The current state of cybersecurity is a major concern for businesses. One such issue, ransomware attacks have become increasingly popular and effective at disrupting daily operations across the world: due in part to their simplicity but also because many people do not know how or what type protection they should install on their own computers – leaving them vulnerable if an attack occurs.
As more people rely upon technology every day (especially mobile devices), there will continue to be pressure placed onto IT departments who must find new ways to keep up with demand while ensuring security afterwards.
Ransomware is a type of malware that locks victims out until they pay the ransom. This can be seen as an unfortunate necessity, due to many businesses shutting down instead and causing major disruptions for themselves as well as suppliers/customers etc. who rely on them being open during certain hours every day.
These attacks are a serious threat to our global digital infrastructure. The scale of the problem is alarming and recent analysis has shown that there were over 300 million cyberattacks in the first half of 2021 alone, which represented more than all previous years combined (except for 2020) according to Harvard Business Review . This year’s dramatic increase needs urgent attention from those who can help protect us against these threats before it gets even worse.
The AV-TEST Institute reports that cybercriminals are constantly shifting the focus of their efforts in an attempt to defeat existing reactive security technologies. They register over 450,000 new types of malware programs and potentially unwanted applications every day; this means there is no end in sight for these attacks. The longer term trends underline how bad things have really gotten–between 2012-2020 we’ve seen annual volumes rise from just under 100 million (for all three categories combined) up towards 1 billion – which will make it difficult if not outright impossible to keep our systems safe without spending more money on proactive rather than reactive measures.
The real world cost of Ransomware attacks
The worldwide ransomware crisis is costing businesses and organizations around $265 billion every year, with the cost to individual victims skyrocketing. Looking more closely at these demands reveals that criminals are becoming increasingly confident in their schemes; for example Acer was asked to pay $50 million dollars earlier this year.
Ransomware attacks are becoming increasingly frequent. In May, Bloomberg reported that CNA Financial paid $40 million to regain control of its network after a ransomware attack; Car manufacturer Kia Motors was also hit with an unwanted demand for $20 million dollars earlier in 2021 also.
A single company can experience many different types or severity levels during these criminal acts so it’s important never to discount any situation until you know exactly what happened – including if there has been compromise
Ransomware is costly to both the company and its customers. As well as the financial cost of the ransom there is also the reputational cost to the company and this dent in a companies’ standing as a trusted provider of products or services could be incalculable.
Be proactive on Ransomware
Here are three ways that IT and security teams can protect themselves from ransomware. First, they should have access to tools which help them identify major risk vectors associated with malicious code being hidden within documents shared on the internet every day – one example is CDR technology. Secondly, proactive approaches like this will minimize downtime often caused by reactive antivirus software or sandboxing solutions designed for malware analysis in order to prevent attacks before they happen (and also stop hackers who want revenge). Finally there’s an option where you don’t let anything through if it seems risky at all costs: block everything! But this option is probably not practical in reality.
The most effective CDR solutions work by automatically removing potential threats to documents entering the organization. This simple approach ensures every document is safe, without sacrificing productivity. Ransomware is proving to be the cyber risk that many businesses can’t afford. Those who adopt a preventive strategy will be better protected from its impact, and those organisations understand this threat isn’t just coming – it’s already here.
