The Business of Ransomware

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The Business of Ransomware

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Designed to block access to a computer system until the owner pays the attackers a specific sum of money, ransomware is a type of malware typically attached to a phishing email. Ransomware is one of the most significant threats to modern organizations. Businesses are constantly at risk of paying a high cost such as financial and data loss, extensive downtime, and reputation damage if left unprepared. Should you fall victim to an attack, immediate and intelligent action is crucial to recovering encrypted files and getting systems working again.

Statistics and Trends You Should Know About Ransomware

  • 67% of ransomware infections in North America can be attributed to phishing.
  • The average cost of ransomware-caused downtime is now $380,000 per incident.
  • It’s estimated that a business will fall victim to a ransomware attack every 14 seconds.
  • 85% of MSPs report ransomware as a common threat to SMBs.
  • 29% of SMBs have experience with ransomware, making them more likely to be unprepared for the threat.
  • 50% of security professionals do not believe their organization is prepared to repel a ransomware attack.

Prevention is More Important than Recovery

When it comes to ransomware, it pays to be prepared – and it costs to be caught off guard. While it is still in the realm of possibilities to recover any hacked files, it is ultimately more important to have safeguards in place to protect against an attack. Ransomware victims face severe, lasting repercussions, such as being unable to recover encrypted files, regain access to compromised systems and build back lost client trust. In addition, the process of recovering encrypted files is difficult. It does not come with guarantees, and as threats continue to evolve, it is becoming more crucial to have security measures in place.

The Common Forms of Ransomware

Ransomware is constantly evolving into new strains but has similar social engineering tactics to attack businesses successfully. The common variant forms of ransomware:

  • WannaCry
  • CryptoLocker
  • Petya
  • NotPetya
  • BadRabbit
  • Cerber
  • Locky

Tips For Recovery & Removal

There are several solutions for remedy after your organization experiences a ransomware attack:

  • Work with a firm that specializes in ransomware recovery
  • Record the details of the ransom note that appears on your screen
  • Disconnect the compromised device from your network – but don’t delete the encrypted files
  • Most importantly, learn from the incident

Ransomware is a data breach that has only gotten more out of control due to attackers gaining financial success. The damage is not limited to the specific company that was attacked, the culprits having now gained the power to extort the company’s clients, associates, and partners. The impact of ransomware extortion has the potential to triple-down that does not show any signs of declining any time soon, unless companies are not willing or in the position to place layered email defense solutions in place to protect their digital assets and credentials.

The Business of Ransomware