Ransomware is an unwelcome reality in the digital universe and has been amplified due to the recent shift in remote work, distance learning and rapidly evolving workplace models. No one is immune from it, but everyone must protect against it. Many security experts compare protecting digital assets to securing a home. While that is mostly accurate, the one crucial difference is that cybercriminals don’t just walk through your front door to steal your assets, they seep through your walls.
And unfortunately, ransomware is here to stay, as evidenced by an increase of 41% compared to last year and surging price tags.1 It is estimated that all corporations’ losses to cybersecurity attacks run at the rate of one million dollars ($1m) per minute.2 With the recent rash of attacks touching tech, retail, education, healthcare and government agencies, it takes a proactive approach to keep data safe from attack.
To mitigate risk and maintain business continuity, today’s businesses require a multi-faceted and comprehensive data protection strategy for ransomware readiness, and a cloud-delivered data backup service is an essential part of that strategy.
Ransomware is growing in sophistication
Ransomware uses phishing spam and social engineering to access victims’ resources. Attackers encrypt and deny access to critical and sensitive data, then demand a monetary payout before returning encrypted data to a usable format.
But what was once a lone wolf practice has emerged as a new network of digital organized crime. Bad actors not only understand your data’s value but employ sophisticated measures and technologies to orchestrate their attack – to more effectively mine for and exploit security loopholes. In other words, cybercriminals too are advancing their business practices.
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Three Must-Haves for Ransomware Data Protection