The 2017 Centre for International Governance Innovation (CIGI)-Ipsos Global Study on Internet Security and Trust, which surveyed 24,255 users across multiple countries, recently found that 1 in 4 internet users would have no idea how to respond to a ransomware attack. In addition, the study found that just 16 per cent of users would know how to retrieve data from a backup while another 13 per cent wouldn’t even attempt to recover data if vital information was compromised.
This survey comes on the heels of the recent WannaCry ransomware attacks, which impacted over 200,000 users in at least 150 countries. Initial reports indicated that the WannaCry attack used ransomware to hijack computer systems and demand money in the form of bitcoin, a type of digital payment system.
The ransomware initially requested around $300 and, if no payment was made, it threatened to double the amount after three days and delete files within seven days. This type of cyber attack is common and can impact businesses of any size, so it’s important to know what steps to take in order to protect your business.
The WannaCry attacks illustrate the importance of ensuring that any and all software patches are up to date. For further protection, consider training every employee on cyber security, and instruct them to never click on suspicious emails or attachments.
Other ransomware precautions include the following:
- Update your network if you haven’t yet and implement the appropriate software patches.
- Turn on auto-updaters, if available.
- Don’t click on links that you don’t recognize.
- Don’t download files from people you don’t know.
- Back up your documents regularly.
Following this attack, organizations are likely to be more proactive in adjusting security measures so malware can’t spread automatically. Taking these precautions into mind, your organization can avoid potentially costly ransomware attacks. As an added benefit, a higher focus on in-network security measures can make your organization more attractive to potential customers and other third parties.
© Zywave, Inc. All rights reserved
Ransomware is a type of malicious software that is specifically designed to block systems or files until a victim—typically a company or high-ranking professional—has paid a sum of money to regain access. These types of attacks can be costly, sometimes averaging up to $50,000.
According to the recent report, the State of Ransomware, by malware remediation company Malwarebytes, Canadian businesses were among those most likely to pay ransomware demands. Additionally, the report, which examined 5,400 IT staff across Canada, the United States, the United Kingdom and Germany, showed that Canadian businesses ranked among the highest for lost revenue and business interruption following an attack.
In total, around 75 per cent of Canadian businesses admitted that they would pay an attacker to regain access to key systems and functionality. Other interesting findings from the report included the following:
- Ransomware can impact more than the original infected system or file. In the report, Canada ranked the highest for ransomware penetration, as close to half of attacks affected 26 per cent or more of a company’s extended network.
- Executives and senior-level staff are typically the targets of ransomware schemes.
- On average, ransomware attacks in Canada were twice as expensive as those in the United States.
- Business applications were found to be the most common vulnerability to ransomware in Canada. While email attacks are common in other countries, Canada’s strict anti-spam laws could be contributing to the lower number of email attacks.
- Despite Canada ranking poorly in terms of business interruption and overall cost as it relates to the impact of ransomware attacks, 51 per cent of surveyed businesses claimed they were confident in their ability to stop an attack.
- Health care and financial services were found to be the most common industry targets for ransomware attacks.
Ransomware attacks are a serious concern—one that continues to impact Canadian businesses. In the past year alone, more than one-third of security attacks in Canada were ransomware-related. To protect themselves from this ongoing threat, organizations should consider having a risk assessment done to determine and remediate potentially vulnerabilities.
© Zywave, Inc. All rights reserved