Should You Care About Ransomware?
You’ve probably heard of ransomware attacks that caused massive losses of data, money, and reputation. You may feel safe and reassured assuming that no one will want to attack your small, Vermont-owned company. Unfortunately, it is almost as likely to happen to you as it is to anyone else.
When the COVID-19 pandemic hit and digitized businesses further, the amount of ransomware attacks rose by 13%, with a $1.85 million average cost per incident. This cost comes from a mixture of damages including tainted reputation, lost revenue, and legal costs. Approximately every 40 seconds a business suffers from a ransomware attack. Anyone can fall victim to a ransomware attack at any time. Hackers are simply looking for relative wealth and wide PC adoption. It is important to know how to detect ransomware attacks, and how to prevent them from happening.
What is Ransomware?
Ransomware is a form of malware that locks one out of their device or files. The hackers then demand a payment to restore access. Once the hacker gets access to the software, they encrypt the data or files so you can no longer access them. The hackers will then see a message demanding a payment, typically in cryptocurrency, in exchange for your data.
How Does Ransomware Happen?
Most ransomware attacks attempt to trick the victim into an attack through social engineering. Social engineering is when a hacker poses as a legitimate source to get one to engage with their malware. The following shows how ransomware is most commonly presented:
- Mail Spam: Emails with malware hidden in links or attachments like PDFs and Word Documents are sent to as many people as possible hoping for clicks so the hackers can gain access.
- Spear Phishing: A more targeted approach called spear phishing is a spam email that is sent to members of a company posing as a higher up and requesting the completion of a survey for example in hopes of one downloading malware.
- Mal Advertising: Mal advertising distributes malware with little to no user interaction through faulty advertisements. These ads gather your information and may even be hiding on reputable sites. They can also involuntarily direct the user to criminal servers.
simpleroute Can Help!
The best way to prevent a situation like this from happening to your business is to have good cybersecurity measures in place. Call or email simpleroute for assistance finding what measures best fit your business’ needs. Here are some components of good cybersecurity that simpleroute can help with:
- NIST CSF: NIST CSF is a user-friendly framework that protects sensitive data and technology from cyber-attacks whilst minimizing risks and allowing room for growth.
- Backups: Backing up your data can ensure that all of your data is safe and easy to manage. It will also make for a smooth recovery in a situation in which your data gets compromised.
- Cyber Liability Policy: Having a cyber liability policy in place will help cover some of the losses your business may face in the event of a ransomware attack, as well as provide additional support.
- Security Assessment: Performing regular reviews of your cybersecurity posture is crucial in helping shore up your organizations defenses.