In one of the latest ransomware attacks, the software company Kaseya was hit by a July 4th, 2021 holiday weekend ransomware attack. As many as 1,500 of their small business customers were compromised. The ransomware attackers, believed to be Russian-backed, demanded $70 million to end the attack while Kaseya worked hard to restore service without paying their demands.
While ransomware attacks date back to malware-infected floppy disks in the 1980s, the sheer volume of attacks has increased greatly since about 2014. Both improved encryption technologies and the growing prevalence of cryptocurrency have fueled the growth in these attacks by cybercrimals.
In May 2017, the WannaCry attack affected computer systems worldwide. It is believed to have originated in North Korea and to have affected more than 200,000 computers in more than 150 countries. Damage estimates range between hundreds of millions to billions of dollars.
Since that time, cybercriminals have largely shifted their targets from consumers to businesses. Payment demands have gone up, and ransomware attacks are increasingly focused on cloud service providers and managed service providers. The ransomware attack on the Colonial Pipeline in April 2021 brought global attention to the issue when attackers shut down gas supplies along the East Coast of the United States. The pipeline operators eventually paid $4.4 million dollars in bitcoin to restore service, and US law enforcement went after the criminals to recover most of that payment.
The Cybersecurity Ventures Ransomware Damage Report notes that “ransoms in excess of $50,000 to $400,000 are no longer uncommon. Global ransomware damage is predicted to reach $11.5 billion by year-end 2019 and $20 billion USD by 2021”.
In this increasingly hostile climate, how do you protect your business from ransomware attacks? Mazteck can help you! We take a multi-layer approach to cybersecurity which brings your chance of a ransomware attack to less than 1%.
Mazteck combines user training with testing and backups, as well as security and monitoring plans. Please contact us today at 973-272-2324 to find out how we can help you to eliminate the threat of ransomware and protect your business.