Never Blue Logo

Ransomware is on the rise! Is your business ready?

Apr. 28, 2021 Business/Online Security

Learn how to protect your business from ransomware and its devastating consequences

 

 

In 2020, ransomware increased by 435% from the year before with someone falling victim to an attack every 10 seconds. [1,2] 

As for the cost, the latest predictions estimate that global ransomware damages will reach $20 billion by the end of this year—57 times more than in 2015. [3]

These shocking statistics show just how important it is to keep your business protected from unscrupulous cyber criminals.

Join us to learn how ransomware works, why ransomware is on the rise, and our top cyber security tips to keep your business safe.

 

What is ransomware?

Ransomware is a type of malware used by cyber criminals to infect computers and block your access until a ransom is paid, usually in bitcoin. Once ransomware infects your system, it will attempt to spread to any connected computers, shared drives and networks.

 

How does ransomware work?

Most ransomware attacks are facilitated by phishing emails devised to trick the recipient into clicking a link or downloading an attachment.

The ransomware identifies all the computers and drives on an infected system and begins to encrypt the files within each one. It then displays instructions on how the victim can pay the ransom to recover their data or risk permanent withholding and data destruction.

 

Why are ransomware attacks on the rise?

Although there has been a steady year on year increase, the increase in the number of ransomware attacks spiked even more dramatically in the past year due to the COVID-19 pandemic. Ransomware attackers took advantage of the fear and confusion brought on by the pandemic to send malicious emails, PDFs, Word Documents, and audio files that appeared to come from reliable organizations such as the World Health Organization and CDC.     

 

What is the best defense against ransomware?

  • Keep your networks and systems up to date.

The first step is to ensure that all of your applications and operating systems are fully up to date. Older versions often have security vulnerabilities that can easily be exploited by ransomware attacks. Pay particular attention to making sure your antivirus software, firewalls, and email filtering software are running the latest version.

 

Read more:

Why you should invest in technology upgrades for your business

 

 

  • Be prepared.

Although a business basic, being prepared is all too often overlooked. It’s important to perform frequent backups of your mission-critical data, and be sure to verify them on a regular basis. Store your backups on an external hard drive or on a device that’s not connected to your network. You should also have a disaster recovery plan in place to protect your company from any type of disasters—both natural and data driven.

 

Read more:

4 important reasons why data backup and recovery is essential for businesses

 

 

  • Encourage employee education.

A computer system is only as safe as the people using it. Educating your employees on online security best practices is an essential part of protecting your business from ransomware attacks. An experienced IT company can help you understand and explain the do’s and don’ts of online safety.

 

Read more:

How to: Educate your employees on online security best practices

 

How NeverBlue IT can help protect your business from ransomware

Now that you understand ransomware is on the rise, it’s crucial that you take your business’s cyber security seriously, and we’re here to help.

Backed by over 30 years of experience and using our hands-on IT service management approach, our Cyber Security service includes:

  • Network vulnerability review
  • Cyber security implementation
  • Continued education and training,
  • And more.

 

Ready to get started?

Contact us today

 

Want industry insights, expert advice and IT news delivered straight to your inbox? Sign up for our email newsletter at the bottom of the page.

We’re social! Stay on top of the latest tech trends by following us on Facebook and LinkedIn.

 

Sources:

1: Deep Instinct | Cyber Threat Report on 2020 Shows Triple-Digit Increases across all Malware Types

2: Check Point Software Technologies | 2021 Cyber Security Report

3: Cybercrime Magazine | Cybercrime To Cost The World $10.5 Trillion Annually By 2025

Ready to achieve more with the right IT partner?

Schedule your free consultation