Since the beginning of the pandemic, hackers have gotten bolder, and some companies are at even greater risk than others, but there are still simple ways to protect themselves.
It’s time to rethink your cybersecurity strategies. Again.
According to a recent report by Cybereason, a cybersecurity company in Boston, the number of Ransomware attacks on businesses has increased by one third over the past year. Most (73 percent of businesses) have been attacked at least once by ransomware over the past year, and 68 percent of businesses that paid the ransom were hit again less than a month later with a higher ransom, according to the study, It was attended by 1,456 cybersecurity professionals from global companies with 700 or more employees. These attacks have serious consequences: 37% of companies were forced to fire employees after payment of ransom, and 33% were forced to temporarily suspend operations.
After the invasion of Ukraine, cybersecurity experts insist that companies improve their defences to protect against high-risk extortion software attacks from Russia. Attacks on ransom programs have also increased since the beginning of the pandemic – the growth of telecommuting has increased the vulnerability of many businesses, which has benefited hackers, as noted in the FBI’s 2020 memo. Thus, businesses of all sizes are threatened by far more attack points.
Keeping cyber security up to date can help protect your business from an expensive attack, but it is best to combine software for monitoring and regular employee training. Here are a few steps you can take to protect your company.
Hackers are becoming more and more aware of phishing letters, so it is important to regularly train employees in the best practices of cybersecurity. Help them understand what to pay attention to, and create a culture in which if an employee accidentally clicks a link, which they should not do, they will have confidence that they will notice their mistake as soon as possible.
Don’t get cheap
A good empirical rule is to allocate 10 percent of the budget to cyber security, said Inc. Jaya Balu, Information Security Director of Avast Antivirus Software. The cost of cyber security and training is expensive – but if you compare the investment to the potential cost of a ransomware attack, the price is relative. As noted in Cybereason’s report, ransomware attacks entail many costs, including lost profits, elimination costs, increased insurance premiums, fines from regulators, and legal costs.
Observation is vital
The right cybersecurity technology will help you detect intruders before they become hostages to your information. Intruders often infiltrate systems long before making claims. According to Cybereason, 63 percent of businesses reported that the attackers were in their networks for up to six months before making the attack. One solution, according to StoneAge CEO Kerry Siggins, whose company survived the ransomware attack in 2020, is a 24-hour monitoring software that will help you notice these changes and take action.