Ransomware Threats – All You Need to Know About the Next Pandemic

If there is anything that the world has learned over the last 16 months, it would be that ransomware attacks are now rampant more than ever.

Everyone has seen firsthand how a pandemic took over the entire world. But as the world draws nearer the COVID-19 finish line, another pandemic threatens the world as a whole - ransomware attacks.

Ransomware Threats in 2021

In a report, INC mentioned that every business owner has to be concerned about the increasing ransomware attacks ever since COVID-19 began. The rate at which ransomware crimes occur had a massive increase of 500%.

The main issue is that the next pandemic is already here, and it is not viral - it is digitized.

Several ransomware attacks broke out over the last few months, and the most famous ransomware gangs are REvil and the Russian Clop hacking group. The combined attacks of the two groups already reached at least 20 service providers that gave IT and back-end network security services for various businesses.

Huge companies such as JBS and Colonial Pipeline could not avoid getting attacked, which means that even big companies are also vulnerable to these hacking groups.

How Ransomware Gangs Attack Companies

According to INC, ransomware attacks usually involve hacking groups installing software on a business' network, preventing the owner from gaining access to their own devices and data.

In a nutshell, ransomware groups temporarily kidnap a business' database and personal information. They start negotiating that they will only give back the access in exchange for vast sums of ransom payments.

For example, Coop, a Swedish grocery store chain, was forced to halt the operations of 800 stores because the hacking group shut down its payment processing system.

In the case of Coop, the problem became even more complex because the attacker specifically targeted the company's trusted software that is used as a protection against malicious attacks.

INC reported that the US Cybersecurity and Infrastructure Security Agency, or CISA, said that attackers exported a vulnerability in the Kaseya VSA software that worked against numerous MSPs or managed service providers.

What You Can Do To Prevent Ransomware Threats

Invest in Offline Backups

Investing in offline backups is probably the simplest and most effective method that businesses can do against ransomware attacks. Backing up your system regularly means that you will have a copy of your data despite being hacked.

Restrict Permission

Generally, most security experts advise that a given user must only have a minimal level of privileges whenever they work. INC believes that in most cases, malicious software cannot take over a computer if the user's account is not capable of making changes when it is at the root level.

Ensure That Software is Updated

By having up-to-date software, your data is safer. Security patches for your devices' operating system, anti-virus software that could remove and isolate malware, and other features will keep your data secured.

This article is owned by Tech Times

Written by Fran Sanders