Ransomware distress

Ransomware distress

By definition, ransomware is a type of malware that can access files or systems and prevent users from accessing these files or systems. All files, even the entire device, are encrypted as a hostage until the victim pays the ransom in exchange for the decryption key. This key allows users to access files or systems encrypted by the program.

The history of ransomware

The first known ransomware attack was detected in 1989, but it has been a threat to the business world for many years. The first attack was initiated by AIDS researcher Joseph Popp in 1989. He distributed 20,000 floppy disks to AIDS researchers in more than 90 countries/regions. He claimed that the disk contained an A program that can analyze the risk of individuals acquiring the virus by using a questionnaire to investigate AIDS. However, the disk also contained a malware program that was initially hibernated in the computer and could only be activated after the computer was powered on 90 times. After reaching the 90-start threshold, the malware displays a message requesting payment of $189 and another $378 in software rental fees. This ransomware attack is called the AIDS Trojan or PC Cyborg.

Impact on business

Ransomware attacks have the ability to cause catastrophic effects, which may disrupt catastrophic business operations, data loss, and financial losses. The impact of ransomware attacks includes the loss or destruction of critical information, reputation damage, business interruption, and possibly even business closure.

Ransomware has maintained prominence as one of the biggest threats in modern-day commerce. Consider this:

• A new organization will fall victim to ransomware every 14 seconds in 2019, and every 11 seconds by 2021. (Source: Cyber Security Ventures)
• 1.5 million new phishing sites are created every month. (Source: webroot.com)
• Ransomware attacks have increased by over 97 percent in the past two years. (Source: PhishMe)
• A total of 850.97 million ransomware infections were detected by the institute in 2018.
• 34% of businesses hit with malware took a week or more to regain access to their data. (Source: Kaspersky)
• In 2019 ransomware from phishing emails increased 109 percent over 2017. (Source: PhishMe)

As a business, a business or a government getting into ransomware is a dangerous game-the business will eventually be stuck with limited or no choice. Sensitive information is risky, but paid hackers cannot guarantee that the information has not been copied. The payment of the ransom does not guarantee the safe return of all documents.

So what should be done? How can companies resist the negative impact of ransomware?

Some of the tips to guard against ransomware attacks includes:

• Performing regular backups on important data and keeping backup copies disconnected from the computer
• Installing the latest patches for operating systems and software in use
• Keeping your anti-malware program and signatures up to date
• Carrying out a regular full scan to detect and guard against malware attacks
• Refrain from visiting suspicious websites or downloading any files from them
• Do not open any suspicious emails or instant messages, as well as the attachments and hyperlinks inside

“Play by the rules but be ferocious.” – Phil Knight

Ransomware Insurance

Ransomware insurance is an insurance policy that covers financial losses caused

Attacked via ransomware.

This kind of insurance makes it possible to obtain protection against financial losses.

It comes from the cost of handling and recovering from ransomware attacks.

The language and coverage of ransomware insurance policies may vary greatly.

Therefore, insurance experts recommend insurance policies that can be extorted,

Payment and loss of revenue due to attacks.

The future of ransomware

Cybercriminals continue to evolve, and ransomware operations are becoming more complex and creative in terms of profiting from their efforts. The profit potential of ransomware authors and operators also promotes rapid innovation and brutal competition among cybercriminals

The focus of today’s global business field is to build a sustainable business through powerful functions

System and adequate insurance to prevent threats.

Therefore, it is essential that all businesses, organizations, and enterprises must protect themselves from potential ransomware attacks.

So, it’s not a bad idea to get good Ransomware protection after all.

Sebastian

Sebastian was born and raised in the busy city of Abbottabad. As a journalist, Saad Mushtaq has contributed to many online publications including the PAK Today and the Huffing Post. In regards to academics, Saad Mushtaq earned a degree in business from the Abbottabad UST, Havelian. Saad Mushtaq follows the money and covers all aspects of emerging tech here at The Hear Up.Thanks