Ransomware is a malware designed to deny a user or organization access to files on their computer. By encrypting these files and demanding a ransom payment for the decryption key, cyber attackers place organizations where paying the ransom is the easiest and cheapest way to regain access to their files. 

Ransomware is a major problem affecting nearly every industry. It is becoming increasingly common, especially for SMBs. It can leave you without access to your data. Therefore, it would be advisable to employ experts who have knowledge of ransomware to protect your company against ransomware.

Ransomware affects industries

Because ransomware has become so prevalent, attackers have become more sophisticated in their methods. Some variants of ransomware demand payment in cryptocurrency, making them difficult to trace. One variant of the Fusob ransomware, for example, asks for payments in iTunes gift cards. As cryptocurrencies like bitcoin and Ethereum became increasingly popular, ransomware attacks skyrocketed. Many of these digital currencies use encryption techniques to verify transactions and control the creation of new units.

More sophisticated

One of the most efficient ways for thieves to access the data of unwary users is through ransomware, and this technology is always improving. Currently, ransomware is a form of malware that locks down files on infected computers until a ransom is paid. It is expected that by 2020, there will be an increase of 151% in ransomware attacks.

Fortunately, it is possible to avoid paying the ransom with a strong backup system. With this, businesses can avoid being held hostage by ransomware. But if a business does not have a strong backup system, it will not be able to recover its data promptly.

More common in SMBs

Ransomware is a growing threat to SMBs and has the potential to cause serious financial loss. The attack encrypts files and demands payment in Bitcoin from the business. The attacker threatens to publish the captured data if the ransom isn’t paid. The ransomware program is typically delivered via email and disguises itself as a legitimate file. Often, the victim is tricked into opening it and paying the ransom. As a result, the attackers are rarely caught. 

It’s costly

Cybersecurity Ventures estimated that ransomware would cost $5 billion in 2017 and $20 billion by 2021. Unfortunately, this figure represents only the first year of cybercrime’s rise in cost. And as it grows in popularity, the costs are only expected to increase.

Aside from financial costs, ransomware also has reputational consequences. The attack can lead to a loss of reputation and damage a company’s reputation. For example, the recent attack against Norsk Hydro in Norway forced the company to shut down operations in several locations and spend $40 million in the first week.

It’s messy

Ransomware is a type of malware that encrypts files and makes them unreadable. To do this, it generates a set of public and private keys and then stores them on a hacker’s server. These keys are used to decrypt files once they’ve been encrypted. Because ransomware can do this quickly, it doesn’t require user input. It also works automatically, so it doesn’t require you to do anything.