How Ransomware is Becoming the Biggest Threat to Businesses and What You Can Do

Ransomware attacks have become increasingly popular over the past few years, and they are becoming a major problem for businesses and organizations as well as regular people. But why are these attacks occurring, and what can we do about it? Keep reading to find out.

What is a ransomware attack?

A ransomware attack is a type of cyberattack that involves malicious Software that encrypts the data on a victim’s machine until they pay for a key to unencrypt it. Hackers often demand payment in cryptocurrency, like bitcoin, since it’s harder to trace, but even after paying, there is no guarantee that the hackers will return the system to you.

The rise of ransomware attacks.

Hackers have been becoming better at their attacks, and there has also been a rise in ransomware-as-a-service (Raas) companies that help hackers carry out attacks for a fee. Many of them even have 24/7 helplines, mirroring legitimate Software as a Service (SaaS) companies and allowing even people with no skill the ability to carry out attacks on individuals or companies they choose.

These attacks are not limited to stealing personal data; they often disrupt entire supply chains, public services, and healthcare institutions, creating chaos to increase the urgency of payment.

Incidents of ransomware

Notable incidents have included attacks on healthcare systems, city governments, and even national infrastructure, which have caused billions of dollars in losses.

Corporate Solutions to Combat Ransomware

Businesses are increasingly relying on advanced endpoint detection and response (EDR) solutions that monitor all devices connected to the network. These tools help detect anomalies and block suspicious activity before ransomware can spread.

The Zero Trust model is gaining popularity, requiring every device and user to be authenticated at every step, reducing the risk of unauthorized access to sensitive systems.

Companies are investing in more robust backup solutions so they can quickly recover their data without paying the ransom. Off-site backups and immutable storage (data that can’t be altered) are increasingly common, as they ensure data integrity even during a ransomware attack.

Since phishing remains one of the primary entry points for ransomware, organizations are conducting cybersecurity training programs. These initiatives aim to educate employees on identifying phishing emails, safe browsing habits, and the importance of strong passwords.

More organizations are adopting comprehensive incident response plans that outline steps to contain and recover from an attack.

What can individuals do to protect themselves?

Always use reliable antivirus and anti-malware tools that provide real-time protection against threats. Regular scans and updates are crucial in detecting and removing ransomware before it can cause harm.

One of the best ways to protect against ransomware is to back up important data regularly. Using external hard drives or cloud services ensures that even if your files are encrypted, you can restore them from a backup without paying the ransom.

Ensure that your operating system, browsers, and all installed software are up to date with the latest versions. Security patches often fix vulnerabilities that ransomware exploits to gain access to your system.

Never click on suspicious links or download attachments from unknown sources. Be wary of emails that create a sense of urgency, as these are often attempts to trick users into lowering their guard.

Create strong, unique passwords for your accounts and enable multi-factor authentication (MFA) wherever possible.

If you suspect your computer has been infected with ransomware, disconnect it from the internet immediately to prevent further problems.

Statistics and Facts

• The most common reason for an attack is an exploited vulnerability in the system followed by compromised credentials.

• Most attacks involve encrypting the data.

• Almost 85% of private-sector organizations were affected by ransomware attacks.

• People who contact authorities lose less money than those who don’t.

• Cybercriminals made more than $1 Billion with ransomware in 2023.

Follow GeekSided to learn more about how to protect yourself from ransomware attacks.