Imagine waking up one morning, going on your computer, and discovering that all of your most important files, from client information to financial records, are locked. Tight. Then a terrifying message appears, demanding a ransom amount to open them. That is a short description of ransomware. It is a form of malicious software that steals your data and holds it for ransom.
It typically begins with an innocent-looking email or link. You may get an email that appears to be real, prompting you to click on a link or open an attachment.
This is known as a phishing email, in which the sender looks to be legitimate but is not. Once you click, dangerous software is discreetly installed on your computer. From there, the cyber criminals quickly get to work.
They will encrypt your data so that you cannot access them. Then you receive the dreaded ransom letter, which demands cash in return for a decryption key to release your files. Paying the ransom is a risky option because there is no assurance you will recover your data, and it just encourages the criminals to target additional victims.
Attacks by ransomware increased sharply in 2023, following a two-year drop. According to one analysis, there was a significant surge in ransomware instances, breaking a six-year trend.
One cause for this increase is the advent of something known as Ransomware-as-a-Service (RaaS). This strategy allows cyber criminals to “rent” ransomware tools, making it easier than ever for them to carry out attacks.
As a result, more companies are being featured on data leak sites, with a 75% increase in the number of victims between 2022 and 2023.
Ouch.
And things grow worse. Attackers are becoming smarter. They are creating new versions of existing ransomware, sharing resources, and exploiting legitimate technologies for malicious purposes.
They also operate quicker, frequently spreading ransomware within 48 hours of acquiring access to a network. They also tend to hit outside of working hours, such as when you’re nestled up in bed, making them less noticeable.
If your company falls victim to a ransomware attack, the results may be disastrous. You could face considerable financial losses, not just from the ransom, but also from the expense of downtime and recovery.
If you cannot decrypt your files, you risk losing important data.
If clients discover that their personal information has been hacked, your reputation may suffer. Oh, and your business operations may be badly affected, limiting your capacity to serve your customers.
The most crucial issue is, how can you safeguard your company from this expanding threat?
- Start by educating your team. Make sure everyone knows how to spot phishing emails and avoid suspicious links and attachments
- Regularly back up your critical data and securely store those backups offline
- Keep your software and systems up to date with the latest security patches, and invest in strong security tools
- It’s also important to limit access to your data. Only give employees access to the information they need for their jobs
- Monitor your network for unusual activity and have a plan in place to respond to incidents quickly
- If you do get hit by a ransomware attack, don’t panic. Work with cyber security experts (like us) to resolve the issue.
Remember, it’s best not to pay the ransom, as it only fuels the cyber criminals’ activities.
My team and I help businesses take proactive action to protect their data. If we can help you, get in touch.