How to Tackle the Rising Tide of Ransomware Attacks
Ransomware is the single biggest risk facing businesses today.
Such attacks are becoming increasingly prevalent as the criminals develop ever-more sophisticated methods and attack vectors. Increasing digital interconnectivity, and the use of mobile devices and the Internet of Things have provided the hackers with more touch points to attack. As companies grow further and faster than before, so too are they leaving themselves more exposed to these cyber threats, which are only increasing in severity and frequency.
The problem is exacerbated for larger firms with legacy systems and networks or those undergoing mergers or acquisitions. Certain industries, such as manufacturing and many in the public sector, are also less well prepared for these new types of attacks.
Driving this rising tide of ransomware attacks are nation-state sponsored hackers from countries such as Russia and Ukraine, who have only one aim: to causing maximum disruption. Such is their growth that they have now become an industry in their own right, with the criminals hiring out their services or acting as a broker to return for a cut of the profits.
The costs go far beyond the initial loss too: they extend to business interruption, forensics, recovery and restoration costs from the event. Added to that, ransom demands are increasing as the hackers target higher value organizations.
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