Top 4 Reasons for Ransomware Attacks

Ransomware is a cybercrime in the form of malware that can encrypt the files of an affected device.

19:06 12 April 2022

Cybersecurity experts have concluded that ransomware attacks have surged up by 40% across the globe, and only in the third quarter of 2020, 199.7 million incidents were reported. Up-front ransom payment is a high cost these organizations have to bear but the lost data and access because of loss of their organization’s credibility and goodwill. Some other indirect prices of this include reputation loss, collateral damage, liability, enforced downtime, and data loss.

 

Ransomware is a cybercrime in the form of malware that can encrypt the files of an affected device. Hackers hold these files hostage until the user pays a massive ransom to these malware operators. Today, millions of dollars are being exported through these ransomware attacks. These ransomware threats exist in the business with weak cybersecurity or poor digital practices. Companies tend to fail when following basic web security policies and installing secure frameworks within their industry. You will be able to provide much better protection to your business and prevent ransomware attacks by avoiding these top three reasons for ransomware fraud:

 

1. Web Attacks Leading to a Ransomware Attack

The most common form of most of today’s ransomware attacks is tricking users into clicking malicious links, also known as phishing attacks. In addition, web attacks are often disguised as opportunities for the business, increasing malware and phishing. In 2020, the majority of the ransomware attacks occurred through pandemic-themed emails and the link leading up to malware downloads. 

 

2. Unpatched Software

Unpatched software that has not been updated with up-to-date codes and software vulnerabilities lay out the path for ransomware delivery. Attackers can easily access the network without stealing any credentials in unpatched software. Once the attackers get access to the software system, they get to detect sensitive data and exfiltrate it through hacking essential tools. 

 

3. Lack of Antivirus 

Installing a solid antivirus in your software across all departments of your business can be one of the best protection against ransomware. However, organizations that do not pay attention to antivirus protection and do not take warning messages from antiviruses seriously are more vulnerable to ransomware attacks as the lack of antivirus can contribute to an undetected spread of malware and increase the chances of exploitation of your data during a ransomware attack. 

 

4. Indulging in Piracy

Indulging in piracy and pirated software is one of the leading causes of security risks in a website. Pirated software is accessed by multiple organizations at once, which decreases their credibility and makes them more vulnerable as hackers can get easy access to pirated and unprotected versions of certain software. Organizations that prefer to use pirated versions of software cause hazards to the economy and the goodwill of their business and put their data at a greater risk of ransomware attacks. 

 

Endnote

Businesses often make the mistake of considering website security not a priority task and become more vulnerable to cyber attacks like ransomware and web attacks. As a result, they have to bear the damage of reputation, downtime, and expensive post-attack recovery. Restoring the lost data after ransomware has hacked into your system can be really challenging. Ensuring several backups and consistency in encrypting your information is essential.

Ransomware attacks have proven that most businesses do not regularly back up their data and have to pay the ransom or lose the data. Companies with no data backups are more vulnerable to paying high ransom to attackers and bearing substantial financial losses in unforeseen circumstances. To protect your business from financial, goodwill, and data losses, it is vital to build a robust web security system from the very start. Partnering with experts in cyber security, verifying each email, and configuring web application firewalls are also a few practices that can significantly protect your business against malware fraud.