Ransomware is a malware software that attaches itself to a person or company’s computer system, where the attacker either threatens to reveal sensitive information or blocks the legitimate user from being able to access their system unless a ransom is paid out.
A global crime—the ransomware attackers don’t have to be in the same hemisphere as the person or company it is attacking—the number of attacks perpetrated in 2021 doubled from the year previous on both small and large enterprises.
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A recently released report compiled by global cybersecurity company Kaspersky entitled: How business executives perceive the ransomware threat, noted that of the 88 percent of the organizations that had previously been targeted by ransomware, would opt to pay the ransom if attacked again.
Of those companies that have never been targeted, 67 percent of them said they would be willing to pay, but would be less inclined to do so immediately.
According to Kaspersky, ransomware attacks have affected some 64 percent of companies.
With attacks on the upswing, Kaspersky wanted to know how businesses would react if attacked, and what their attitudes were toward paying the ransom.
The report’s inquiries found that:
- If an organization has been the victim of ransomware in the past, they are increasingly likely to pay a ransom in the event of a new attack (88%).
- These companies are also more inclined to pay as soon as possible to get immediate access to their data (33% of previously attacked companies versus 15% of companies that have never been victimized);
- Or would pay after only a couple of days of unsuccessful decrypting attempts (30% vs. 19%).
Business leaders within organizations that have previously paid a ransom seem to believe that this is the most effective way to get their data back, with 97% of them willing to do it again.
This willingness for companies to pay could be attributed to having little awareness of how to respond to such threats, or to the length of time it takes to restore data, as businesses can lose more money waiting for data restorations than they would paying the ransom.
“Ransomware has become a serious threat to corporations with new samples regularly emerging and APT groups using it in advanced attacks,” said Sergey Martsynkyan, Vice President of corporate product marketing at Kaspersky. “Even an accidental infection can cause problems for a company. And because it's about the business’s continuity, executives are forced to make tough decisions about paying the ransom. Giving money to criminals is never recommended though, as this doesn’t guarantee that the encrypted data will be returned, and it encourages these cybercriminals to do it again.”
He continued: “At Kaspersky, we are working hard to help the business community avoid such outcomes. It is important for companies to follow basic security principles and look into reliable security solutions to minimize the risk of a ransomware incident.
Here are the key steps Kaspersky recommends enhancing protection against ransomware:
- Always keep software updated on all your devices to prevent attackers from exploiting vulnerabilities and infiltrating your network;
- Focus your defense strategy on detecting lateral movements and data exfiltration to the internet. Pay special attention to outgoing traffic to detect cyber-criminals’ connections to your network;
- Set up offline backups that intruders won’t be able to tamper with. Make sure you can quickly access them in the event of an emergency;
- Enable ransomware protection for all endpoints. The Kaspersky Anti-Ransomware Tool for Business is a free tool that shields computers and servers from ransomware, along with other types of malware, preventing exploits. It is compatible with already installed security solutions;
- If you’re an enterprise company, use anti-APT and EDR solutions for advanced threat discovery and detection, investigation and timely remediation of incidents, and access to the latest threat intelligence. Use an MDR provider to help effectively hunt advanced ransomware attacks. All of this is available with Kaspersky Expert Security;
- If you become a victim, never pay the ransom. It won’t guarantee you get your data back, and it will encourage criminals to continue their business. Instead, report the incident to your local law enforcement agency. You can find a decryptor at https://www.nomoreransom.org.
Kaspersky is a global cybersecurity and digital privacy company founded in 1997. The company’s deep threat intelligence and security expertise is constantly transforming into innovative security solutions and services to protect businesses, critical infrastructure, governments, and consumers around the globe. The company’s comprehensive security portfolio includes leading endpoint protection and many specialized security solutions and services to fight sophisticated and evolving digital threats. Over 400 million users are protected by Kaspersky technologies, helping 240,000 corporate clients protect what matters most to them. Learn more at https://usa.kaspersky.com/.