Ransomware scams have been around for years, but as we creep into 2021 and 2022 they are becoming more detrimental to organizations of all shapes and sizes, including SMB’s. I’d like to give you an overview on how to protect yourself by providing a little information on how ransomware scams work and why they are so profitable.
How a Ransomware Scam Works
Ransomware is malicious software that encrypts or prevents you from accessing your files, endpoints, or networks. In a ransomware scam, cybercriminals contact you to demand that you pay them to remove the encryption or regain access to your files. In some scams, the cyberattackers may withhold the data they have stolen or threaten to auction it off on the dark web.
Why Are Ransomware Scams Profitable for Cybercriminals?
Very! Ransomware scams are profitable to these cybercriminals because exploits are becoming more sophisticated and publicized, causing more victims to payout. Hackers can spend days, weeks, or even months in an organization’s computer system undetected.
Given the amount of time a hacker can spend inside your network gives them the ability to cherry-pick your most valuable data. Once it is determined what would hurt your business the most, they proceed to encrypt and exploit your data by threatening to leak or sell your sensitive information.
Recent research surveyed IT professionals and found that of the organizations reporting a ransomware attack, 27% of victims chose to pay the requested ransom amount. When these types of companies decide to pay up, the hacker community wins.
The healthcare and legal industry are two of the largest targets for ransomware attacks. Sensitive client or patient information can be extremely profitable on the dark web because criminals can use it to commit identity theft.
When the Colonial Pipeline was victimized by a ransomware attack in May 2021, its operations came to an abrupt halt. Therefore, they decided to pay close to $5 million in Bitcoin to the hackers.
While ransomware scams are becoming more sophisticated and publicized, you can avoid being a victim. If you are not sure how well your files, endpoints, and network are protected, you can start by working with an MSP (managed services provider) like Bastionpoint Technology to remediate with a security stack, endpoint protection, and to put security safeguards in place. Feel free to give us a call at 804-612-9876 x2 and speak with our Sales or Onboarding Team about what services are right for your business or organization.
I provide CIO and IT Support Services alongside a mid-sized technical support team of engineers for business. Bastionpoint Technology is a managed service provider for businesses ranging from 1-500 users! We specialize in Legal, Medical, and Professional services, but support so much more. Retail, Finance, Healthcare, Manufacturing, Non-Profits, and you’ve certainly heard of our clients. We offer unlimited on-demand services, with an on-demand price point to meet every client’s needs. Just call on us – we put your business first!