How to Keep Your Business Safe from Growing Ransomware Threats

Suppose you turn on your computer when you get up and discover that all of your crucial files, including financial records and client information, are locked. They're locked and a terrifying message appears requesting a ransom.

This is ransomware. It's a type of malicious software that takes control of your data and demands money to release it.

Typically, it begins with a seemingly harmless email or link. You can receive an email that appears to be authentic and asks you to click a link or open an attachment. This is a phishing email, in which the sender appears to be trustworthy but is not. When you click, malicious software stealthily installs on your PC.

The hackers then begin encrypting your data to prevent you from accessing them. A ransom note demanding payment for a key to unlock your files is then delivered to you. It's dangerous to pay the ransom because there's no assurance you'll get your data back, and doing so will only fuel further attacks.

The Growing Ransomware Threat

2023 saw a huge increase in ransomware attacks after a two-year decline. A report showed a record-breaking number of incidents, with a 75% rise in victims between 2022 and 2023.

Ransomware-as-a-Service (RaaS) is one factor driving this increase. This strategy allows thieves to "rent" ransomware tools, which makes it easier to attack.

Attackers are also becoming smarter. They create new versions of old malware, exchange resources, and exploit legitimate technologies for malicious reasons. They usually launch ransomware within 48 hours of connecting to a network, usually outside of business hours to evade detection.

The Impact on Your Business

The effects of a strike on your business might be severe. The ransom, downtime, and recovery charges could cause huge financial losses. If you are unable to decrypt your files, you may lose important data. If your clients' information is compromised, your reputation and business operations may suffer.

How to Protect Your Business

So, how do you keep your business safe from this growing ransomware threat?

• Educate your team to spot phishing emails and avoid suspicious links and attachments.
• Regularly back up your critical data and securely store them offline. Learn about the 3-2-1 backup strategy and our business continuity services.
• Keep your software and systems updated with the latest security patches and invest in reliable security tools. Our managed IT services include proactive patch management.
• Limit access to your data. Only give employees access to the information they need for their respective tasks.
• Monitor your network for irregularities and have a plan in place to quickly respond to incidents. Our cybersecurity services include 24/7 monitoring and incident response.

If You're Attacked

Don't freak out if you fall victim to a ransomware attack. Partner with cybersecurity professionals to find a solution. Paying the ransom just encourages the cybercriminals in their attacks, thus it's advisable not to.

If you need assistance in ensuring that your business has the needed proactive data security measures, please contact us.