Have you heard that web attacks are dropping, while ransomware attacks are surging strong?
When all is accounted for, ransomware payments for 2016 are expected to hit a billion dollars, according to the FBI. That compares to just $24 million paid in 2015. Unfortunately, the ransomware threat is anticipated to get even more costly for U.S. businesses, with some business experts even predicting 2017 will see ransomware payments in the billions.
Knowing how cyber criminals are threatening security is the first step to securing your company’s digital assets are protected and above the threat of digital extortion.
According to a recent annual study Internet Security Threat Report, by Symantec, powered-up cyber criminals revealed new levels of energy and ambition during 2016 – a year marked by extraordinary attacks, including massive million-dollar virtual bank heists and overt attempts to disrupt the U.S. electoral process by state-sponsored groups. New levels of cyber sophistication and hacking ingenuity marked troublesome shifts in the focus of attacks. Zero-day vulnerabilities and sophisticated malware were used less as nation states devolved from espionage to straight sabotage. Meanwhile, cyber criminals caused unprecedented levels of disruption by leveraging relatively simple IT tools and cloud disruptions.
What Else? It Ain’t Pretty!
- 64 percent of Americans cave in to digital extortion, as ransomware escalated across the globe as a profit center for criminals. Symantec identified 100 new malware families released into the wild, more than triple the amount seen previously, and a 36 percent increase in ransomware attacks worldwide. The United States was the biggest – and softest – target. Symantec found 64 percent of Americans are willing to pay a ransom, compared to 34 percent globally – and average ransom spiked 266 percent, with criminals demanding an average of $1,077 per victim.
- Cyber criminals executed politically devastating attacks. Cyber attacks against the U.S. Democratic Party and the subsequent leak of stolen information reflect a trend towards highly-publicized, overt campaigns designed to destabilize and disrupt organizations and countries. In the past, sabotage via cyber attack was rare. Today, there is strong indication of an escalating trend of agitators using cyber attacks to disrupt Fortune 500 businesses and even influence world politics.
- Email posed a dangerous and efficient threat to users: one in 131 emails contained malware, the highest rate in five years. Business Email Compromise (BEC) scams, relying on spear-phishing emails, targeted over 400 businesses every day, draining $3 billion over the last three years. A combination of PowerShell, a common scripting language installed on PCs, and Microsoft Office files was an effective weapon. Cyber criminals used the two to leave a lighter footprint and hide in plain sight.
- In 2016, the most effective bank robbers were armed with computers, not guns; billions of dollars were stolen in virtual attacks. While some of these heists were the work of organized criminal gangs, shockingly nation states appear to be involved as well. Symantec uncovered evidence of North Korea attacking banks in Bangladesh, Vietnam, Ecuador and Poland, stealing at least US $94 million.
Keeping Your Business Safe
Good news! There are ways to defend your organization against potential cyber threats. A proactive managed IT service provider can help with the firewall and anti-virus selection and maintenance. Avoid opening attachments or URLs from anyone you don’t know. Be careful with any attachment you open, regardless of who sent it. Navigate the internet with care, and always be mindful of where you go on the web. Don’t click on any suspicious looking ads. Employ a consistent backup strategy or invest in a managed IT solution that comes with backups so that you can keep your business disruption proof – even in the age of ransomware.
With CompuData’s Managed IT Services, you will no longer be reacting to security issues – you will be proactively monitoring, measuring and maintaining the cyber health and security of your business with accurate, predictable fixed fee support costs that meets your IT budget. Let us detect and prevent critical issues such as security vulnerabilities, compliance issues, and downtimes, so you can focus on your core business with CompuData’s proactive IT support services.
Contact CompuData today!