Top 5 more things to know about ransomware

Ransomware attacks are getting bigger and harder to defend against. Tom Merritt lists five more things about ransomware you need to know.

You’ve known about ransomware for a while, but it’s still out there and getting worse. Ask Colonial Pipeline. Or the Irish Health Service. So, it’s probably still a good idea to learn as many things as you can about ransomware, if for no other reason than to continue to make the case that you need to prepare now to avoid it, not later.

Here are even more things to know about ransomware.

  1. Losses are getting bigger. Despite years of warning bells, the U.S. FBI estimates total losses from ransomware in the U.S. rose from $8.9 million in 2019 to $19.1 million in 2020.
  2. There’s a ransomware attack happening right now. CyberSecurity Ventures estimated in 2019 that by the end of this year there would be a ransomware attack every 11 seconds.
  3. It’s not easy to recover. Businesses hit by ransomware can lose revenue, not just from paying the ransom. There can also be damage to brands, and some businesses end up reducing their workforce or closing altogether.
  4. Paying is not a vaccine. It doesn’t make you immune. The Cybereason Global Ransomware Study found that 80% of organizations that paid a ransom were hit by another attack; 50% were hit by the same group.
  5. Your weakest point is your people. Your best defense is your people. According to CyberReason, the top solution implemented by organizations after a ransomware attack was security awareness training.

Nobody wants to get hit. Nobody wants to spend money they don’t need to, but the problem of ransomware is not going away soon.

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