Ransomware threats are surging – here’s how to protect your business

Ransomware threats are surging – here’s how to protect your business

Written by Ryan Osborne

3 July 2024

Imagine waking up one morning, turning on your computer, and finding that all your important files – everything from customer data to financial records – are locked. Tight.

And then a scary message pops up demanding a ransom fee to unlock them.

That’s ransomware in a nutshell. It’s a type of malicious software that hijacks your data and holds it for ransom.

It usually starts with an innocent-looking email or link. You might get an email that seems legitimate, asking you to click on a link or open an attachment.

This is known as a phishing email, where the sender appears to be genuine but isn’t. Once you click, malicious software is silently installed on your system. From there, the cyber criminals quickly go to work.

They’ll be encrypting your files so you can’t access them. Then, you get that dreaded ransom note, demanding payment in exchange for a decryption key to unlock your files. Paying the ransom is a risky move because there’s no guarantee you’ll get your data back, and it just encourages the attackers to target more victims.

2023 was a particularly bad year for ransomware, with attacks surging after a two-year decline. According to a report, there was a huge increase in ransomware incidents, breaking a six-year record.

One reason for this spike is the rise of something called Ransomware-as-a-Service (RaaS). This model lets cyber criminals “rent” ransomware tools, making it easier than ever for them to launch attacks.

As a result, more businesses are finding themselves posted on data leak sites, with a 75% increase in the number of victims between 2022 and 2023.

Ouch.

And it gets worse. Attackers are getting smarter. They’re developing new variants of old ransomware, sharing resources, and using legitimate tools for malicious purposes.

They’re also working faster, often deploying ransomware within 48 hours of gaining access to a network. And they tend to strike outside of work hours, such as when you’re tucked up in your bed, so they’re less likely to be noticed.

If your business falls victim to a ransomware attack, the consequences can be devastating. You might face significant financial losses, not just from the ransom itself but also from the cost of downtime and recovery.

There’s also the risk of losing critical data if you can’t decrypt your files.

Your reputation could take a hit if customers find out their information was compromised. Oh, and your business operations could be severely disrupted, affecting your ability to serve your clients.

The most important question then: How can you protect your business from this growing threat?

  • Start by educating your team. Make sure everyone knows how to spot phishing emails and avoid suspicious links and attachments
  • Regularly back up your critical data and securely store those backups offline
  • Keep your software and systems up to date with the latest security patches, and invest in strong security tools
  • It’s also important to limit access to your data. Only give employees access to the information they need for their jobs
  • Monitor your network for unusual activity and have a plan in place to respond to incidents quickly

If you do get hit by a ransomware attack, don’t panic. Work with cyber security experts (like us) to resolve the issue.

Remember, it’s best not to pay the ransom, as it only fuels the cyber criminals’ activities.

My team and I help businesses take proactive action to protect their data. If we can help you, get in touch.

You May Also Like…

We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. View more
Cookies settings
Accept
Privacy & Cookie policy
Privacy & Cookies policy
Cookie nameActive

Who we are

Our website address is: The Tech People Group LTD trading as The Tech People.

Comments

When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection. An anonymised string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it. The Gravatar service Privacy Policy is available here: https://automattic.com/privacy/. After approval of your comment, your profile picture is visible to the public in the context of your comment.

Media

If you upload images to the website, you should avoid uploading images with embedded location data (EXIF GPS) included. Visitors to the website can download and extract any location data from images on the website.

Cookies

If you leave a comment on our site you may opt in to saving your name, email address and website in cookies. These are for your convenience so that you do not have to fill in your details again when you leave another comment. These cookies will last for one year. If you visit our login page, we will set a temporary cookie to determine if your browser accepts cookies. This cookie contains no personal data and is discarded when you close your browser. When you log in, we will also set up several cookies to save your login information and your screen display choices. Login cookies last for two days, and screen options cookies last for a year. If you select “Remember Me”, your login will persist for two weeks. If you log out of your account, the login cookies will be removed. If you edit or publish an article, an additional cookie will be saved in your browser. This cookie includes no personal data and simply indicates the post ID of the article you just edited. It expires after 1 day.

Embedded content from other websites

Articles on this site may include embedded content (e.g. videos, images, articles, etc.). Embedded content from other websites behaves in the exact same way as if the visitor has visited the other website. These websites may collect data about you, use cookies, embed additional third-party tracking, and monitor your interaction with that embedded content, including tracking your interaction with the embedded content if you have an account and are logged in to that website.

Who we share your data with

If you request a password reset, your IP address will be included in the reset email.

How long we retain your data

If you leave a comment, the comment and its metadata are retained indefinitely. This is so we can recognise and approve any follow-up comments automatically instead of holding them in a moderation queue. For users that register on our website (if any), we also store the personal information they provide in their user profile. All users can see, edit, or delete their personal information at any time (except they cannot change their username). Website administrators can also see and edit that information.

What rights you have over your data

If you have an account on this site, or have left comments, you can request to receive an exported file of the personal data we hold about you, including any data you have provided to us. You can also request that we erase any personal data we hold about you. This does not include any data we are obliged to keep for administrative, legal, or security purposes.

Where your data is sent

Visitor comments may be checked through an automated spam detection service.
Save settings
Cookies settings