Everything you need to know about Ransomware

This type of malware will encrypt your files and then demand that you pay them back to get access again - this can be especially bad when it comes time to try restoring critical data from these encrypted volumes!

Ransomware attacks are not a new phenomenon at all within the digital world, however, the one blessing is, that we now have modern technologies in place to protect ourselves. Ransomware technology companies are continuously developing software to continue to reduce the risks of falling victim to an attack. However, the other side of this story is that, as we continue to learn, grow, and adapt technologies, so do the cyber attackers. Therefore, it is not only key to have the most up to date systems in place, but also to recognise the other signs of a ransomware attack.

Some key stats on Ransomware attacks:

• A ransomware attack happens every 11 seconds.
• Approximately 37% of global organizations said they were the victim of some form of a ransomware attack in 2021.1
• The rate of cybercrime increased by 600% during the COVID-19 pandemic. From 2019 – 2020 ransomware attacks alone, increased from 187.9 million to 304 million globally.2
• Since September 2020 Phishing emails have reduced from over 50 million per week globally to 10 million per week.3
• 43% of ransomware attacks in the UK were stopped prior to data encryption.4
• The average cost for companies to rectify a ransomware attack is $1.4Million.5
• On average 73% of companies use data backup sources to recover their ransomed data when a ransomware attack occurs.6

So, what can we learn from this...?

• Maintain a defence-in-depth security program. Having multiple layers of defence is a key best practice, this could be through off-site storage.
• Consider advanced protection technologies. The use of extended detection and response can help organizations identify potential risks that could lead to ransomware exploitation.
• Risk education and training for employees. Often, it is users clicking on something that they should not that can lead to infection. Education and vigilance are important.
• Patch regularly. Ransomware code often targets known vulnerabilities. By keeping software and firmware updated, an attack vector can be eliminated.
• Perform frequent backups of critical data. Ransomware's target is data. By having reliable backups, the risk of losing data can be minimized.
• Conduct internal pen-testing. Put your systems to the test, this will help you to identify any weak spots within your cyber security, which you can fix before they become vulnerable.

If you find your business is falling short of any of these recommendations, then you will want to investigate securing your systems as soon as possible! For any company data is its lifeline and needs to be protected at all costs. Silver Lining provides the highest, most secure standard of Pentesting, firewalls, and secure data solutions, using tier 3+ data centres, so we understand the importance of protecting your business, and the best way to achieve it.

References

1: https://www.techtarget.com/searchsecurity/feature/Ransomware-trends-statistics-and-facts

2: https://www.statista.com/statistics/494947/ransomware-attacks-per-year-worldwide/

3: https://query.prod.cms.rt.microsoft.com/cms/api/am/binary/RWMFIi?id=101738

4 –6: https://assets.sophos.com/X24WTUEQ/at/4zpw59pnkpxxnhfhgj9bxgj9/sophos-state-of-ransomware-2022-wp.pdf