Malware attacks continue to be on the rise over the past decades, with reports indicating that millions of them are launched each year. According to statistics from LegalJobSite, it will cost an average business in the US over $2 million to fix the damage caused by a malware attack.
Between 2018 and 2019, the cost of cybersecurity for businesses has increased by 23.7%, and reports have indicated that for every 50,000 breached records due to malware, a fee of $6.3 million is incurred. This goes to show how dangerous it is for a business to get attacked by any form of malware, and why cybersecurity and awareness is a must for all companies using the internet to conduct their business.
Almost 50% of small businesses suffer malware attacks, with reports indicating that 73% of them are not ready to deal with a cyberattack of any form. Here are the primary ways a successful malware attack can hurt your customers’ businesses.
Malware Can Steal Sensitive Information for Extortion
More than 1,000 breaches occurred in 2018 alone, with some big names affected as well. According to reports, almost 10% of all US businesses experienced a cyber-attack weekly in 2019.
In 2015, the most massive malware heist in history took place when servers at Anthem Inc. were compromised by hackers, leading to the theft of over 37 million records. The ride-hailing company Uber also experienced a breach in 2017 when hackers gained access to 50 million passenger records and 7 million driver records.
Stolen data can be exploited for personal gain or used to extort money from the victims. A survey carried out on victims of ransomware attacks found that 50% of them paid the ransom demanded by their attackers.
It Can Disrupt Daily Business Operations
Malware can spread throughout your customers’ systems consuming large chunks of computer memory and causing system slow downs and ultimately rendering computers useless. Other malware can replicate itself many times over, filling hard drives until there’s little or no space left for the operation of other legitimate programs needed for the effective running of their businesses.
It Can Take Over Accounts and Lock Users Out
Malware can gain unauthorized access to your customers’ systems to monitor their various account activities. Sensitive information like bank account credentials, social media account info, and credit card numbers can get stolen in the process.
Also, hackers with access to social media accounts can easily lock users out while using their accounts to send out spam with the hopes of having others fall victim to extortion. Additionally, bank information and credit card details in the wrong hands can be used to make withdrawals from customers’ accounts without their consent.
While malware attacks have been an issue for decades, most attacks have occurred over the last few years. Big brands like Uber have also fallen victims to these attacks, with millions of records being lost in the process. Businesses that fail to invest in cybersecurity will ultimately have their details compromised in the long run.