data protection is ultimately the responsibility of firm management, workers should play an active part in developing a healthy cybersecurity culture. Conduct frequent training to educate staff on how to recognize and respond to risks.

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• Keep Technology Up to Date
Software upgrades are frequently postponed or disregarded since they consume important time. However, hackers hunt for these types of flaws. Keep up with the latest upgrades and utilize Mobile Device Management to do proactive rollouts at non-productive hours.

• Create A Recovery Strategy
Restoring normal services after a cyberattack is a difficult and labor-intensive task. Companies that develop a recovery plan are better prepared to sustain company continuity if an incident happens.

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Protect Your Company from Ransomware
Protecting your firm from an assault necessitates strong defenses and astute data security. Although ransomware continues to spread and new cyber dangers develop daily, you are not alone. Contact us today via the hotline at 6295 5962 or email us at to find out more about ACM’s completely managed IT security services.

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