Ransomware is on the rise with several industries being targeted.1 In the first half of 2021, ransomware events have cost businesses $590 million.2 What can you do to keep your organization safe? Stopping ransomware begins with understanding how it works and building extra protections around your data.
How ransomware works
Ransomware is the fastest-growing type of cyber threat, with threats being launched every 11 seconds.3 On average, affected businesses take more than 21 days to recover.4 Criminals continue to refine software and access methods and may even sell particularly effective strains to less-adept hackers.
Ransomware is a form of malware that’s often introduced through business email compromise (BEC). In this scenario, cyber criminals send fraudulent emails to entice the recipient to open the message and click on a fraudulent link. Often, the criminals impersonate trusted senders, such as company executives or suppliers. Once clicked, the link can infect an entire network and hold your company’s data hostage while the criminals demand a ransom, often in cryptocurrency.
Companies can protect themselves through cyber education and, most importantly, preparedness. Organizations that develop backup and remediation plans can give themselves options that can greatly reduce the severity and length of a ransomware incident.