Businesses are being severely impacted by ransomware, which includes GandCrab, SamSam, WannaCry, and NotPetya. In reality, ransomware attacks against businesses increased by 88% in the second half of 2018 as cybercriminals shifted their attention away from consumer-focused attacks. Targeting hospitals, governmental organizations, and commercial institutions show that cybercriminals understand that big business equals large rewards. Including remediation, fines, and ransomware settlements, the average cost of a data breach comes to $3.86 million.

A malware called ransomware is made to prevent a user or business from accessing files on a computer. Cyberattackers put businesses in a situation where paying the ransom is the quickest and least expensive option to recover access to their files by encrypting these files and requesting a ransom payment for the decryption key. For increased motivation for ransomware victims to pay the ransom, several variants have included other capabilities, like data stealing.

Recently, GandCrab has been linked to the majority of ransomware outbreaks. Since it was first discovered in January 2018, GandCrab has undergone a number of revisions as the threat actors make their ransomware more difficult to counter and bolster its encryption. Individual ransoms for GandCrab have been set between $600 and $700,000. It is reported that GandCrab has already earned somewhere over $300 million in paid ransoms. You can also recall SamSam that attacked essential city services including revenue collection in the City of Atlanta which cost $2.6 million.

Ransomware, like with other types of malware, cautious action and the deployment of top-notch protection tools are essential. Making backups is especially crucial when dealing with this kind of virus since it enables you to be well-prepared even in the worst-case situation. Here are some ways how to protect your investment from this threatening cyber fiend.

  • Make a data backup. Remediating a ransomware attack is as easy as deleting and reimaging compromised systems, presuming you have backups available. It is advisable to use high-level authentication.
  • Do a patch and update your software. Exploit kits are frequently used by ransomware to gain unauthorized access to a device or network (e.g. GandCrab). Exploit-based ransomware assaults are harmless as long as all the software on your network is current.
  • Inform your end users about creating secure passwords and malspam. The resourceful crooks behind Emotet are leveraging the previous banking Trojan as a ransomware delivery method. In order to infect a user and gain access to your network, Emotet uses malspam. It is worm–like and will spread fast once it enters the system, but with proper prevention, you will be ahead of the enemy before it reaches you.
  • Invest in reliable cybersecurity equipment. For instance, Malwarebytes Endpoint Detection and Response provides you with detection, response, and remediation capabilities across your entire network via a single handy agent.

The worst case scenario is being in a place where you don’t want to be even in the slightest thought. But you still need to take action. Below are the ways on dealing with ransomware if you are already a victim:

  • Verify if a decryptor is present. Occasionally, you might be able to unlock your files without paying the ransom, but don’t get your hopes up because ransomware threats are continuously changing to make it more difficult to unlock your information.
  • We have long argued against paying the ransom, and the FBI has finally come around to our position. Because cybercriminals lack morals, there is no assurance that you will receive your files back. Don’t make them feel that you’ll pay for the ransom. Furthermore, by giving them the money they are asking, you demonstrate to thieves the effectiveness of ransomware attacks.

Attacks using ransomware are nothing new; they have existed since the late 1980s, when postal payments were the norm. Nowadays, fraudsters typically demand payment of the ransom via a credit card or a cryptocurrency. Don’t be a victim. Learn more on how to protect your business by contacting us today.