Ransomware: A Security Guide [extract]

Ransomware: A Security Guide

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When it comes to security challenges, businesses of all sizes are alarmed by the abundance and gravity of ransomware attacks, but these attacks are now part of an organisation’s life. Cyber criminals are now targeting every industry with specialised malware, collecting untold amounts in ransom. Worse, they are developing more and more sophisticated threats. 

This results in organisations losing access to their data, potentially putting their entire business at risk. 

Ransomware is a type of malware which prevents you from accessing your device and the data stored on it, usually by encrypting your files. A criminal group will then demand a ransom in exchange for decryption. 

The probability that an organisation will experience a ransomware attack is rapidly increasing. In the first half of 2021, the FBI's Internet Crime Complaint Center experienced a 62 percent year-over-year surge in reports, with nearly 2100 complaints. 

More than a third of organisations worldwide suffered an attack in 2022, with ransomware attacks occurring roughly every 11 seconds.

Given the potential damage to corporate systems and workflows should a ransomware attack shut down access to data or applications, it is not surprising that many companies elect to pay ransoms. Typical ransom demands range from hundreds of dollars to well into the millions. The average ransom paid is approaching $250,000.

(Full article length: 2,500 words)

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