Ransomware is a type of malicious software designed to block access to a computer system, and more importantly the critical data it contains, until a sum of money or ransom is paid. Attackers ask for payment in bitcoin, which makes the payments largely untraceable by investigators. Bitcoin plays an important role in the growth of ransomware attacks because it shields hackers from being caught through the electronic payments they receive.
Further Reading: Is Ransomware driving up the price of Bitcoin?
How does this affect my SMB?
According to Datto, 1 in 5 SMBs have fallen victim to ransomware attacks in 2019. To prevent these ransomware attacks, do these things to protect your business and reduce the chances of falling victim to this all-too-common attack vector:
- Adopt two-factor authentication to prevent a password breach of your business’s VPN, email services, and any other critical service that is directly Internet accessible;
- Regularly backup data following the 3-2-1 backup method for backing up all your critical and sensitive data.
- Train employees on how to spot and avoid phishing attacks which are the primary way ransomware attacks occur;
- Have a documented and tested Business Continuity and Disaster Recovery (BCDR) plan.
Related Readings:
Michigan School District Shut Down by Ransomware – Why Educational Institutions are Prime Targets
RYUK Ransomware infects 110 Healthcare Facilities
Three Hospitals Shut Down Due to Ransomware Attack
Source: Oxford Dictionary