Accenture, Acer, Colonial Pipeline, JBS Foods. What do these names have in common? Yes, they might be some of the most successful companies and organisations in the world but these formidable giants of industry were also victims of some of the most significant ransomware attacks in 2021.

Apart from facing ransom demands to the tune of $50 million, these victims of ransomware attacks also had to suffer many days of business loss. But that’s not all. In some cases, hackers also allegedly published sensitive company data and financial information online to claim responsibility for the attack and to showcase the damage they intended to cause.

In this article, we take a closer look at how ransomware attacks can wreak havoc on huge business houses and formidable public institutions alike. We will also explore the most practical and feasible ways to protect yourself and your business from such attacks.

What is A Ransomware Attack?

Before we do a deep-dive into the deleterious effects of ransomware attacks, let’s answer some basic questions: What is Ransomware and What Happens in a Ransomware Attack?

Ransomware is a malware that encrypts files on the target device, making them inaccessible to the original users until they pay a ransom. Ransomware attacks have become the easiest way for malicious threat agents to make a quick buck.

They usually threaten their victims with either the prospect of being locked out of their files forever or worse, having their data leaked online - a possibility that can create tremendous loss of reputation and trust for a business.

Ransomware attacks can have devastating consequences on businesses, resulting in the loss of essential data and operational downtime. In many situations, organisations have had to pay large sums of money, usually in cryptocurrency, to ransomware attackers to regain access to their data.

In addition, ransomware can spread quickly through an organisation, affecting multiple devices and systems. As a result, businesses need to be aware of the dangers of ransomware attacks and take action to protect the data even before a potential attack.