Ransomware protection costs are based on:
- Size of your company
- Type of data being stored/collected
- Products and services
- Size of network and servers
As someone responsible for the cyber security at your business, you understand how serious ransomware is. Maybe you’ve heard of other businesses being victimized by ransomware, and want to take action early by implementing better cyber security now!
Keeping you business data and systems safe from ransomware is worth the expense; cyber security is a much smaller cost than recovering from a ransomware attack.
If you’re recovering from a ransomware attack, it is critical to secure your network and prevent future attacks from occurring.
This page is for those wanting to understand what ransomware protection costs and the variables that influence the price of cyber security solutions.
Cyber security professionals agree that proactive ransomware prevention is the best action to reduce your risks of becoming a victim. It’s not if your business will be attacked, but when. Ransomware prevention expenses are much less expensive than ransomware recovery costs.
We know there is an overwhelming number of options out there regarding the best software and practices for protecting your business from cyber attacks. This page isn’t designed to upsell you on the most expensive cyber solution, but to educate you on the ones that are right for your business.
At Proven Data, our team of cyber security professionals use their expertise in data security to apply the proper protection for businesses both small and large. Our threat intelligence gathered from our ransomware recovery team helps us stay ahead of these cyber threats and understand exactly how they affect network security and your data.
By the end of this article, you will:
Ransomware protection costs for business
Businesses looking to protect their company from ransomware are often mistaken by one major misconception: a singular product or service can completely remove the risk of ransomware. Companies often think their anti-virus solution with ransomware protection can stop ransomware, but this is incorrect. Protecting your company from ransomware requires a layered approach that includes a combination of cyber security products, services, policies, and procedures.
There is no silver bullet when it comes to protecting your data from ransomware. However, businesses that take proactive measures will significantly reduce their risk and keep the data secured.
The National Institute of Technology and Standards (NIST) recommends that businesses follow a cyber security framework that can help small businesses prepare and defend against cyber threats.
A professional cyber security framework is always being updated, modified, and re-assessed to ensure that the company is protected from even the most modern cyber threats.
How do ransomware attacks happen?
Understanding how ransomware attacks happen is the first step to keeping your data safe.
Ransomware attacks are largely are initiated through:
- Open RDP ports: Unsecured remote connections intended for external remote access to the network.
- Phishing emails: Malicious email messages that contain links and attachments with malware
- Exploit kits: All-in-one “hacking kit” with tools that capitalize on known vulnerabilities in the operating system
- Out of date software: Unpatched software, servers, or firewalls are exploited for ransomware attacks.
Our detailed guide on the 3 common ways ransomware attacks happen outlines how these cyber attacks can infect your computer and network.
What does ransomware protection cost?
Although ransomware protection looks different for every organization, there are some general factors that contribute to the overall cost for keeping your data safe. These costs are grouped into cyber security products and services that are designed to safeguard your network from malware.
Let’s start by giving an overview of the most common ransomware protection solutions available today. Organizations can protect themselves from a ransomware attack by using a focused selection of cyber security products. These products come in the form of software and hardware defense solutions that are designed to stop ransomware.
The cyber security products recommended to help defend against ransomware are:
- Endpoint Detection and Response (EDR)
- Email security
- Data backups
Endpoint detection and response (EDR) prices
Endpoint detection and response (EDR) is a security solution specializing in securing a network and increasing connected endpoints’ visibility. This platform helps businesses of all sizes detect, contain, investigate, and eliminate ransomware threats if they appear on your network.
EDR costs vary depending on the size of your network and how many endpoints are required. EDR costs on average $5-$8 per user per month and $9-$18 per server per month.
Firewalls are a security device that act as a guard to network traffic in and out of your business. This firewall protects your network from unauthorized access and can block malicious activity from infecting your computers.
The two main types of firewalls for network protection are virtual and physical. Virtual firewalls cost, on average, between $400 and $6,000. Physical firewalls cost between $450 and $2,500. Depending on your network setup and how your business is currently structured will determine which firewall solution is right for you.
Firewall protection goes beyond just having a firewall. The firewall must be configured correctly and reviewed by a security expert to ensure there are no potential vulnerabilities. If a change is to be made on the firewall, it should be documented and follow written procedures for making changes to the firewall.
Email security pricing
With phishing emails still being a major cause of ransomware attacks, your company must take action to ensure employee inboxes stay protected. Email protection services can help by taking suspicious emails and opening them up in a virtual environment to scan for any malicious code.
These services are often structured as a per user, per month agreement and can be compatible with your current email provider or server configuration. Email protection costs between $2 – $4 per user per month.
Outsourced ransomware prevention services
Organizations seeking to implement a robust cyber security program might be interested in cyber security services that can bring added value to the security framework of the company. Outsourced cyber security can help a business create, enforce, and implement a cyber security program that meets their needs and is appropriate for their industry.
If you feel protecting your data against ransomware seems too overwhelming, it might be a good idea to partner with a cyber security company that specializes in keeping cyber threats away.
Common professional cyber security services that help protect ransomware threats include:
- Penetration testing
- Threat monitoring
- Vulnerability assessment
- Web application assessment
- Security architect review
- Security risk assessment
- Simulated phishing tests
Organizations looking to recover from a ransomware attack must have a tested data backup solution. These data backups can help restore critical files and documents that would otherwise be lost or encrypted in the malware attack. Think of this as a safety net in case your files are encrypted that can help you recover the data without paying the ransomware.
Pricing for small business data backups starts between $50 to $100 per month if you have multiple servers or users for advanced backup solutions and $6 to $24 for basic data backups. Pricing also goes up depending on how much data you are backing up.
The configuration of your network and company will determine the data backup solutions that you require.
Our CEO Victor Congionti spoke with Infosecurity Magazine on the importance of keeping data safe from ransomware. Taking these backups offline will help prevent them from becoming encrypted during the malware attack. If they are not protected, they cannot help restore the files and documents needed for your company to function.
How to protect your business from a ransomware attack for free
Having all of these security layers will undoubtedly increase your chances of preventing ransomware. However, basic cyber security and ransomware protection doesn’t have to be expensive; actually, it shouldn’t cost anything at all.
Below are some examples of cyber security practices that do not cost anything but are helpful in ransomware protection:
- Choose stronger passwords: Get in the habit of creating unique passwords and avoid common mistakes that make it easier for cyber criminals to get into your account.
- Enable two-factor authentication: Turn on 2FA for an extra layer of security that can prevent unauthorized access on your computer and network.
- Train your employees: If more organizations created a culture around cyber security, they can better spot cyber threats and report suspicious activity.
- Limit access: Setting up restricted access for users can limit what an attacker can do if they gain access to your network.
- Secure remote access: If your employees connect remotely to the network, use a VPN with multi-factor authentication or a product like TeamViewer which has an MFA option.
Enforcing these basics at your company can reduce your risk of ransomware infection by 90%, making them a great place to start. If you are looking for that extra protection that will thwart cyber criminals from sneaking onto your network, the other solutions listed in this article will add another layer of security.
What can you do now to protect your business from ransomware?
If there’s anything you take away from this article, is that the ransomware protection doesn’t cost much and the best prevention strategy is to be proactive. With this in mind, you can start reducing your risk today. Often, organizations are aware they may be vulnerable to ransomware or cyber threat but do not take action quickly enough to prevent an attack from happening.
If you’re still not convinced that a ransomware protection budget is worth it, we encourage you to see the average cost of ransomware recovery which is undoubtedly more than you will spend on proactive cyber security solutions.
We predict ransomware will continue to evolve as malware developers reinvest their extortion dollars back into their ransomware. Ransomware has become a major cyber threat, making some companies go out of business and even suspected as the cause of a hospital patient’s death who could not receive critical care due to a ransomware attack.
Although police eventually dropped claims that the attack was responsible for the patient’s death, this incident must still serve as a warning that ransomware attacks can have life and death consequences.
As the saying goes… don’t be penny wise, pound foolish with ransomware protection. At some point, most organizations will find themselves in the crosshairs of these types of cyber attacks; don’t let this be your organization.
We encourage more businesses to address their cyber vulnerabilities and #GetCyberSerious when creating a cyber security framework. Our documentary Operation Cyber Aware highlights why early action and teamwork are critical to protecting from these evolving cyber threats.
The Proven Data team of cyber security experts is passionate about sharing awareness and helping organizations build a ransomware prevention roadmap that works for them. Inquire about our cyber security services to explore how we can help reduce your risk of ransomware today!