WHAT IS RANSOMWARE?
Ransomware is a specific type of malware that infects a user’s computer, encrypts their files, and then attaches a ransom note. Once the ransom is paid the user is typically given a password to decrypt their files, computer, and network.
HOW DOES RANSOMWARE WORK?
The most common route for ransomware to be deployed is via phishing emails. In that case bad actors will spoof a legitimate email and dupe the user into clicking on a malicious link or email attachment. The ransomware will then spread throughout not only the user’s files and computer, but also any other computers on that network.
WHAT IS THE COST?
According to a 2020 Sophos report, the average cost of a ransomware attack was $732,520 when the ransom was not paid, and double that -- $1,448,458 -- if the ransom was paid. Beyond the financial implications of paying the ransom, companies risk their reputation, employee productivity (due to system lock), and revenue losses for as long as their system is down.
WHAT CAN WE DO?
We have previously listed a few common sense strategies to protect you and your business from ransomware, but earlier this month the FBI released a fact sheet that delves further into ransomware. Their listed strategies are as follows:
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BACKUP YOUR DATA, SYSTEM IMAGES, AND CONFIGURATIONS, TEST YOUR BACKUPS, AND KEEP THE BACKUPS OFFLINE
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UTILIZE MULTI-FACTOR AUTHENTICATION
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UPDATE AND PATCH SYSTEMS
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MAKE SURE YOUR SECURITY SOLUTIONS ARE UP TO DATE
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REVIEW AND EXERCISE YOUR INCIDENT RESPONSE PLAN
Once again these are just a few steps in the right direction when it comes to protecting you and your business from ransomware. Awareness is paramount and hopefully we have given you a few ideas to implement.