Ransomware attacks have bitten a gaping hole in the pockets of businesses who are having to pay extortionate ransoms in response to highly targeted attacks by sophisticated criminal organizations. The problem has only worsened with the onset of mass remote working. The extension of the office’s boundaries into online and remote locations has exposed severe vulnerabilities, and criminals are all too willing to take advantage.
Right now, a new ransomware attack will occur every 11 seconds, according to Cybersecurity Ventures. To put this in context, in the five minutes it takes you to read this article, 27 businesses will have been attacked by ransomware. The best piece of advice on ransomware is not to give in and pay. But despite the majority of businesses will pay the ransom that this attack demands. Many feel under extreme pressure to limit the damage of downtime caused by ransomware, and the quickest resolution is to pay up.
It’s not a surprise that so many have chosen to pay when they’re already grappling with the challenges and pressures of operating throughout the risky business terrain that COVID-19 has created. However, this is simply encouraging cyber-attackers to continue exploiting this lucrative illegal market, as is evident from the 600% uplift in attacks since COVID-19 first emerged.
On a positive note, businesses and governments have recognized that this can’t continue. Ransomware is now on the agenda of every boardroom, and even made the cut for discussion at the G7, as well as numerous other diplomatic talks between global leaders. Now is the time to think about modern data protection and its future. And now is the time to bite ransomware back.
This is organized crime
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