Ransomeware: 5 Reasons This Is Attackers' Choice of Cyber Extortion

Ransomeware: 5 Reasons This Is Attackers' Choice of Cyber Extortion

Ransomware has become attackers' favorite form of cyber extortion because it's easy to build and distribute. Here are 5 other reasons you should know about.

Keyword(s): cyber extortion

The Verizon 2018 Data Breach Investigations Report found that ransomware is the most commonly used form of malware in security breaches. The report reviews 53,308 security incidents with ransomware being used in 39%.

Want to know exactly what makes this form of cyber extortion so prevalent? Keep reading, we've got all the details you need.

What Is Cyber Extortion?

Cyber extortion occurs when a hacker threatens malicious activity you or your business until you've paid a ransom that's usually in the form of cryptocurrency.  

Ransomware has become the most common form of cyber extortion. It is when a hacker essentially takes your data hostage by encrypting your files so that you cannot access them.  

When the ransom is paid, you will be given a decryption key to regain access to your files. 

Why Is Ransomware So Common?

Ransomware is one of the quickest and easiest methods of cyber extortion a hacker can use. And it works because people aren't taking the correct measures to protect themselves.

But that's just the start of why this attack is so common.

Here are 5 more reasons:

1. Victims Are Paying

Because victims are constantly meeting their demands for payment, hackers are constantly building new forms of ransomware to keep the money rolling in. But how much are we talking exactly?

Well, according to the FBI, the amount that gets paid out to hackers is "approaching $1 billion annually."

2. Lax Security

The main job of a hacker is to exploit existing vulnerabilities in order to infiltrate a computer system. People simply aren't taking the necessary security precautions to prevent becoming victimized.

You should have a few different backups for your files and store them in different places, keep your systems and software updated, used trusted Virtual Private Network (VPN) when using public WiFi, and hire an IT firm to assist with any vulnerabilities you may have.

3. Human Error

A large number of ransomware attacks are the result of human error. These are most commonly the people in your organization who will click on a link or attachment from an unknown source.

4. Outdated Systems

If your company is using outdated computers or equipment, you're most likely using outdated software that makes you vulnerable to threats. Cybercriminals are typically on top of the latest software capabilities in order to enhance their own techniques.

So, if your infrastructure is outdated, they can take advantage with more ease.

5. Lack of Recovery Plan Testing

It's great to have a recovery plan set in place in the event that you fall victim to a cyber attack. But what's just as important is testing the recovery plan frequently to determine that everything is working as it should and that you won't have to experience downtime if there is an attack.

Contact Us

Cyber extortion rates are increasing because hackers have improved their strategies while small businesses haven't addressed their security vulnerabilities. Luckily, you don't have to be an IT expert to protect yourself.

We can provide you with the security solutions that make the most sense for your company. So, contact us today.