Cybersecurity Ventures Predicts: Cybercrime Damages Expected to Surpass $6 Trillion Annually By 2021

Cybercriminal activity is one of the biggest challenges that humanity will face in the next two decades, according to Cybersecurity Ventures.

Cyber-attacks on businesses are getting more powerful and harder to stop. Corporate boards aren’t being briefed on cybersecurity, and executives don’t see it as a strategic priority. According to Ponemon Institute, an information systems research firm, ransomware attacks alone have risen to 300-percent over the approximately 1,000 attacks per day since 2015, with incidents like WannaCry and Petya affecting thousands of targets and disrupting large to small corporations across the world, hitting more than 230,000 computers in total. 

As per the recent survey conducted by Ponemon Institute, fifty-seven percent of the owners believe their company is too small to be a target of ransomware and, as a result, only 46 percent of the owners believe prevention of ransomware attacks is a high priority for their company. Despite not being a high priority, 59 percent of owners believe a ransomware attack would have serious financial consequences for their company and 53 percent of owners would consider paying a ransom if their company’s data was lost.

Fear of publicity stops companies from reporting the incident to law enforcement. The FBI is urging businesses or consumers hit by ransomware to refuse to pay the ransom and immediately contact the FBI or file a complaint. “Whether it’s a Bitcoin wallet address, transaction data, the hashtag of the malware, or any email correspondence, it can help advance an FBI ransomware investigation,” said Will Bales, supervisory special agent for the FBI’s Cyber Division.

Who Is Impacted by This?

Any person who uses a Windows computer is susceptible to the WannaCry cyberattack. Companies are more at risk because they are connected to networks, and this looks better to cybercriminals. However, remain vigilant, because individuals are also at risk.

How Does the Ransom Work with WannaCry?

The WannaCry attackers request that the ransom be paid using Bitcoins.  In fact, WannaCry has generated a unique bitcoin address for each computer that the file affects. However, it was also found that there is a bug in the code, which causes it to not execute as it should. This then causes WannaCry to default to three Bitcoin addresses for payments. This is problematic, however, because the attackers are now unable to properly identify the victims who have paid and who hasn’t, which means the victims, even if they have paid, are not likely get their files back.

The WannaCry attackers realized all of this, and then released a new version of the malicious software that fixed this, but it has not been as successful as the original cyberattack.

How do you protect against Ransomware?

The question is no longer “if” but “when” a ransomware attack will happen against your company. So how can you be prepared when the ransom for your essential data is demanded?

• Always keep your security software up to date to protect yourself against them. Software updates will frequently include patches for newly discovered security vulnerabilities that could be exploited by ransomware attackers.
• Email is one of the main infection methods. Be wary of unexpected emails especially if they contain links and/or attachments.
• Be extremely wary of any Microsoft Office email attachment that advises you to enable macros to view its content. Unless you are sure that this is a genuine email from a trusted source, do not enable macros and instead immediately delete the email.
• Backing up important data is the single most effective way of combating ransomware infection. Attackers have leverage over their victims by encrypting valuable files and leaving them inaccessible. If the victim has backup copies, they can restore their files once the infection has been cleaned up. However, organizations should ensure that backups are appropriately protected or stored off-line so that attackers can’t delete them.
• Using cloud services could help mitigate ransomware infection, since many retain previous versions of files, allowing you to roll back to the unencrypted form.

If you’re interested in learning more about cybersecurity and other ways you can protect your company’s data, contact Techcess CyberSecurity Grouptoday and speak to a support team member at Phone: 1-833-TXCYBER | 1-281-701-3257