Sklar Technology Partners - October 2019

Don’t Have a Ransomware Plan Yet?

Reignite Your Passion

How Procrastinating Costs You More Every Day

Have you called 804-730-2628 and created a plan to protect your company from a ransomware attack? Why not?

Lessons in Innovation From Henry Ford

According to Cyber Security Ventures, the world’s leading researcher for the global cybereconomy, this year, a new organization fell victim to a ransomware attack every 14 seconds. By 2021, attacks are expected to occur every 11 seconds. Not only are ransomware attacks becoming more common, but they’re also growing more costly. Coveware’s Q2 Ransomware Marketplace analyzed data handled by the firm’s incident response team. The firm found that in the second quarter of 2019, ransomware payments rose 184%, from $12,762 to $36,295. The higher payments did not translate to better results for victims. Coveware’s Ransom Report found that while almost everyone who paid a ransom after an attack received a working decryption tool, those companies still lost around 10% of their data. The ransom payments are only part of the total cost of a ransomware attack. Coveware researchers identified two mains costs of a ransomware attack: recovery costs and downtime costs. Recovery costs are any costs associated with regaining access to data and can include forensics reviews, the cost to rebuild workstations, and any ransom payments. Downtime costs are measured in lost productivity, including slack labor and lost revenue opportunities. Despite being overlooked by many companies, downtime costs are usually more devastating than recovery costs. Coveware researchers determined that “downtime costs are typically five to 10 times the actual ransom amount …” It looks like downtime costs will likely continue to grow. In Q2, the length of downtime after an attack also increased from 7.3 days to 9.6 days. You can do the math to figure out how much money your company would lose if you were shut down for an extra 2.3 days. As the FBI has stated, it’s not a question of if you’ll be the victim of a ransomware attack, but when . Having a plan in place before an attack strikes is the only way to avoid some of the steep, growing costs of ransomware.

As entrepreneurs scale their businesses, there is a lot to focus on: hiring the right staff, creating the most effective marketing strategies, and setting up efficient operations. With so much to do, it’s easy to lose sight of your initial vision for your company. If you’re stuck in a rut, know that you’re not alone. Plenty of the most successful entrepreneurs have endured the same struggles and, with a little ambition and a lot of creativity, came out on top. Take Henry Ford, for example. Henry Ford made the automobile accessible and appealing for the common citizen. This ignited interest in the market from consumers and manufacturers alike, which led to innovations like air conditioning and other appliances we can’t imagine living without today. There were some key factors that played into his success, and, if you apply them to your own journey, you could gain a new perspective and be inspired to create and innovate in your industry.

Consumer-Focused

Ford realized cars were unreliable and unaffordable to most and set out to change that. After developing the first moving assembly line, Ford lowered the price of cars and made them accessible for people outside the upper class for the first time. As long as you keep the consumer and their needs in mind, you’ll find ways to make their experience better and increase your success.

Small Changes, Big Impact

Unlike many companies today who sacrifice quality for quantity, Ford found ways to focus on both. He looked at how cars were actually made and found that, if he could build more cars within a certain time frame, he could pay less per car, per worker. Thus, the moving assembly line was born. When looking for ways to innovate in your industry, rethinking even the smallest, simplest details can make a huge difference for your business. You may not be able to reinvent the wheel, but who said you couldn’t reinvent the brake pads? Henry Ford may have changed the automobile industry forever, but you don’t have to go to such lengths to innovate in your own. The next time you find yourself uninspired or stagnant, look to those who made your industry what it is today. You might just find the inspiration you’ve been searching for.

Windows 7 is reaching its end of life phase on Jan. 14, 2020. Will your systems still be protected from ransomware attacks? Call 804-730-2628 to find out!

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