Technology provides a massive boost to numerous business functions and operations today. Enterprises going digital has quickly become the norm, especially due to the rapid changes brought by the COVID-19 pandemic. Company data and processes now exist in online platforms, significantly boosting efficiency and productivity in the workplace.
Although digital transformation has revolutionised countless companies across all industries, it has brought many challenges to light as well. Problems with cybersecurity have been particularly rampant, causing significant losses and disruptions in business operations.
Businesses in Australia are especially vulnerable targets of cyberattacks, as CrowdStrike’s 2020 Global Security Attitude report revealed that over 67% of organisations in the country had encountered ransomware, a devastating type of malicious software. Security breaches are also increasing in size and severity.
What Exactly Is Ransomware?
Ransomware is a form of malware that uses encryption to block users from using their own computer systems until the individual or organisation pays a ransom. It does so by locking the screen or preventing access to files, and it’s often able to spread across a whole network of computers. It’s a catastrophic type of software that can paralyse an organisation.
Ransomware is a growing threat that robs billions of dollars each year from companies across the globe. It can enter networks through numerous ways, such as malicious links, email attachments, advertisements, downloadable programs, websites, and USB devices.
Once ransomware enters a network, it usually observes an organisation’s processes and identifies which files to attack. Afterwards, it proceeds to wreak havoc and demand ransom.
What Are the Risks of Ransomware Attacks?
Ransomware attacks carry many risks, such as losing access to essential files and experiencing delays in numerous business processes. Many organisations go for multiple days without regaining access to their files, which can cause thousands of dollars in delays.
On top of the delays in business processes, organisations also pay ransom to the cybercriminals controlling the ransomware. Despite paying what the malware demands, only around half of the companies regained access to their files. Afterwards, they still had to overhaul their network’s cybersecurity systems.
Adding insult to injury, data breaches from malware are also catastrophic to a company’s reputation. Customers and business partners will be less likely to trust a brand that failed to protect their information.
How to Prevent Ransomware Attacks
There are many ways to prevent ransomware attacks, such as avoiding suspicious links, email attachments, and websites. Also, do not use unknown USB sticks and hard drives because they might host these types of malware.
It’s also best to avoid disclosing personal information when one receives a text message, call, or email from an untrustworthy source. Cybercriminals often use these details to tailor their attacks specifically to you. To provide an additional layer of security from malware, it’s best to contact a digital brand protection company.
Protect Your Brand against Malware
Ransomware is a type of malicious software that can paralyse businesses and cost them thousands of dollars in delays, ransom payments, and reputation damage. It’s best to place appropriate safety measures in place to prevent it from attacking your organisation’s systems. By exercising caution, educating employees about these risks, and regularly monitoring your network, you can protect your company from the devastating effects of ransomware.
If you’re looking for a digital brand protection company, enlist the help of FraudWatch. We’ll provide your organisation with solutions to safeguard your data and other digital assets. Protect your enterprise from malware—contact us today!