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Ransomware is posing new risks to organizations in both the private and the public sector and can be more of a risk to those who frequently use cryptocurrency. Ransomware is a type of malware that can harm your machine and eventually result in locked devices or heavily encrypted data. It can be localized, or it can disperse to other machines on your network, depending on the type of attack that you are a victim of. In 2022, five major corporate ransomware attacks have resulted in the loss of customers’ sensitive data and overall trust in the brand. (Source: CM-Alliance)
Below, we’re highlighting the key risk of a ransomware attack and offering solutions to help you to mitigate your risk.
1. Lack of decryption after payment
If organizations decide to pay to release the files from encryption, the ransomware may opt to keep the files hostage or refuse to decrypt the files. This can result in tremendous loss of capital, as the fines for these are often high amounts of Bitcoin or other alt currencies. If you receive any emails regarding your ransomware attack asking you to pay the “amount due,” many legal entities actually recommend against doing this. The hackers are under no obligation to give you the files back in their original form, and it could lead to further vulnerabilities down the line.
2. Network compromisation
A ransomware attack isn’t necessarily machine specific. Certain types of infections can spread to other computers and devices on a local network, which can result in further areas of compromisation. It’s important to have regular backups for every device on your network and to save that backup data locally where it can’t easily be accessed. That way, in the case of an attack, you won’t have such a devastating loss of information.
3. Loss of capital
Ransomware isn’t just dangerous for your files. It’s also a risk to your bank account. These hacks often result in the use of premium services that will wind up costing you more, simply to add to the inconvenience of the hack. Watch your statement for any “odd” charges that could show that your network was compromised.
CHIPS creates security solutions to protect businesses from cyberattacks
If you’re looking for customized data protection solutions, we encourage you to reach out to the team at CHIPS today. We specialize in offering custom data protection solutions that work for your business – for years to come! For more information and to get started today, please visit our website.