Ransomware is a fitting term for this type of cyberattack, where criminals effectively 'kidnap' your data. Once they infiltrate your network, they encrypt your files and demand payment to unlock them. Here are the top seven things about this growing business threat.
#1 It Can Happen to You: Cybercriminals exploit overconfidence. Don’t assume, “It won’t happen to us.” While attacks on high-profile sectors like government, healthcare, education, and finance often make headlines, organizations of all types and sizes are frequently targeted.
#2 Ransomware Spreads Rapidly: Ransomware is a type of malware capable of infiltrating an entire network. If Jane from Accounting accidentally opens a ransomware-infected file, it could compromise every device on your network. Malware can even spread between businesses. Consider the 2017 WannaCry ransomware attack, which spread across 116 countries within just four days of being first detected in Europe.
#3 Ransomware Targets Individuals: One common tactic is phishing emails designed to trick people into revealing their credentials. Attackers may also craft emails that look like legitimate business communications. After researching your business, they may impersonate a colleague, supplier, or customer to prompt you to click a link or download a file.
#4 Ransomware is Expensive: Once ransomware infiltrates your system, it locks your files, demanding a password or decryption key—provided by the attacker only after you pay up (if they honor the promise).
According to Coveware’s Q3 2019 analysis, the average ransom payment jumped 13% to $41,198 compared to $36,295 in Q2. But the ransom is just the beginning: indirect costs include downtime, lost revenue, brand damage, and recovery expenses like removing ransomware, conducting forensic analysis, and rebuilding systems. Coveware’s data revealed that in Q3 2019, ransomware attacks caused an average of 12.1 days of downtime.
#5 Ransom is Paid in Cryptocurrency: Ransom demands typically involve cryptocurrency, like Bitcoin, which requires cash purchase and is nearly impossible to trace. Unfortunately, Bitcoin doesn’t offer chargebacks, unlike credit cards, leaving victims with few options if anything goes wrong.
#6 A Recovery Plan is Essential: Planning ahead can make a difference in your response. Outline steps to immediately disconnect infected computers from the network and power down any other vulnerable machines to contain the spread.
Decide in advance whether your business is willing to pay a ransom. Evaluating the pros and cons without pressure helps make more strategic choices.
#7 You Can Take Preventive Action: Don’t wait for an attack to strike. Here are steps to help safeguard your network:
Filter traffic to block unwanted access.
Scan incoming emails for threats, blocking suspicious attachments.
Use antivirus and anti-spam solutions, and regularly update and patch software.
Educate employees on social engineering tactics.
Limit remote network access to secure virtual private networks.
Regularly back up data in multiple locations to restore files if needed.
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Ransomware attacks are profitable and relatively easy for cybercriminals to execute, and your business could be at risk. Contact us at (786) 233-2002 to learn how we can help you strengthen your defenses and protect your data.