Ransomware exploits victims by locking or encrypting their data files and demanding a payment to unlock or decrypt them.
The victims regain access to the files by paying the attacker a set number of Bitcoins. However, there is no guarantee that paying will restore their access. This type of malware can spread easily via phishing emails, drive-by downloads, and even social media platforms.
Falling prey to this attack can damage an organization’s reputation and cause a hindrance in its day-to-day operations. In some cases, businesses can also lose valuable data forever.
Considering the damage this malware can cost, organizations and individuals must protect themselves from this threat.
The Global Damage Of Ransomware
Cybersecurity Venture published a report in 2017 that expected the total damage from ransomware to exceed the $265 billion (USD) mark by 2031. The cost of the damage is likely to increase by thirty percent each year for the next ten years.
Although many cybercrime prevention organizations have been working to combat these malicious attacks, malware proliferates due to its infectious nature. And unfortunately, there is not much hope that the malware’s rate of spread will slow down soon.
The ransomware itself is becoming more complicated and dangerous as attackers come up with creative ways to access the victim’s confidential files. Moreover, cybercriminals are also targeting specific organizations to exploit them for a high ransom. The price of a single ransom can go up to $700,000!
Additionally, the latest Internet Crime Report highlighted 2,474 formal complaints made by organizations in one year. The investigation further revealed that the total damage caused by this malware reached up to $29.1 million in 2019, which only includes the amount paid in ransoms.
The Bottom Line
Ransomware is expected to grow and target a large number of businesses in the near future. The malware has already caused millions of dollars worth of damage in the last couple of years. Therefore, it’s crucial for businesses and organizations to heighten their security and safeguard their systems and servers.
If your business is at risk of exposure, you can take the additional step of mandating routine off-network backup procedures to ensure that your valuable information is not lost. You can also take preventive measures by investing in robust anti-virus software programs.
DataLocker provides several solutions to help safeguard your business files. Contact us today to learn more about our encrypted drives, which can be configured to include anti-malware to help prevent the spread of malicious software.