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SnyderOne has been providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses globally since 2004.

The Menace of Ransomware: Why Your Business Needs an MSP to Stay Safe

How Ransomware Cost Two Companies Millions of Dollars and Could Impact You

In recent times, the ominous specter of ransomware has been haunting the digital world, with high-profile incidents sending shockwaves through businesses and organizations. Just last week, two such alarming events have dominated headlines in the cybersecurity world, the ransomware attacks on MGM Resorts and Caesars Entertainment, two giants in the hospitality and entertainment industry. These cyberattacks demonstrated the dire consequences of ransomware for well-known enterprises, and this article aims to shed light on the importance of using a Managed Service Providers (MSP) like SnyderOne to fortify your defenses against these digital extortionists.

For businesses, data loss, downtime, and the cost of ransom payments can be catastrophic, potentially leading to severe financial losses and reputational damage - and you may be at risk now.

Ransomware attacks entail the deployment of malicious software designed to encrypt a victim's data, rendering it inaccessible until a ransom is remitted to the perpetrators. Recent incidents involving MGM Resorts and Caesars Entertainment underscore the profound impact of such cyberattacks. These disruptive events resulted in extended operational disruptions, spanning more than a week, for these prominent corporations. Additionally, they raised concerns about potential data breaches, jeopardizing customer privacy. The financial ramifications are significant, with Caesars opting to pay a substantial ransom, rumored to range between thirty and one-hundred million dollars, and now facing the considerable cost of refurbishing affected infrastructure, amounting to millions more. Conversely, MGM's decision to refrain from paying the ransom led to a complete system lockdown for customers and a prolonged interruption of non-cash transactions, that so far has been ongoing for more than a week.

To safeguard against these dire threats, partnering with an MSP like SnyderOne is a wise choice. We are experts in cybersecurity, equipped with the latest tools and knowledge to proactively protect your digital assets. We employ strategies like regular system updates, data backups, and network monitoring to fortify your defenses against ransomware. Moreover, we can provide comprehensive cybersecurity training for your employees, as human error is often the weakest link in any security chain (for example, it is thought that the MGM attack was conducted by scouring LinkedIn for contact information, then impersonating an insider to gain access to the system.) With SnyderOne at your side, you can not only prevent ransomware attacks but also ensure a swift and efficient recovery plan in the event of an incident.

In a digital age where ransomware attacks are becoming increasingly prevalent, damaging, and costly, the importance of cybersecurity cannot be overstated. The ransomware attacks against MGM Resorts and Caesars Entertainment serve as stark reminders of the real-world consequences of these attacks on even the biggest players in the industry. By enlisting our services, you can significantly reduce the risk of falling victim to such cybercriminals and ensure the continued safety and success of your business in an increasingly perilous digital landscape. Don't wait until it's too late; reach out today and let’s take the first steps to protect your business and livelihood from the menace of ransomware with a comprehensive security audit.

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