The real business effects of ransomware on UK organisations.

In the third week of Cyber Security Month 2023, we dive into the crucial topic of safeguarding an organisation from the ever-present threats of the digital workplace.

One particular menace that continues to haunt organisations across the UK is ransomware. Real-world statistics underscore the importance of partnering with a managed IT provider who can help combat this persistent threat.

Ransomware, in all its malicious glory, has become a favoured tool for cyber criminals and hackers. Despite our strides in technology and increased corporate and personal awareness, these bad actors are leveraging ransomware to exploit vulnerabilities in business defences, causing immense damage and financial loss.

The Royal Mail suffered a ransomware attack in January 2023 — crippling the organisation and forcing it to rely on its physical systems throughout early 2023.

The Guardian, Jan 2023

Here are some eye-opening statistics gathered from recent studies, reports and news articles.

In our interconnected world, no organisation is immune to the potential fallout of ransomware campaigns. From small non-profits to large corporations, everyone is at risk.

72%

“As of 2023, over 72 per cent of businesses worldwide were affected by ransomware attacks. This figure represents an increase from the previous five years and was by far the highest figure reported.” Statista, 30 Aug 2023

2.39m

“It was estimated that approximately 2.39 million cases of cyber crimes affected UK businesses over the past 12 months.” Cyber Security Breaches Survey 2023

8.1%

“The average cost of a data breach within the UK has increased by 8.1%, resulting in a total cost of £4.56 million.” Gallagher rising costs of data breaches, 19 Sept 2023

1,900

“Ransomware attacks have shown no signs of slowing down in 2023. A new report from the Malwarebytes Threat Intelligence team shows 1,900 total ransomware attacks within just four countries—the US, Germany, France, and the UK—in one year.” Malwarebytes, 3 Aug 2023

But what are the tangible consequences?

It is widely reported that the average cost of a UK data breach or cyber attack in 2022 was £4,200, with medium to large organisations’ cost being £19,400 and micro to small businesses losing £3,080 – 18 ransomware incidents required a nationally coordinated response.

Besides the glaring financial impact, ransomware attacks can cripple operations, leading to costly downtime and reputational damage.

In a recent whitepaper, ‘Ransomware, extortion and the cyber crime ecosystem‘, by the National Cyber Security Centre (NCSC), Lindy Cameron, the NCSC CEO, states in her foreword: “Attacks can affect every aspect of an organisation’s operation, hitting finances, compromising customer data, disrupting operational delivery, eroding trust and damaging reputations. The impact will be felt in the short and long term, particularly when organisations are unprepared.”

Jeffrey Ton, a Forbes Council member, wrote back in April 2022: “… the reputational damage they experience means a challenging climb uphill to regain trust in the eyes of their customers. We’re talking ads, positive news coverage and monetary commitments to their affected customers. Sometimes, an entire rebrand is needed. No matter the scope of reinvention, these activities demand a lot of time and money.” Forbes, Ransomware Damage: Are You Forgetting About Your Reputation?

What can a UK organisation do to protect itself and reduce its threat landscape?

An organisation looking to strengthen its cyber security, operational defences and employee awareness, should forge a working partnership with an experienced, industry-certified, managed IT provider. This type of collaboration offers a wide array of benefits, ensuring that your networks, devices and systems receive proactive monitoring, regular updates, and robust security measures.

Don’t wait until it’s too late. Secure your organisation’s future by reaching out to a respected IT partner and taking the steps to a dedicated and robust cyber security strategy.

Strengthening defences against ransomware: An action plan

Protecting your organisation from the devastating impact of ransomware requires a multi-faceted approach. Below are some key strategies that UK organisations can implement to strengthen their defences and limit the impact of a potential ransomware attack. Remember, being prepared is the first line of defence.

1

Educate and train employees: Human error remains one of the most common entry points for ransomware attacks. Provide comprehensive cyber security awareness training to your employees, teaching them how to identify phishing emails, suspicious links, and other potential threats. Empower them to be your front line of defence.
2

Implement regular software patching: Regularly update your software and operating systems to ensure you have the latest security patches. Cyber criminals are experts at exploiting vulnerabilities in outdated software, making timely updates critical in mitigating these risks.
3

Utilise robust antivirus and firewall protection: Invest in reputable antivirus software and firewalls to create a strong barrier against ransomware. These tools detect and block suspicious activities, offering an additional layer of defence against malicious attacks.
4

Strong passwords and Multi-Factor Authentication: Enforce a strict password policy within your organisation, encouraging the use of complex passwords and frequent changes. Implement multi-factor authentication whenever possible to add an extra layer of security to your accounts.
5

Regular data backups: Establish a comprehensive data backup strategy that includes regular, automated backups of critical systems and data. Store these backups in a secure, off-site location to ensure they remain unaffected by any potential ransomware attack.
6

Incident response plan: Develop and practice an incident response plan to minimise the impact of a ransomware attack. This plan should include clear protocols for isolating infected systems, notifying stakeholders, and engaging with your managed IT provider for swift remediation.
7

Report incidents to the National Cyber Security Centre (NCSC): It is of utmost importance to promptly report any ransomware incidents to the NCSC. By reporting these incidents, you provide crucial information to the authorities, aiding in investigations and potentially preventing future attacks.

By implementing these measures, UK organisations can significantly strengthen their defences against ransomware attacks. However, it’s essential to remember that no defence is foolproof. That’s where partnering with a reliable managed IT provider like IT Champion becomes vital to your success. Empower your business with proactive cyber security measures and the assurance of a trusted IT partner.

At IT Champion, our experienced team works in close partnership, with you, providing ongoing monitoring, proactive security measures, and swift response to any incidents. We are dedicated to securing your organisation’s technology infrastructure and ensuring minimal disruption to day-to-day activities in the face of cyber threats. Remember, the safety and success of your organisation are our top priorities.

Stay informed: Sign up for the South West Regional Organised Crime Unit newsletter.

UK organisations staying updated on the latest cyber security news and threats are crucial for maintaining a robust defence against cyber crime. The South West Regional Organised Crime Unit (SWROCU) offers a valuable resource to help organisations in the region stay informed and protected.

To ensure you receive regular updates and valuable insights, you can sign up for SWROCU’s newsletter. This newsletter provides the latest information on emerging cyber threats, protective advice, events, and resources. By subscribing, you gain access to valuable knowledge that can help your organisation enhance its cyber resilience. Simply visit https://www.swrocu.police.uk/cyber-crime/ and you’ll find an option to enter your email address and subscribe to the newsletter.

Remember, knowledge is power when it comes to cyber security. Don’t miss out on the opportunity to receive valuable insights and stay ahead of the game. We offer a FREE monthly cyber awareness training course for all our managed support clients and their people so they can keep up to date with evolving cyber threats.

Having a managed IT partner means having a cyber security advantage.

At IT Champion, we pride ourselves on being your trusted IT partner in the battle against ransomware and other cyber threats. With our team of experts and cutting-edge tools, we work tirelessly to fortify your technology infrastructure. Our proactive approach to security, combined with our commitment to customer satisfaction, sets us apart.

With our comprehensive Zero Risk Guarantee, you can rest easy knowing that our tailored solutions are designed to meet the unique needs of your business. From implementing strong firewalls and data backup systems to educating your employees about the latest phishing techniques, we leave no stone unturned in keeping you safe from the clutches of ransomware.

As we wrap up this blog, let us emphasize the gravity of the situation. Ransomware is far from being a diminishing threat. The numbers speak for themselves. Partnering with a dedicated IT provider, like IT Champion, helps develop a proactive stance in protecting your organisation from cyber criminals.

Note: The above information is provided as general advice and should not replace the guidance of a qualified cyber security professional. It is always recommended to consult with experts in the field to tailor your security measures to the specific needs of your organisation. The facts, figures and quotes provided are based on the information provided in the data found via internet searches. It is always recommended to visit the official websites mentioned for the most accurate and up-to-date information.