What is Ransomware
It’s is a form of malware or virus that encrypts a victim's files. The attacker then demands a ransom from the victim to restore access to the data upon payment. Users are shown instructions for how to pay a fee to get the decryption key, usually through cryptocurrency.
It continues to be the tactic of choice for hackers in order to monetize attacks. A report by ABC news shows that malicious emails are up 600% due to COVID-19, phishing emails are one of the main types of ransomware attacks. This same report also estimates that a ransomware attack occurs every 39 seconds – a worrying statistic! This shows just why it is so important for an organization to have strong cyber security measures in place.
To pay or not to pay
Unfortunately, as a public security breach would cause mass panic and potential lawsuits, financial institutions will often pay cyber criminals into an anonymous cryptocurrency account, rather than lose client data.
Crime groups know this.
The issue is that many organizations who pay criminals, in the hope of getting their data back, just make themselves more vulnerable in the process. Once money is paid, bad actors know that the organization can be forced into a position to pay again and there is no guarantee that data will be returned after payment, which means that the risk of both data loss and substantial monetary loss is probable.
Contact us for more information on how we can help your company implement measures to avoid falling victim to ransomware attacks.