Ransomware victims can vary from large global companies to small businesses. Every business should take measures to learn what ransomware attacks are and how they can best be avoided. Verizon reported 832 incidents of data breaches for small businesses in 2022, and of these attacks, 130 confirmed data loss, with nearly 80% of the attacks a result of ransomware.
Usherwood assists clients with recognizing vulnerabilities, securing their environment, and protecting themselves from breaches that could result in significant financial losses. We aim to help businesses understand why it's vital to be proactive with security strategies and use the right tools to mitigate potential cyber attacks like ransomware.
What is A Ransomware Attack?
Ransomware is malicious software that encrypts your computer system and blocks access to valuable information or files. Your data and files will only be released to your company once a certain amount of money is paid to the ransomware hacker.
Getting hit by a ransomware attack can happen to any person or business. Once your system is taken hold of, it can result in a significant loss of money and extended downtime until the system is back up and running correctly.
How Does Ransomware Work?
A ransomware attack encrypts your data, and the hacker holds a private key that decrypts it. It's hard to outmaneuver because it can quickly and easily destroy your information if not handled carefully. When you get hit with ransomware, a message will be displayed on your screen informing you about the ransomware attack and demanding payment.
Regarding a ransomware attack, it's highly discouraged to pay the ransom to the hacker. This is because it can encourage the perpetrators to continue targeting new victims. Therefore, it's ill-advised to pay a ransomware attack demand.
But people give in to paying the ransom for several reasons rather than waiting it out or trying to unencrypt it themselves.
Many people don't feel they have the option to wait for their system to recover. For instance, if an educational institution were to get a ransomware attack, this would affect thousands of people, if not more. In this case, the institution would want the episode resolved as quickly as possible, incentivizing them to make the payment.
Another reason many people pay off the ransom is that there's far more to lose when the network is down than to pay off a sum of money quickly. When a computer system is under a ransomware attack, it can lead to loss of sales opportunities, a damaged reputation, lost customer or investor confidence, and loss of confidential information for our business and your clients.
Data exfiltration is another significant concern. This is when hackers can access a victim's confidential information, files, logins, and emails. This data can be taken and leaked to the public. This typically leads to blackmail, another reason companies pay the ransom.
Where Have We Seen Ransomware Before?
Ransomware attacks are a growing threat to many industries. In the past year, you may have heard of the ransomware attack on Colonial Pipeline, whose network was taken hostage until Colonial paid $4.4 million to avoid leaking confidential information.
Or even St. Margaret’s Health in Spring Valley Hospital in Spring Valley, Illinois being forced to permanently close its doors due partly to a ransomware attack two years ago. The attack prevented the hospital from submitting claims to insurers for months, resulting in financial trouble and now ending in closure.
Kaseya's software company was also targeted in 2022. This led to about 1,500 other businesses getting compromised around the world. Kaseya was a significant opportunity for the hackers because not only did the hackers get into their network, but they also got into the networks of the clients that Kaseya manages.
How to avoid ransomware:
- Keep your system, browser, and software updated.
- Use a robust security solution.
- Back up your data.
- Be careful of what you download or click.
Although these tips can help prevent a ransomware attack, sometimes there's no foolproof way to stop it. For this reason, it's imperative to have a strategic plan in place if it does.
Is Your Business at Risk of Cyber Threats?
Ransomware attacks are not the only threat to be aware of. As a Managed IT company, we meet with businesses often to determine if they're taking the proper steps to mitigate cyber threats.
What should your company do to ensure an efficient cybersecurity culture? Here is a checklist to help determine if your cybersecurity is where it should be: 5 Signs You Have Good Cybersecurity Culture.
