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How Ransomware Is a Business Threat
Over recent years, cybercriminals have launched more ransomware attacks that target businesses, and that’s why it’s important to protect your business with the help of IT consulting experts in Los Angeles. To cybercriminals, attacking businesses offers more returns on investment than attacking individual consumers. In the past year alone, business ransomware detections rose by 365 percent with Phobos and Ryuk increasing by 940 percent and 88 percent respectively. Rapid and GandCrab ransomware attacks also increased over the same period by 5 percent and 319 percent respectively.
In 2017, the shocking WannaCry ransomware attack targeted multiple organizations, including NHS, encrypting victims’ PCs with dire consequences. Two years later, ransomware still targets businesses and government institutions. Just recently, aluminum producer Norsk Hydro was forced to revert to manual operations after a malicious malware attack.
How Costly is a Ransomware Attack?
The overall cost of a ransomware attack can be massive. Norsk Hydro estimates the cost of the attack to have surpassed the $40m mark so far and the number could grow further. Other businesses that suffered ransomware include Saint Gobain, a French construction company that estimates the cost of its attack to about $98m.
Ransomware can be a costly affair as it typically encrypts your company data, preventing access to it. The cybercriminals will only avail the decryption keys once you pay the ransom, which can be in the tune of millions of dollars. And, even after the ransomware is paid, there is no guarantee that the information will be released. If you have not patched common security vulnerabilities such as remote access points, Los Angeles IT service providers could help you out.
Globally, the US is the most targeted country with 53 percent of all detections followed distantly by Canada at 10 percent and the UK at 9 percent.
After the 2017 peak recent ransomware attacks, there was some respite. However, Malwarebytes' report indicates that the threat has come back with a big bang as cybercriminals shift from mass consumer campaigns to targeted attacks on businesses. Businesses must, therefore, take precautionary measures to protect themselves from these highly-targeted attacks.
This year alone, ransomware has made many headlines than ever before as the attacks target large, ill-prepared private and public institutions with easy-to-exploit vulnerabilities. They include cities, educational institutions, and non-profits. To stay clear of these attacks, your critical infrastructure must adapt and arm itself against targeted threats. Everyone who depends on public services often trusts these entities to safeguard their personal data. So, let Los Angeles based IT consulting professionals evaluate your network infrastructure for any vulnerability before cybercriminals do.
Stay Safe with IT Consulting in Los Angeles
Ransomware isn't going away any time soon. Every organization should continue taking ransomware threats seriously or risk becoming the next victim. If you have any questions about the steps to take to safeguard your business from ransomware attacks, contact our IT consulting team in Los Angeles now and speak to the experienced cybersecurity experts.