Tech News

Ransomware is Heating Up

The Greatest Threat to Businesses

During the pandemic last year, we saw cyber crime increase dramatically. Heightened emotions and the transition to remote working created weaknesses that were easy for criminals to exploit. As cyber crime has continued to increased, so have risks to business security. Ransomware is the greatest threat to all businesses.

What is Ransomware?

Ransomware is a type of malware that specializes in the encryption of files and drives. In what has become one of the most severe and serious security threats modern businesses now face. Ransomware is used by cyber criminals worldwide to hijack systems and disrupt operations.

Once the ransomware infection has set in, victims are faced with an unreasonable request. Cyber criminals threaten to hold the sensitive data for ransom until payment is made. On average, only 65% of data is recovered after a victim pays the ransom.

Double extortion takes a step further and data is threatened to be released publicly unless the ransom is paid. Criminals often demand ransom payment be made in Bitcoin because it hides transactions. Bitcoin payments make recovery much more difficult for professionals.

Who’s at Risk?

Many studies show that no single industry is immune to this virus. Businesses from all industries and of all sizes are at risk to falling victim to ransomware attacks.

Ransomware as a Service (RaaS)

Ransomware as a Service (RaaS) is another recent development that has increased the danger of Ransomware. It has created a way for anyone to carry out an attack, whether they have any technical knowledge or not.

Make sure your company has multi-layer protections in place and is backing up data regularly. Implementing cybersecurity policies and business continuity plans are also crucial to diverting attempts by cyber criminals.

Protecting Your Business from Ransomware

CTG Tech specializes in customized solutions and approaches network security from all angles. Antivirus and other security software is not enough to protect your business from a data breach or malware attacks. Our cybersecurity solutions can protect your business from unauthorized access, malicious software, and more. Contact us today to learn more about how we can protect your business. 

If you are a victim of ransomware:

• Contact your local FBI field office to request assistance, or submit a tip online.

• File a report with the FBI’s Internet Crime Complaint Center (IC3). Having a disaster recovery plan in place beforehand is a necessity. You can work with your IT Service Provider to formulate a plan and ensure there are no holes in your network.

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