Micro Technology Solutions Inc.

Ransomware Attacks Increasing: Is Your Network Security Keeping Up?

Male Network Engineer Performing Network Security Check in Server Room

Ransomware attacks can devastate businesses of any size, so it’s critical to be aware of the dangers they pose. Ransomware is a type of malware that encrypts files on a victim’s computer, followed by a hacker demanding a ransom payment in order for them to be decrypted. The threat landscape is changing rapidly, and ransomware is becoming a more common and well-planned threat against network security.

One study proved that only about 50% of small businesses across the country have adequate cybersecurity measures to protect their businesses from ransomware. These attacks can cause serious damage to businesses and their network security, including loss of data, disrupted operations, and even bankruptcy. In this blog post, we will discuss the dangers of ransomware attacks and how businesses can protect themselves.

What Is Ransomware?

Ransomware is typically spread through email attachments, malicious websites, or infected advertising. Once a computer is infected, the ransomware will scan for specific types of files and encrypt them.

The victim will then see a message demanding payment in order to decrypt and regain access to their files. The ransom amount can vary depending on the type of ransomware and the sensitivity of the data that has been encrypted. However, it was found that on average, a victim of a ransomware attack only regains about 65% of their data after the payment has been made.

How Are Threats Changing And Increasing In Frequency?

Ransomware attacks are becoming increasingly common and sophisticated, especially since the beginning of the COVID-19 pandemic. Hackers are using new techniques to spread ransomware, such as using social engineering to trick victims into clicking on malicious links.

These attacks are also becoming more targeted, with hackers doing research on their victims in order to select the most effective ransom amount.

Due to the high cost of the ransom and the damage to the victim’s reputation, up to 60% of small businesses that are attacked close within six months. That’s why it’s essential to do everything in your power to protect yourself, your employees, and your business data from a ransomware attack.

How Do Ransomware Attacks Damage Businesses?

Ransomware attacks can cause serious damage to businesses of all industries. The most obvious impact is the loss of data, which can lead to disruptions in operations and a loss of productivity for any company.

In most cases, businesses are forced to pay the ransom in order to regain access to their files. This can be a significant financial burden, especially for small businesses. In other cases, businesses have refused to pay the ransom and have had to start from scratch, which can also be costly.

Another serious impact of ransomware attacks we’ve previously mentioned is the damage to a business’s reputation. Customers are increasingly concerned about data security, so a ransomware attack can damage a business’s relationships with its customers.

Ransomware attacks can also lead to legal problems, especially if sensitive data is encrypted. In some cases, businesses have had to pay hefty fines for not meeting data security standards such as HIPAA.

How Can Businesses Protect Themselves?

There are several steps that businesses can take to protect themselves from ransomware attacks. First, it’s important to have a strong network security system in place. This should include firewalls, intrusion detection and prevention systems, and email and web filtering.

Educating your employees about the dangers of ransomware and how to spot suspicious emails or websites is another great way to prevent attacks. There are many Phishing scams that use ransomware, so be aware of the warning signs.

You should have a backup plan in place in case your business is attacked. This way you’ll be able to restore your data without having to pay the ransom.

Thankfully there are steps that businesses can take to protect themselves from ransomware attacks. By having a strong network security system, educating your employees, and having secure backups, you can minimize the impact of a ransomware attack on your business.

Protect Your Business by Teaming Up with Micro Technology Solutions

For more information on how to protect your business from ransomware attacks, please contact our team of experts at Micro Technology Solutions. We would be happy to help secure your network and protect your data.