CYBERSECURITY
With almost three-quarters of IT leaders reporting at least one ransomware attack in the last year , it ’ s crucial for businesses to take proactive measures
WRITTEN BY : MARCUS LAW
From phishing attempts to DDoS attacks , organisations today are facing wave after wave of security threats .
But , amid an ongoing economic downturn , staffing shortages and seemingly endless cyberattacks , some businesses are struggling against the rising tide of ransomware .
The 2017 WannaCry outbreak is perhaps one of the best-known , most damaging examples of a ransomware attack . With the ability to self-replicate , this ransomware strain went viral , infecting more than 200,000 systems across 150 countries . The attack impacted organisations across many sectors , bringing business operations to a grinding halt .
Years later , the global threat of ransomware remains at peak levels , with half of the organisations across all sizes , regions and industries telling Fortinet that they fell victim in the last year .
This month , Cyber Magazine speaks with David Higgins , Field Technology Office at CyberArk , about the ways organisations can protect themselves against ransomware attacks as well as his thoughts on how the threat landscape will continue to evolve in future .
Ransomware has devastating consequences for businesses One of the most serious and costly cyber threats facing businesses today , ransomware is a specific type of malware that extorts victims for financial gain .
Ransomware attacks can have devastating consequences for businesses , such as disrupting operations , damaging reputation , exposing sensitive information , and incurring legal liabilities .
“ When it executes , it prevents victims – usually by encryption – from interacting with their files , applications or systems ,” explains Higgins . “ Further , ransomware can also facilitate access to an organisation ’ s internal systems , allowing criminals to look for more machines to encrypt , valuable data to extort , backups to disrupt , shadow copies to delete , and files to be unlocked . This maximises the impact of an attack . Some of the more sophisticated ransomware attacks can even leave backdoors or hidden identities that allow attackers a way in for the future .
“ Threat actors often target organisations based on their ability to afford large payouts and aim to hold their files and systems hostage until a ransom is paid .
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