Business

Ransomware Attacks

Over the past months a significant increase in ransomware attacks was recorded across the world. To define it simply, a ransomware attack takes place when a designated software hijacks a system and does not cease until money is paid. Launching cyberattacks has become much easier when compared to the past. There are opportunities for people who are not familiar with IT to make deals with hackers for an agreed amount of money, to launch cyberattacks on their behalf. It is safe to say that the probabilities of businesses getting hacked increase day by day.

One matter which has contributed to more ransomware attacks over the past months is the increased vulnerability of businesses, as employees work remotely. In view of the fact that more people are working from home, there are new opportunities for hackers to gain access to company data, through weak personal networks and devices. This underscores the need for businesses to constantly invest in and keep their cybersecurity posture up to date.

It is quite tempting to assume that a cyberattack will never hit your business and that any issue which might arise can be easily fixed. When it hits, matters tend to be more complicated than expected and the subsequent disruption can impact the entire company. The impacts of a ransomware attack can include an extended period of downtime, implying both loss in revenues and damage to company reputation. In certain instances, businesses end up paying a significant amount of money to recover the stolen data and can eventually lose all credibility with clients.

In the context of cybersecurity, it is important to note that there is always room for improvement. Significant portions of IT budgets are allocated for security. One example is that investment in cloud infrastructure has increased over the past months. Ensuring that systems are secured is an intelligent long-term investment that will ultimately safeguard reputation. There are different strategies one can pursue to protect against ransomware.

Store data in a private cloud

Considering that data is what hackers will be after, as a business it is paramount to keep this protected at all times. A private cloud system, where you are not sharing resources with others should help here.

Invest in adequate tools

A ransomware protection backbone is only as strong as its tools. Seeking consultancy from IT security specialists here might be worth the investment. That way the business can remain up to date with the latest software for ransomware protection.

Train employees

A business can have the best software and processes implemented. One mistake by an employee can immediately expose it to cybersecurity risks. Training needs to be provided to all employees to familiarise themselves with phishing attacks and other methods how hackers may attempt to gain entry.

Proper data access control

It is important to constantly monitor who has access to what data and that there are suitable reasons for this. The more people that have access to sensitive data, the increased chances there are of a breach taking place.

Ransomware is here to stay and business leaders who ignore its existence risk having to pay for a costly mistake.

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