Cybercriminals are always innovating and looking for the best ways to quickly profit. Without a doubt, thanks to their successful ransomware campaigns demanding ever higher ransom payments from their victims, they are making a living by harming others. Therefore, due to the ever-increasing demands of cybercriminals, ransomware attacks could very soon become more dangerous and damaging for businesses and individuals alike.
Without a doubt, ransomware attacks are one of the biggest threats companies face. Below we will explain what these organizations face in the face of an increasingly damaging threat.
How a ransomware attack affects a business
When a business falls victim to a ransomware attack, the first thing you notice is that cybercriminals use malware to encrypt data on their network. Then it is inoperable and that organization will quickly be unable to do business. The goal of these cybercriminals is to block their networks , as it is the fastest and easiest way to earn money . In addition, in many cases not only is local data encrypted, but the compromised company is also stealing the information and subsequently collecting the ransom.
The attackers then request a ransom payment in exchange for a decryption key for the files. In 2020 we have seen how extortion demands have grown by ransomware gangs, who currently ask victims for millions of euros in bitcoins. In this sense, we recommend that you read the tutorial on paying a ransom for a ransomware attack . With such high payment demands, ransomware attacks could soon become a very serious threat.
The success of ransomware attacks and outlook for 2021
Today, ransomware continues to be successful because a significant number of victims give in to cybercriminals’ blackmail and end up paying the ransom. Despite the fact that police and cybersecurity companies recommend not paying, many companies feel that it is the fastest and easiest way to restore their network and prevent financial damage. However, sometimes the decryption process does not work well and sometimes the key to do it is not even delivered.
Additionally, ransomware gangs have added a new strategy that they use more and more. This new technique consists of extorting victims into paying, and if they do not, threatening the victim with leaking confidential corporate information of theirs or clients.
Ransomware attacks could soon become the preferred strategy of advanced cybercriminal groups and are likely to become even more damaging in 2021. In the near future, if criminals manage to gain access to cloud services used by multiple companies and getting them encrypted could be catastrophic. Then there would be a widespread disruption of many organizations at once. In that case, the criminals could demand a ransom of tens of millions of euros.
How to protect yourself from ransomware
Ransomware is undoubtedly expected to remain a significant threat in 2021. However, organizations can protect themselves against it by applying a small number of relatively straightforward cybersecurity rules. Thus, to avoid this, companies must ensure that:
- Have a well-managed plan on applying cybersecurity patches and other updates . If we apply a patch quickly and in a timely manner, it prevents cybercriminals from using it as a means of entering the network.
- Weak passwords are not used . Organizations should encourage employees to use more complex passwords. Also, another highly recommended step would be to use multi-factor authentication .
- Create regular network backups and store them offline . In case the worst happens, it is possible to restore it from a relatively close point, and without having to give up the extortion of the criminals.
Lastly, if proper measures are not taken as above, ransomware attacks could soon become the cybercriminals’ choice of choice. We recommend you visit our tutorial on how to protect your computer from email ransomware .