Ransomware has quickly become one of the biggest cyber threats to businesses today, especially given the recent Wanna Cry epidemic that infected hundreds of thousands of IT systems in more 150 countries. This kind of malware presents serious data integrity and financial concerns for affected businesses. It works by tricking a user into opening an executable file (either as an email attachment or downloaded from a webpage linked in an email) which then encrypts the victim’s files and holds them for ransom.
A majority of cybersecurity services offered today include the best in vital technologies, from firewalls to anti-malware to data encryption and more. However, as important as this technology is, on its own, it simply isn’t enough to protect against threats like ransomware. The key to truly comprehensive cybersecurity is simple, yet often overlooked: the user.
Cybersecurity company Malwarebytes has found that as many as one-third of businesses like yours were hit by ransomware within the last year – the key to all these incidents? The “human factor”. Included in Malwarebytes’ Second Annual State of Ransomware Report, data showed that, of the 32% of organizations that were hit by malware, 20% had to immediately halt their operations.
It gets worse – further statistics showed that:
Cybersecurity gimmicks — such as “set it and forget it” firewalls and antivirus software — fail to account for how important the user is. Even the most effective digital security measures can be negated by simple human error, which is why conventional solutions are simply not enough to ensure your business’ safety. Much of cybersecurity is dependent on the user, and as such it’s vital that you properly educate your employees in safe conduct. The more your workforce knows about the security measures you have in place, the more confidently they can use the technology in a secure manner.
“People [behind the ransomware attacks] are going to more of the human factor now,” said Malwarebytes Senior Systems Engineer Brett Callaughan to CNET. “A lot more attackers are becoming aware of the fact that they can make small amounts of money on a grand scale very quickly if they completely automate this. The attackers we’re seeing are extremely sophisticated — they’re not fussed about creating a file and making something look real. They’ll just go after the user and they’ll spray and pray. If you hit 100,000 email accounts and 10,000 hit the button and you’re charging $200 a piece? That’s a significant amount of income right there from doing very little.”
So what can you do? First of all, ensure your employees are comprehensively trained in cybercrime awareness and prevention so that they can help keep your business safe. Training should include:
That said, employee awareness will only do so much. Remember that ransomware is likely today’s biggest threat to cybersecurity, which means anything less than a comprehensive defense won’t be enough. You hear about it everywhere, along with a range of possible solutions, most of which are defensive – ways to keep the intruders out before they encrypt your files and send you the ransom note.
Both industry leaders and cybercrime law enforcement members agree that the best defense against ransomware, other types of malware and similar cybersecurity threats is a robust data backup contingency. Have you invested in one for your business?
When developing your ransomware defense, keep these recommendations in mind:
The good news is that you don’t have to do all this on your own. Partner with an experienced, expert provider of security support and solutions like Dynamic Quest today to ensure you’re comprehensively protected from ransomware on all fronts.
40% of businesses will incorporate the anywhere operations model to accommodate the physical and digital experiences of both customers and employees (Techvera).
The internal team was energized. With the Level 1 work off its plate, the team turned its attention to the work that fueled company growth and gave them job satisfaction.
Forty-three percent of attacks are aimed at SMBs, but only 14% are prepared to defend themselves (Accenture).
The three sectors with the biggest spending on cybersecurity are banking, manufacturing, and the central/federal government, accounting for 30% of overall spending (IDC).
The cost of cybercrime is predicted to hit $10.5 trillion by 2025, according to the latest version of the Cisco/Cybersecurity Ventures “2022 Cybersecurity Almanac.”.
More than 33 billion records will be stolen by cybercriminals by 2023, an increase of 175% from 2018.
The average cost of a data breach in the United States is $8.64 million, which is the highest in the world, while the most expensive sector for data breach costs is the healthcare industry, with an average of $7.13 million (IBM).
It takes an average of 287 days for security teams to identify and contain a data breach, according to the “Cost of a Data Breach 2021” report released by IBM and Ponemon Institute.
We did a proof of concept that met every requirement that our customer might have. In fact, we saw a substantial improvement.
We did everything that we needed to do, financially speaking. We got our invoices out to customers, we deposited checks, all the things we needed to do to keep our business running, and our customers had no idea about the tragedy. It didn’t impact them at all.
“We believe our success is due to the strength of our team, the breadth of our services, our flexibility in responding to clients, and our focus on strategic support.”