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Ransomware ramifications – don’t pay the price

You may or may not have heard the term ‘ransomware’. With so many phrases circulating in the realm of cyber security, it’s in your interest to be cyber aware to help protect your business, employees and customers.

Jenny Dikranian

Content Writer, My Business

Understanding ransomware is one way you can be a step ahead of cybercriminals.

Ransomware occurs when malicious software (malware) makes its way into your device – computer, phone or tablet – and corrupts (encrypts)your files. It’s spread through malicious websites, email attachments and links such as phishing emails, social media messages and apps. Your files become locked (encrypted) so you cannot access them. Cybercriminals then hold you to ransom – they will ask you for payment to regain access to your files. However, paying the ransom does not necessarily mean they will keep their word and reverse the damage.

This type of cybercrime can cause serious damage to your reputation. You can lose customers, money… worst case scenario your business. Ransomware is therefore the most serious of all cyber attacks. But there are things within your control that can minimise the threat of ransomware.

Ransomware – statistics and trends

Ransomware is on the rise. According to a report by the Australian Cyber Security Centre (ACSC), in the 2020-21 financial year almost 500 ransomware incidents were reported – an increase of nearly 15% on the previous year. This is an average of more than one ransomware cybercrime being reported daily.

Ransomware is evolving. Cybercriminals are also more willing to extort money from the vulnerable. Demands for ransom have ranged from the thousands into millions and access to dark web tools have made it possible. Some cybercriminals are combining acts of encryption with threats to publish or on-sell sensitive data including intellectual property and personal information. This has even wider ramifications as it also impacts customers, clients and employees of the targeted business. This is referred to as ‘double extortion’.

Reduce vulnerability – safeguard your future

There are steps you can take to increase your cyber security and minimise the threat of a malware attack. Here are some of the ways you can achieve this:

Make anti-virus protection a priority by installing anti-malware on all devices and ensuring it is updated on a regular basis.
Upgrade your devices and software – old unsupported systems should be phased out as security updates are no longer provided making them vulnerable to hackers.
Ensure your operating systems are patched on a regular basis.
Run daily backups and test you can restore from your backups.
Introduce Multi-Factor Authentication whereby two or more methods of verification are required to log in.

Be cyber smart

But even with the tightest security measures and practices, as humans it’s in our nature to make mistakes. And it only takes one slip to cause damage. As part of your cyber security strategy, it’s important your employees are up to speed on how to minimise cyber risks and that’s where training is beneficial.

Awareness training is a simple and effective way to provide foresight. Employees will understand the importance to stop, question and think before clicking malicious links or opening suspicious attachments which are cleverly designed to look legitimate. A cyber security health check can help you identify where your business is at risk and what improvements can be made via training and resources.

With the increase and evolving nature of ransomware as a cybercrime, now’s the time to ramp up your cyber security measures and not pay the price.