Cybercriminals are making headlines using ransomware to block organizations from accessing their own critical business data to extort ransoms.
Recently, the University of California San Francisco fell victim to a ransomware attack on key academic and research data (the institution is known to be working on a cure for COVID-19) and ended up paying over $1.14 million to gain back control of their data. It is unclear if the university had applied any data protection measures such as data encryption.
According to the 2020 Cost of a Data Breach report, ransomware attacks have grown more common and have a greater average cost of a breach than the overall average. This average comes out to nearly $4.44 million for a ransomware attack. These costs can be attributed to the monetary demands by the threat actor, but that’s not the only problem. Other costs come from data recovery, systems downtime, reputational damage and so on.
Explore Guardium Data Encryption
No one solution available in the market today can completely protect against ransomware, but data encryption is key to any comprehensive data protection strategy. Data encryption software affords control over security policies that prevent malicious users and rogue processes from taking control of your sensitive data.
What is Ransomware?
A ransomware attack generally follows a known pattern. In one scenario, the threat actor does their homework by tracking down employee email addresses, which they use to orchestrate a phishing campaign that delivers ransomware via an email at ..
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