Ransomware is a type of malicious software that encrypts all your files and data, denying you access to your information unless a ransom is paid. The cyber attacker demands a ransom payment in exchange for a decryption key that may, or may not, restore access to your data
We’ve compiled a few of the most frequently asked questions about ransomware to provide you with strategic insight and advice about this malicious attack.
The short answer is, yes. In recent years, ransomware attacks have evolved to a point where attackers threaten to leak sensitive data in addition to encrypting the files, coercing you into paying the ransom.
Ransomware attacks are increasingly common as they target individuals, businesses, and government organisations. They spread using various means such as phishing email attachments, malicious websites or vulnerable software.
Nowadays, many cybercriminals that lack the technical knowledge to use Ransomware can still easily do so. On underground cybercriminal forums and dark web marketplaces, Ransomware-as-a-Service (RaaS) products are available. These ready-to-use ransomware kits and infrastructures allow cyber criminals with minimal technical skills to launch ransomware attacks in exchange for a share of the ransom payments.
Ransomware can cause significant damage to you and your businesses, resulting in revenue loss, reputational damage, non-compliance issues, and legal liabilities. The financial costs of ransomware attacks can be staggering, with the average ransom payment increasing every year. The costs associated with recovering lost data, repairing systems and implementing new security measures can also add up quickly.
According to the Cyber Threats 2022: A Year in Retrospect threat-landscape report by PwC, the manufacturing sector was the most targeted by ransomware attacks (15%) that year, followed by construction (10%), professional services (9%), technology (8%) and lastly, the retail sector (8%).
It is essential that you prepare to fight against the threat of ransomware, not only by identifying weaknesses and implementing protective measures but also by preparing for the worst. This means investing in the detection, response, and recovery capabilities that ensure your operational resilience in the event of a successful ransomware infection:
Ransomware attacks often occur through phishing emails or other social engineering tactics. Educating employees on how to recognise and avoid these types of attacks is crucial.
Our team of local experts has designed a comprehensive Ransomware Readiness Assessment encompassing the key areas that are crucial in withstanding a ransomware attack, such as Backup Management, Incident Response, Network Management, Asset Management, Application Management, and Access Management. The objective of this assessment is to assess your maturity within the detection, response, and recovery capabilities that ensure your operational resilience in the event of a successful ransomware infection. Our assessment was developed using renowned world frameworks developed by NIST, ISO, and CISA while combining it with PwC’s expertise and industry knowledge.
