Ransomware attacks have reached record levels. Not only are they increasing in frequency, but they’re also becoming more sophisticated, successful and damaging. Ransomware is a dangerous digital weapon due to its many variants and drastic impact on business continuity. Learn how you can become more resilient to avoid being the next ransomware victim.
Ransomware-as-a-service
One of the reasons for the rise in cases is that it’s become common for ransomware creators to establish an affiliate network, or partner program. In this new model, creators of ransomware provide it for free to cyber criminals. The criminals deploy the software, collect the ransom from their targets, and provide a percentage of the ransom back to the creator. The creator has minimal risk and broader opportunities for success.
Ransomware targets
No company or individual is too small or too large to be a target of ransomware. These types of attacks are so now so common that all organizations must be prepared to address them.
Cities may seem to be among the most common targets of ransomware attacks, since they’re required to publicly disclose when they have been victimized. Yet they represent only about 10% of estimated cases.i Public utilities, healthcare organizations, publishing houses, and financial institutions are also frequent attack targets, according to the Verizon Data Breach Investigations Report (DBIR).
Cost of ransomware
Ransom demands can reach tens of millions of dollars. In addition to the financial risk, they also cause reputational damage. A ransomware attack– even an unsuccessful one – likely requires investigations from regulators and invites legal action from customers.
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