The latest cyber threat that is costing businesses money through extortion is ransomware. Ransomware is a form of malicious software, or malware, that blocks a user from their computer system and/or data until a ransom is paid. Ransomware has become to be the No. 1 cybersecurity threat due to its high profitability.
According to the 2019 Cybercrime Tactics and Techniques: Ransomware Retrospective report by anti-malware organization Malwarebytes, ransomware directed at businesses increased 365% from 2018 to 2019.
Ransomware is delivered via phishing emails or by unknowingly visiting an infected website. U.S. companies have taken the brunt of ransomware attacks across the world, with organizations out of Texas, California and New York being the biggest targets. Any organization can become a victim of this prevalent threat, with industries like education, healthcare and government entities (such as cities and municipalities), being targeted the most.
While there are many forms of ransomware in circulation, there are two main types of ransomware ̶ both equally costly and dangerous.
How can you protect your business from this risk? Below are some strategies that can help your business thwart this attack:
Here are a few points to consider if your organization becomes a victim of a ransomware attack:
The tips above are not a comprehensive assessment of what your business should do to protect itself from ransomware, or a chronical of the complete steps to take if you become a victim. To best protect your business, keep cyber security top of mind and educate your employees. As fraud threats change and evolve quickly, it’s important to stay on top of trends to ensure you’re doing all the right things to protect your business and your customers.
For more information and tips on securing your data, check out Commerce Bank's guide to protecting your business from Fromjacking and its article on business email compromise.
(This sponsored content was provided by Commerce Bank.)
Robin J. Wandschneider-Stiegelmar, senior vice president of Commerce Bank Colorado, is Commerce Bank’s team lead for retail banking and small business banking in the Denver market. Commerce Bank has four locations in the Denver metro area, with its newest location now open in the Highlands at 3550 W. 38th Avenue.