While the digital business landscape has undoubtedly brought about brand new innovations and opportunities for businesses worldwide, it, unfortunately, does come with its share of challenges and threats.
While we have talked about various cybersecurity threats in the past, today, we’ll focus on one in particular: ransomware. The worldwide pandemic saw potentially the worst ransomware attacks that our nation (and the world) has ever seen.
In today’s blog, let’s talk further about what ransomware is, why your organization should take notice, and what precautions you can take to protect yourself, your employees, and your business.
What is Ransomware?
The United States Government describes ransomware as, “a form of malware designed to encrypt files on a device, rendering any files and the systems that rely on them unusable. Malicious actors then demand ransom in exchange for decryption.”
Essentially, cybercriminals use ransomware practices to hold critical information stored within files and systems hostage. Often, these cybercriminals make monetary demands in exchange for the release of your files and other sets of data (making them usable again).
Why You Should Pay Attention (2021 Ransomware Statistics)
Around the world, cybercriminals are hard at work using the reliance on remote workers and digital platforms (even at the tail end of the pandemic) to their advantage. Let’s go over a few staggering statistics regarding ransomware attacks.
- According to ABC News, the U.N. disarmament chief reported a 600% increase in malicious emails.
- Sophos reports that the average payment for ransomware attacks was $170,404. However, recovering from ransomware attacks cost an average of $1.8 million in 2021. And, 54% of respondents believe that cyberattacks are too advanced for their IT team to handle on their own.
- A 2019 Global Risk Data Report from Varonis states that only around 5% of companies’ folders were properly protected, and only 15% of those folders were “uniquely permissioned.”
- According to Forbes, in 2020, there was a ransomware victim every 10 seconds.
How Can I Prevent A Ransomware Attack?
You may be asking yourself, “how can I protect my company from ransomware attacks?” Well, the good news is that by following diligent personal and professional cybersecurity practices, you can effectively protect yourself against ransomware attacks.
Regularly Change Passwords + Two-Factor Authentication
No surprise here. One of the best ways to protect yourself against ransomware (or most malware attacks, really) is to regularly change your passwords. You should also make sure that your accounts are locked behind two-factor authentication and/or authorization. Both of these are essential when making it challenging for cyberthreats to work their way into your accounts and confidential data.
Update Your Software/OS When Prompted
We may think of software/OS updates as adding new features or bug fixes into our software. And, while this is true, many updates also close critical security holes within your systems. Developers are constantly closing these holes to get ahead of cybercriminals.
However, when you neglect to update your OS regularly, your system remains vulnerable to more complex threats. Unfortunately, a lack of regular updates makes it only a matter of time before your systems are attacked.
Be Wary of Phishing Attacks
Phishing is one of the most widely used methods of infiltration by cybercriminals. In fact, according to ZDNet, “over three billion [phishing] messages are sent every day, accounting for 1% of all email traffic.”
It’s a good idea to be wary of ALL EMAILS. Phishing methods have become very complex, usually taking the form of reputable companies using very convincing messaging and email design.
Remember, most reputable companies WILL NOT ask for personal information, including account numbers, passwords, and usernames in their emails. And, be sure to look at the sender’s email address. If the company’s name isn’t part of the domain name (for example, a representative of coca-cola, would most likely have an address of joedoe@coca-cola.com), then it’s most likely a phishing attempt.
Routine Cybersecurity Awareness Training
Routine cybersecurity awareness training is essential when protecting your company and staff from cyber attacks. You should be hosting regular cybersecurity awareness training meetings and seminars to educate your employees on the latest threats and cybercriminal tactics. This will allow your employees to efficiently protect themselves, your company, and to prepare for the worst case scenario.
Now, unfortunately, this will never be enough to eliminate 100% of the threat. However, through careful training and security upkeep, you can make it very difficult for cybercriminals to infiltrate your business with ransomware.
Call In The Cybersecurity Experts
One of the best ways to protect yourself and your business from ransomware attacks is to call in the aid of qualified IT services and professionals. Information technology technicians, such as those found at M&H Consulting, conduct routine cybersecurity audits and fill security gaps.
This way, you can ensure that your organization is as secure as possible. Prevention is one of the best ways that you can battle against cybersecurity because once you have been hit with a ransomware attack, it may already be too late.
Categorised in: antivirus, cybersecurity, data breach, data management, disaster recovery