Learn about the dangers of Ransomware, a malicious software that holds your files hostage until a ransom is paid.
What is Ransomware?
Ransomware is a type of malicious software that encrypts a victim's files, making them inaccessible until a ransom is paid to the attacker. The attackers typically demand payment in cryptocurrency, making it difficult for investigators to trace the transaction.
Ransomware attacks have become increasingly common in recent years with businesses of all sizes falling victim to these types of attacks. According to a study by Cybersecurity Ventures, ransomware attacks were projected to cost businesses $11.5 billion in 2019 alone.
One of the reasons ransomware has become such a popular attack method is that it is relatively easy to execute. Attackers can use various methods to deliver the ransomware, such as phishing emails, infected software downloads, or exploiting vulnerabilities in a company's network. Once the ransomware is activated, it will encrypt all of the victim's files, making them inaccessible. The attacker will then display a message on the victim's screen with instructions on how to pay the ransom and regain access to the files.
It's important to note that paying the ransom does not guarantee that the attacker will provide the decryption key. In some cases, the attackers will simply take the ransom payment and disappear, leaving the victim with no way to regain access to their files.
How do we protect ourselves?
To protect against ransomware attacks, businesses should implement a robust backup solution. By regularly backing up their data, you can restore files in the event of a ransomware attack without having to pay the ransom. Businesses should also educate their employees on how to identify and avoid phishing emails and keep their software and security systems updated to protect against known vulnerabilities.
Businesses should consider using endpoint security solutions that can detect and block ransomware before it has a chance to encrypt files. Additionally, it's important to have an incident response plan in place so that in case of a ransomware attack the organisations can respond quickly and effectively.
It's also important to note that in most countries, there is no legal obligation to pay the ransom, and it's generally not recommended as it can encourage cyber criminals to continue to perpetrate such attacks.
In conclusion, ransomware attacks are a serious threat to businesses of all sizes. By implementing a robust backup solution, educating employees, keeping software and security systems updated, and having an incident response plan in place, businesses can protect themselves against these types of attacks and reduce the risk of data loss.
