Ransomware Advancements Leave Businesses Vulnerable to Cyber Attack
Hackers have now developed a new form of cyberattack calledRansomware. This type of malware threatens to publish the victim’s data or prevent users from accessing their systems by locking the screens or user files unless a ransom is paid. Confidential information like bank records, customer credit card data and even your company’s financial records can fall into the hacker’s hands with just a few keystrokes. After they gain access to your proprietary data, they hold your network hostage, often deleting file backups and sending malicious messages to your customers and others until you pay their ransom.
Bitcoin and Ransomware
Not only are Ransomware attacks on the rise, but the availability of Bitcoin has made these cybercriminals even more emboldened. Now, hackers hold your most valuable data from you and demand their payment in various forms of cryptocurrency. Since these transactions can’t be traced, the cybercriminals feel as though they will most certainly get away with their blackmail plans.
Since Bitcoin must be purchased through a proxy broker, converting ransom money to Bitcoin results is an additional cost. These proxy brokers typically charge 15-20% simply for transferring your cash into cryptocurrency for the hackers to access and steal.
If you have read this far and are not feeling really anxious, then you may not have fully internalized the risk. These cyberattacks are becoming more frequent, more expensive to contain and its happening right here in south Florida. So how do you protect the company you have spent your blood, sweat and tears building from Ransomware, and what steps can you take to minimize your risk?
Cyber Insurance and Penetration Tests
Part of your risk mitigation plan should include a cyber insurance policy. Similar to the way in which home insurance protects the value of your home in the event of natural disasters or damage, cyber insurance protects business with essential coverage related to cyber risks. Expenses associated with a data breach can be very high and a robust cyber policy can help offset these costs. Like any insurance policy it needs to be tailored to the size and type of your business. While cyber insurance used to be simple to obtain, the recent developments in Cybercrime have led to stricter underwriting requirements within the industry. Insurance is certainly not the only component of your business protection plan, since an insurance policy can’t get your data back.
Insurance companies are beginning to require evidence of insurability including penetration tests on your network before an insurance carrier will write a cyber policy. The insurance companies use these tests to measure your network security’s effectiveness and determine premiums and payouts of your policy. CPT can help you secure your network, in turn increasing your company’s capability to obtain a cyber insurance policy to protect your data.
CPT of South Florida Can Help Prevent Ransomware Attacks
The NSA breach has taught us that no network security plan can offer 100% protection, and certainly the most elaborate plans can represent a significant investment, but protecting your network can be approached by implementing layers of security, including the following, and CPT can help.
- 2-factor authentication,
- offsite backups, and
- proper network monitoring tools.
Even if these steps seem unnecessary or annoying, they are paramount in helping you protect your business. Also, at CPT our primary goal is to help you implement them with ease.
It can be helpful to think of your network as a house. If a burglar breached your home security, you would do anything you could to protect your family going forward including adding outdoor cameras or security codes. Your company’s data is no different than a home, in that it requires vigilant security systems to keep it protected.
We’re here to help you and your business remain safe. Our deep knowledge and experience in network security allows us to quickly identify potential threats to your infrastructure. Contact TJ Spohn at 954-966-2766 today for a free evaluation.