Reality of Ransomware

Named the "golden era of ransomware," 2021 was the year of an immense surge in ransomware attacks. With cyberthreat groups becoming more cunning and sophisticated in their operations, like DarkSide and REvil, this year is already expected to have an even worse threat of ransomware attacks.

Ransomware: An Overview

Ransomware is a type of malware that attacks a user's device by encrypting its information and holds it for ransom until an amount of money is paid. 2021 has been the worst year for ransomware. According to SonicWall's 2021 Cyber Threat Report, there have been an estimated 304.7 million attempted ransomware attacks. This is just the number that has been recorded, and it is up by 151% from the previous year.

Making matters worse, there has been an evolution to ransomware attacks – “double-extortion,” as explained by Cisco Secure. According to ZDNet, “Victims will have their systems encrypted in one facet of an attack, and a ransom note will demand payment, normally in Bitcoin (BTC). However, to pile on the pressure, ransomware groups may also steal corporate data before decryption and will threaten to publish or sell on this information, too, unless a payment is agreed upon and made.”

A Look Back to 2021

How dangerous did ransomware attacks exactly become last year?

• Every 11 seconds, a business would fall victim to a ransomware attack.

• 64% increase in attacks in the first half of 2021.

• 82% increase in ransomware payments, averaging from $570,000 up to $1,000,000.

Preparing for 2022: What Businesses Must Do

First things first, your business must have no security vulnerabilities. A single overlook on your security makes you immediately susceptible to a ransomware attack. Be sure that you have:

• Updated software with recent security patching installed.

• A concrete, regularly updated security plan, including a backup plan in the event of an attack.

• Installed anti-ransomware software. 

Having covered your security vulnerabilities, there are plenty of cybersecurity steps you must take to prevent a ransomware attack:

• Do not open suspicious emails from unknown senders.

• Do not click on links and attached files from external websites and unknown senders.

• Regularly update your software and install recommended security patching.

• Use VPN on public Wi-Fi – never use public Wi-Fi for your business.

• Backup and encrypt all your data and files. 

Now, let’s say the worst has happened: your business has faced a ransomware attack. Besides following your security plan and taking instantaneous response and recovery measures, there is a major step you must take: never pay up. Being in the fragile state they are in, companies are eager to move forward to quickly repair the damage the attack has made. In effect, not only are these organizations destroying their reputation and losing money and customers, they are placing a target on their backs. Simply put: who's to say that the criminals who attacked a business won't do it again once they've been paid? So, the golden rule with a ransomware attack is to never pay up.

How Can VC3 Help?

At VC3, security is key to our way of life. We understand what needs to be done to protect your business and create success! We have developed a methodology to ensure that your company is protected and will be able to meet the needs of today’s advanced security landscape.

If you’d like to learn more about cybersecurity for SMBs or you simply need help in determining what the optimal protection services are for you, VC3 is here to help!