As technology evolves daily, new threats are emerging and Ransomware is one of them. This threat is closely related to malware but slightly different. Although both harm your computer there is a difference in the way they harm you. Ransomware is a type of malware that encrypts the files on the victim’s computer or network making it inaccessible and then the attacker demands a ransom payment usually in cryptocurrency like Bitcoin, in exchange for providing the decryption key to unlock the files and restore access. But then again, paying the ransom does not guarantee that the attacker will provide you with the decryption key. Therefore, it is generally advised not to pay the ransom.
Some Stats on Recent Ransomware Attacks
Ransomware attacks have been a significant threat to individuals and organizations worldwide in recent years. Here are some recent ransomware attacks and statistics from the recent Ransomware Attacks:
- In 2022, Hive leveraged a pass-the-hash technique to coordinate an attack that targeted a large number of Microsoft’s Exchange Server customers1.
- Rackspace Technology suffered a ransomware attack in December 2022, which caused significant outages and disruptions for its Hosted Exchange services2.
- In 2021, Colonial Pipeline, JBS Foods, and other major corporations were targeted in ransomware attacks3.
Recent Ransomware Statistics:
- According to a recent report, 75% of 1400 organizations surveyed suffered a ransomware attack, highlighting its continued prevalence in the business world4.
- In 2021, more than a third of organizations globally suffered an attempted ransomware attack, and there were 623.3 million ransomware attacks worldwide, an increase of 105% over 2020 figures4.
- In 2022, there were 381 attacks, half the amount recorded in 2021 (680), with an average ransom demand of 5.5 million and 22,256,986 records impacted5.
- The use of phishing is the primary delivery method for ransomware, and average ransomware demands have seen dramatic increases in recent years4.
Ransomware attacks can have significant impacts on organizations and individuals, including data loss, financial loss, and reputational damage. It is important to take steps to protect against ransomware, such as keeping software up to date, using strong passwords, and backing up data regularly.
These attacks can lead to data loss, financial loss, and reputational loss as well. So here are some ways to prepare yourself to protect your business from Ransomware attacks.
- Educate and Train Employees: The first and foremost thing that every business needs to do is to educate their employees about these kinds of threats and how to prevent them. This can be done by teaching them how to recognize suspicious emails, avoid clicking on unknown links and attachments, not downloading unknown content, and reporting any potential security incidents. These training sessions should be regularly implemented to keep awareness high.
- Use Reliable Security Software: Protect your business by investing in reputable anti-virus and anti-malware solutions making sure they are updated and configured to scan files, emails, and downloads for potential threats. Also, invest in real-time monitoring systems that offer behavior-based detection.
- Educate and Train Employees: By studying the recent attacks on big corporations, we can see that employees are among the most vulnerable points of any business. Train employees on cybersecurity best practices and risks associated with ransomware. The vulnerability can be minimized by teaching them how to recognize suspicious emails, avoid clicking on unknown links or attachments, and report any incidents. These training sessions should be regularly reinforced to keep security awareness high.
- Restrict User Privileges: Grant users only the necessary access rights to perform their job. Restrict administrative privileges to a limited number of trusted individuals.
- Implement Strong Password Policies: Enforce strong password policies that require employees to use unique, complex passwords, and change them regularly. Also, implement Multi-Factor Authentication wherever possible to provide an additional layer of security.
- Enable Firewall and Intrusion Detection System: Install and Configure firewalls to protect your network from unauthorized access. Intrusion Detection and Prevention System (IDPS) can also help detect and mitigate potential threats.
- Secure Remote Access: If employees work remotely, ensure remote access to the business network is secure. Require the use of secure virtual private networks (VPN) and implement two-factor authentication for remote access.
- Regularly Backup Data: By implementing a robust backup strategy that includes regular backups of critical data, on a secure or offsite facility, even If we fall victim to ransomware, we can restore our data without paying the ransom.
- Keep Software Updated: By regularly updating the Operating Systems and application software with the latest patches we can stop cybercriminals from exploiting the vulnerabilities in outdated software. Enable automatic updates whenever possible.
- Regularly test and update incident Response Plans: Have a well-defined incident response plan in place that outlines the steps to be taken in case of a ransomware attack. Have them regularly tested and updated to plan to address emerging threats and ensure a swift and effective response.
When it comes to ransomware, remember, prevention is the key. By implementing these measures, the risk of falling victim to a ransomware attack can be significantly reduced, thus, protecting your business and its valuable data.
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