In its simplistic form, ransomware is a type of malicious software designed to block access to a computer system or files until a sum of money is paid.
Most ransomware variants encrypt files on the affected computer, usually via a malicious link or clickable ad, rendering the system and/or files inaccessible and then demanding a ransom payment. to restore access.
Ransomware is one of the main cybersecurity threats. Ransomware attacks cost businesses more than $ 75 billion a year; a new business is targeted by ransomware every 14 seconds in 2020. The number of business ransomware attacks nearly tripled between Q4 2018 and Q1 2019, while dozens of county, city, and state government systems already were affected in the United States in 2019. These statistics made countless people ask the question… Do we pay or not pay?
In March 2018, the city of Atlanta refused to pay a US $ 51,000 ransom, causing a disaster; the attack required Atlanta to restructure its 2019 budget. More than a third of the city’s software programs were totally or partially disconnected. Every day, the city found more mission-critical applications affected by the cyberattack because they leaked to other systems. The first month of recovery cost Atlanta $ 3 million. A few months later, in June, the city’s then acting CIO, Daphne Rackley, asked for another $ 9.5 million to fix the problems this attack produced.
Another ransomware attack hit another large American city in 2019, Baltimore refused to pay a $ 76,000 ransom and residents are still unable to pay their water bills. What is worse is that, at press time, “The Baltimore Sun” newspaper reported that city officials had just voted to transfer $ 6 million from a fund for parks and public facilities to help pay for the devastating impact. from the ransomware attack.
Earlier this year, Riviera Beach, Florida and Lake City, Florida agreed to pay $ 600,000 and $ 462,000 in ransom, respectively. The Lake City hack went on for about two weeks, rendering the city’s phone and email systems inoperable, before he decided to pay. The Riviera Beach City Council voted unanimously to pay the ransom after the three-week attack encrypted their town’s records, disabled their email system, and disrupted digital payroll and 911 systems.
How to Prevent a Ransomware Attack
Knowing the vulnerabilities in your technology system and the ways in which attackers could exploit them is vital to preventing ransomware attacks. This is RedDefense Global job: Identify, test, and mitigate the vulnerabilities of your technological system. With that in mind, RedDefense Global team will simulate a real attack on your networks, applications, devices and/or people to demonstrate the level of security of your technological systems and infrastructure. This is key when it comes to mitigating ransomware attacks.
DO NOT LET YOUR COMPANY BE THE NEXT VICTIM.