Fighting Ransomware Attacks

Cyber-attacks have become an international concern, as breaches in data security and sabotage are causing increasing damage to individuals, companies, and government. The notable attacks reported earlier in the year involved malicious software, or ransomware, that inscribed itself on around 300,000 computers and affected people in over 150 countries[i]. Unluckily, we knew many companies that fell victim to the malware attack waves, which compromised data and threatened to perpetually block access to data unless ransom was paid. We saw how many were compelled to adopt strict cyber security measures to curb the cyber threats.

Why is cyber security important?

The cyber-attacks are increasing at an alarming rate with the digitization of business ecosystems, and now companies have to spend a substantial amount of money to address hacking issues. Statistics reveal that during 2013-2015, the cost of cyber-crimes was between $400 billion and $500 billion[ii]. This has adverse effects from compromised personal and financial data, stolen money, theft of intellectual property, disruption of business operations, lost productivity, embezzlement, fraud, etc.

Researchers, like those at Juniper networks, expect costs will hit nearly $2. trillion for businesses annually by 2019, which is 4 times the cost expected as of 2015[iii]. There’s also an increased threat on medical devices and it has been estimated that the budget for firms on cyber security for medical devices will reach $101 billion by 2018[iv]. Both present major opportunity costs for businesses as they spend precious resources on protection, instead of other operations.

Besides the alarming rate of increase in spending and cost - the severity of ransomware is also on the rise. These cyber-attacks are becoming progressively destructive, targeting a wide range of information in different sectors including political environments. During Obama’s time in office a $19 billion budget was proposed for cyber security[v]. Even with that budget in plan, as we can all recall, Hillary Clinton’s private emails became front page news during her presidential campaign, highlighting the need of employing strong cyber security measures. Meanwhile, leaks like the NSA’s tools also reached the public via Wikileaks.[vi]

In a nutshell cyber security is extremely important and worthy of commitment, therefore, you should respond quickly and accordingly before you face severe issues in cybersecurity. We’ve spoken before about things you can do for cyber security, but sometimes you need experts.

Cybercrime prevention: How can you protect your business or bring on professional help?

There are many simple things a business can do. Limit email, and use only encrypted forms of communication. Make 2-factor authentication default for any access. Develop onboarding, and cyber security training for all your staff, and develop means of testing your networks for vulnerabilities with penetration testing.

One option you can use is a professional firm to help step in and help you organize. For example, Rubica uses a secure, private network that is controlled by a team of professional experts, who provide you with powerful digital security to curb the hacks from malicious software, such as ransomware. Basically, Rubica’s app operates discretely in the background and alerts you only when you’re needed to take a necessary action.

It far easier to have a professional firm like Rubica help develop best practices and supplement your team. With a decade of real-world experience in protecting some of the world’s most prominent individuals and businesses with cyber security, Rubica aims to actively monitor your data and identify threats effectively – crucial for businesses in the future.

Do not take your online safety for granted. Personal cyber security is crucial and should be thorough and seamless. With the digitization of business, there’s no doubt that computer networks will forever be the target of criminals, and severity of the cyber-attacks will only increase in the future. It is, therefore, extremely important to have the right specialist assistance to minimize and control damage, and of course, recover from a cyber-breach as well as its consequences.

[i] WannCry Stats, via Forbes: https://www.wired.com/story/2017-biggest-hacks-so-far/ , Date Accessed 10/12/2017

[ii] Stat about cost per year, 2013-2015: Lloyd’s Data + Forbes Reference: https://www.forbes.com/sites/stevemorgan/2016/01/17/cyber-crime-costs-projected-to-reach-2-trillion-by-2019/#480befef3a91 , Date Accessed 10/12/2017

[iii] Juniper Research - https://www.juniperresearch.com/press/press-releases/cybercrime-cost-businesses-over-2trillion , Date Accessed 10/12/2017

[iv] Investing News - https://investingnews.com/daily/life-science-investing/medical-device-investing/medical-device-security/ , Date Accessed 10/12/2017

[v] Fortune Magazine, http://fortune.com/2016/02/09/obama-budget-cybersecurity/ , Date Accessed 10/12/2017

[vi]  Wired, et all. Ibid.