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Worried about the security of your business? It’s smart to be concerned, considering the statistics. Cybercrime — which includes phishing, ransomware, identity theft and fraud — has exploded by 600% since the COVID-19 pandemic began in December 2019.

Web-based cyberattacks and malware such as ransomware are among the most expensive types of cybercrime.A company can spend $2.4 million or more to defend itself.Further, one in three businesses victimized by malware are unable to access their data for at least a week.

Half of information technology professionals admit that their companies are vulnerable to ransomware and other types of attacks, and three-quarters of companies that have fallen victim to ransomware already had up-to-date endpoint protection. In the last year alone, 90% say that their businesses have been attacked by ransomware.

If every organization around the world shares the same ideology in the fact that ‘time is money,’ then most of these organizations would agree that wasting time is inevitably wasting money. Unfortunately, as many business owners or managers have come to realize, there is a lot of time that is wasted in the office. Of the major contributions to the amount of wasted time in the workplace, cell phone usage is definitely atop the list. Other minor wastes of time include gossiping, browsing the internet and even those few extra minutes of lunch breaks spent in the break room. Though perhaps the most impactful cause of wasted time in the office definitely comes from IT-related issues.