From a technology standpoint, there’s never been a better time to be alive. Chatting with people for free all across the world or opening your front door at home while in a business meeting, it seems that our interconnected world has unlimited possibilities. Sadly, that can go really wrong when people with less than pure motives take advantage. Viruses and other threats are on the rise, and there is one word whose very mention sends shivers down the spine of mortal cybersecurity professionals everywhere: ransomware.
Ransome is so frightening because of how quickly it is becoming a major issue across all systems worldwide and how devastating it is for businesses. Today, we will be discussing this threat and what you need to do to keep it out of your business.
What exactly is ransomware and why should you care? Like other computer threats (think viruses or trojan horses), ransomware has a colorful name that aptly describes what it does. In fact, it’s exactly what it sounds like: someone holds your data or computer access hostage until you pay a ransom. Depending on the circumstances, this can range from a relatively small sum to well over $1,000,000.
These attacks rarely occur on their own. Most often they are part of an email phishing scheme. As criminals have become more and more sophisticated, attacks like these — that only suckers used to fall for — are becoming common even among seasoned professionals.
Ransomware has grown to by one of the top cyber threats your company faces. To put this in perspective, in 2018, we saw a 300% increase in ransomware attacks from the year before. So far in 2019, we’ve seen even more attacks than all of last year.
Why the increase? Frankly, because it works. While the ransom can be quite high, most hackers consider the size of the company and value of the data. In most cases, they set the price cheaper than manually restoring the data, so many companies just pay the ransom and hope if they don’t have a proper backup. The FBI recommends not paying so as to not encourage the hackers, but they also recognize that this may actually be the only option for many organizations without the proper security protocols in place.
Ransomware has been popular in the news lately because hackers are targeting governments of all sizes, in addition to businesses. For instance, in the state of Florida alone, seven municipalities have been victims. In April, the city of Tallahassee paid $500,000 to get access to critical systems and data after an attack. They paid for the attack by diverting funds from employee payroll. The city of Riviera Beach paid over $600,000 in Bitcoin for a similar attack in May after an employee fell for a phishing scam!
National governments are also falling victim! The government of Ecuador said that have seen over 40 million attempts to hack into their system. A few have been successful, resulting in expensive ransoms.
Saying that “ransomware is here to stay,” would be a massive understatement. However, there is a bit of good news about this. While ransomware itself is a relatively new threat, it uses old standbys to enter your computer in the first place. Ransomware affects your system after hitching a ride on another threat, such as a virus or phishing attempt. Think of it this way. In the past few years, zika, a dangerous virus passed on by mosquitos has been on the rise. Because it’s transmitted by a known pest, we can use the same precautions we’ve always used against mosquitos to prevent infection. This would include repellent, avoiding standing water and wearing long clothing.
Similarly, the best way to avoid ransomware is to protect your network against many of the same threats we’ve always faced with computers. This means being proactive and keeping your system safe before the ransomware can have access to your vital data. In the event of a breach, you also need to have a viable back-up to seamlessly rollback before the attack.
How well does your current system protect you from ransomware and other cyberthreats? Contact us today to prepare you for this very real and rising threat.