Safeguarding Enterprise Data from the Inside Out
Ransomware is a Global Problem
With very local implications for organisations across the sector spectrum
These sophisticated malware attacks encrypt organisations’ files and systems and then demand payment for restoring access to the data. There is no guarantee that the cyber criminals will honour their terms should the ransom be paid, and data can often be deleted and increasingly, stolen. This paper evaluates the latest threats facing organisations and explores the importance of safeguarding data from the inside out – with a modern cyber protection and recovery strategy.
The Rise of Ransomware Attacks
With the UK’s National Cyber Security Centre (NCSC) reporting an increase in the scale and impact of ransomware attacks, the threat to UK businesses is significant and growing.
Last year, the cyber watchdog responded to three times as many ransomware incidents than the previous year. With experts predicting a new ransomware attack on businesses every 11 seconds by the end of 2021, this is a significant and growing problem.
While the bulk of ransomware attacks have historically targeted individuals and demanded relatively small payments to unlock devices, attacks are now becoming more focused and more expensive.
Recent figures point to a 100% increase in ransomware demands on small to medium sized businesses, with losses ranging from a few thousand to over £1 million. According to the Coveware Quarterly Ransomware Report Q4 2020, of those firms choosing to pay to get their data unlocked, the average cost was approximately £111,580.
While it may be deemed the lesser of two evils, paying the ransom only encourages eCriminals. The NCSC has seen evidence of multiple attacks against UK businesses that have paid the ransom.
While the costs of attack may be covered by a company’s cyber insurance policy (should they have one), the average IT downtime and the corresponding impact to operations will be hugely disruptive for any organisation.
With ransomware attacks increasing in both speed and sophistication, there is a clear imperative for businesses of all sizes to continue to invest in sound prevention and recovery strategies.
