July is Ransomware Awareness Month

Ransomware, you’ve heard about it, and you may have even started working on compliancy documents, but what is it actually and why should you take it seriously?

To break it down simply, Ransomware is a malicious program (malware) that blocks access to your device and information until you pay a ransom to the attacker. These ransomware attacks are initiated when an end-user interacts with a malicious file (introduced by a phishing scheme or other type of scam) which then downloads the ransomware program that infiltrates and encrypts the system. These ransomware attacks are a major cybersecurity threat, with cybercriminals gaining initial access through exploiting human vulnerabilities. The attacker then contacts the users and sends instructions on how to pay their ‘ransom’ to get the decryption key. The costs for this can range from a few hundred dollars to thousands of dollars, some even set a time where if not paid the price goes up even further.

It is easy to think, “well, yeah, that seems scary, but it will never happen to me” but recent statistics have shown that there has been a large increase in ransomware attacks in the past two years and it is still climbing. According to the FBI in a recent PSA update on cybercrime, “Between July 2019 and December 2021, there was a 65% increase in identified global exposed losses, meaning the dollar loss that includes both actual and attempted loss in United States dollars.” According to a 2020 survey done by Datto (a managed service provider technology company), “84% of MSPs (Like Bastionpoint) are very concerned about ransomware, but only 30% report that their clients feel the same.” When you’ve been hit, if you have the proper protections in place, the attacks are stoppable, but Datto found that “62% of MSPs said clients’ productivity was impacted due to attacks, and 39% said their clients experienced business-threatening downtime.” The global ransomware damage costs are projected to escalate, emphasizing the need for organizations to have a preventative strategy in place to stop ransomware attacks.

3 Major Ransomware Attacks in 2023

• Lockbit attack on Royal Mail

  In January, the UK’s postal service was attacked by Lockbit, which resulted in a temporary halt to international deliveries and data theft. Lockbit was the most prominent ransomware group of 2023, with over 1,000 attacks.
• Royal ransomware attack on Dallas

  In May, the city of Dallas experienced a ransomware attack by the Royal ransomware group, which caused network printers to print ransom notes.
• MOVEit breach

  This attack exploited a zero-day vulnerability to breach the servers of multiple companies and steal data. The attack impacted over 62 million users and 2,000 organizations, and is estimated to have cost $10 billion.

The Top IT Threat to Business

Ransomware is the number one malware threat. According to research, nearly 70% of MSPs report ransomware as the most common malware threat to SMBs (That’s You!). Bastionpoint Technology can help you to defend yourself against these types of attacks. A great source of protection against ransomware is having an up-to-date and well-monitored security stack. At Bastionpoint we can help build out your infrastructure, provide a fill security layer and help create cyber-attack compliancy.

End-user education is an essential piece of an effective threat management strategy. Teaching the whole company, a baseline to be sharp with items such as; hyperlinks that may contain misspellings of the actual domain name or ensuring the URL in emails are associated with the business/individual it claims to be from, will help keep your company safe. It’s an easy step to miss but providing your employees with this type of education with the help of Bastionpoint Technology can set everyone up for success. Partnering with a managed service provider will alleviate your cybersecurity concerns.

Work with an MSP who can protect you

Working with an MSP will give you access to quality advice on what technologies you need to protect your organization in the fight against cybercrime. If you are interested in learning more about ransomware and our services, please contact our Customer Solutions and Sales team, we would love to help.

If you are researching and have discovered that you are the victim of a fraud incident, immediately contact your financial institution to request a recall of funds. Regardless of the amount lost, file a complaint with www.ic3.gov or, for BEC/EAC victims, BEC.ic3.gov, as soon as possible.