{"id":2315,"date":"2021-09-13T06:39:11","date_gmt":"2021-09-13T06:39:11","guid":{"rendered":"https:\/\/antidos.com\/blog\/?p=2315"},"modified":"2022-09-05T11:00:23","modified_gmt":"2022-09-05T11:00:23","slug":"ransomware-cios-wished","status":"publish","type":"post","link":"https:\/\/antidos.com\/blog\/ransomware-cios-wished\/","title":{"rendered":"5 Eye-Opening Facts About Ransomware CIOs Wished They Knew Earlier"},"content":{"rendered":"\r\n

One type of cybersecurity attack that has been getting all the media attention lately is a ransomware attack. A flurry of ransomware attacks in the wake of the Colonial Pipeline incident might be the main reason behind its shot to fame. Ransomware attacks are nothing new and have been around for quite some time now.<\/p>\r\n\r\n\r\n\r\n

It is the financial reward of ransomware which keeps cyberattackers motivated. This is why we regularly see ransomware attacks from hacker groups. They try different tactics such as email phishing<\/a>, RDP vulnerabilities and software vulnerability exploitation to make your data inaccessible. Once they succeed in fulfilling their malicious desires, they ask you to pay a ransom to get access to your data back.<\/p>\r\n\r\n\r\n\r\n

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Sadly, there is much more to ransomware attacks than what most people think. That is why we will bring to light some amazing facts about ransomware attacks that even IT leaders are unaware of.<\/p>\r\n\r\n\r\n\r\n

Here are five facts you should know about ransomware as an IT leader.<\/p>\r\n\r\n\r\n\r\n

5 Fascinating Facts About Ransomware You Wished You Knew Earlier<\/h2>\r\n\r\n\r\n\r\n

1.\u00a0\u00a0 Ransomware is More Common and Effective Than You Think<\/h2>\r\n\r\n\r\n\r\n

Did you know that a business is targeted by ransomware attack every 11 seconds<\/strong>? Yes, you read that right. According to ransomware statistics<\/a>, 37%<\/strong> of organizations became a victim of ransomware attacks last year. What\u2019s even worse; 87% <\/strong>of businesses targeted by ransomware attacks in the last 12 months ended up paying the ransom. To add insult to injury, 80%<\/strong> of businesses who submitted the ransom payment were targeted by another ransomware attack soon after.<\/p>\r\n\r\n\r\n\r\n

Let\u2019s talk about the financial impact of a ransomware attack on a business. The average ransom payment request has skyrocketed from $5,000 <\/strong>in 2018 to $200,000 <\/strong>in 2020. 60% <\/strong>of businesses targeted by ransomware attacks reported loss of revenue while 53% <\/strong>said that their brand reputation took a hit.<\/p>\r\n\r\n\r\n\r\n

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Not only that, 29% <\/strong>of businesses had to lay off employees and downsize after a ransomware attack. That is how effective ransomware attacks are for cybercriminals and how devastating they are for businesses.<\/p>\r\n\r\n\r\n\r\n

1.\u00a0\u00a0 Ransomware Starts with a Phishing Attack<\/h2>\r\n\r\n\r\n\r\n

Most people who know cybersecurity think of ransomware attacks and phishing attacks as two different types of attacks. What they don\u2019t know is that there is a strong connection between the two. As mentioned above, the most common tactic cyber criminals use to launch ransomware attacks is email based phishing attacks.<\/p>\r\n\r\n\r\n\r\n

Hackers don\u2019t just directly launch a ransomware attack. They first launch a phishing attack<\/a> to get their foot in the door. They send phishing emails with malicious links and attachments. Hackers know that email is still being used as a formal business communication channel so they take advantage of it.<\/p>\r\n\r\n\r\n\r\n

Their primary goal is to trick users into downloading those attachments or persuade them to click on these links. Once they click on the link or download the attachment, they use it as a ladder to gain access to your data, encrypt it and ask the victim to pay the ransom.<\/p>\r\n\r\n\r\n\r\n

2.\u00a0\u00a0 Ransomware Can Target Any Organization<\/h2>\r\n\r\n\r\n\r\n

One of the most common misconceptions businesses have about ransomware attacks<\/a> is that it only targets a few industries. Sadly, that is not true. From healthcare to finance, education to law, we have already seen every industry become a target of ransomware attacks.<\/p>\r\n\r\n\r\n\r\n

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Even industries who have recently emerged on to the scene such as blockchain are not safe. What\u2019s even more amazing is the fact that small scale businesses are as vulnerable to ransomware attack as large-scale enterprises if not more, busting the common myth that ransomware attacks only target large businesses. The threat landscape is constantly evolving and so should your cybersecurity strategy.<\/p>\r\n\r\n\r\n\r\n

2.\u00a0\u00a0 You Can Protect Yourself from Ransomware<\/h2>\r\n\r\n\r\n\r\n

If you have read to this point, you might be a bit disappointed by the doom and gloom. The good news is that all hope is not lost. You can still do a lot of things to protect your business from ransomware attacks<\/a>. For instance,<\/p>\r\n\r\n\r\n\r\n