Written by Rachel Dokter, Social Media Manager
On August 20, a tornado swept through West Michigan destroying trees, damaging homes and leaving a mess behind it. This elevated fear due to the risk of fire and natural disaster- along with the affects it may have on local businesses in its path.
Although the physical damage from a tornado to your business is alarming, i3 submits that a cyber threat may be a more tangible concern. A recent article published by The Wall Street Journal clarifies the biggest threat to small businesses:
The growing number of victims of a pernicious type of the malicious cyber threat called ransomware as well as employee mistakes.
This article highlights one of the growing number of victims of ransomware, which has earned millions of dollars for cybercriminals by encrypting computer files and holding them hostage. Ransomware dates to the late 1980’s but attacks spiked this year with the growing use of bitcoin and improved encryption software. This year ransomware attacks have quadrupled from a year ago, averaging 4,000 a day. According to cyberrisk data firm Cyence Inc, typical ransom payments range from $500 to $1,000 but some hackers have demanded as much as $30,000. The FBI warns us that ransomware attacks can cost a victim an average of $333,000 per incident based on the complaints it has received.
It’s important to consider these facts:
-99% of ransomware attacks start with an email message
-It takes 0.5 seconds to be infected by an unreliable website or malicious advertisement
-Ransomware targets mobile apps and is now the most common type of mobile malware
-50 plus file types used by gamers are targeted for encryption
-Ransomware is deceitfully simple: it tricks the victim into clicking on a malicious link or attachment and then encrypts the files and displays a message to recover them
-Bitcoin is increasing in use and stability. It is now the preferred payment method of most ransomware infections because it allows users to send and receive money from anywhere in the world, even anonymously
Your data is not secure. Any number of factors can arise, from malicious intent to human error, that can devastate your systems. How will you respond when disaster strikes? What emergency plans do you have to restore your systems and get your business running again? How long will it take to recover what was lost?
Question: if the Crypto-Wall ransomware encrypted all your files tonight and you couldn’t access them, what would you do?
Make sure your business has a disaster recovery plan in place. Contact i3 Business Solutions today with any questions or concerns you may have. We have technology services custom built and are ready and willing to help.