With tremendous strides in the internet comes both opportunity and headache. With more business operations shifting online and increasingly relying on online security measures and protocols, cybercriminals continue to stress businesses of all sizes and government agencies out with unrelenting cyber attacks. One potent weapon that has wreaked havoc is ransomware attacks.
What is Ransomware and Why Is It So Dangerous?
Ransomware is man-made code designed for nefarious and malicious purposes. If properly executed, it infects a system’s network and renders it useless and hostage, hence the name. Usually, the aim is financial, so many companies pay hundreds of millions and, in some cases, billions of dollars to have the ransomware removed.
The number one way ransomware gets into computer systems is through fake and loaded emails. Sometimes, all it takes is to open an email that might look legit or have the name of someone or a business you normally do business with to infect the computer system. Some ransomware emails are so sophisticated that they might have legitimate messages, but the attachments in the email are loaded with malware and other bad code.
Essentially, when you open these emails and attachments, you install a virus program onto the computer and system that renders it useless and can only be removed by the programmer behind the malware. Usually, the website or computer screen is frozen and locked up with a message from the ransomware hackers.
Many cybercrime analysts like the FBI strongly urge against paying because there’s no guarantee that the ransomware will be lifted. Furthermore, if the ransomware is lifted, it only emboldens cybercriminals to keep going with more potent viruses and business disruptions.
However, to maintain reputations, many businesses, including the biggest casinos in the world, break down and pay. Conglomerates like MGM Resorts International have made headlines for coming under ransomware attack but resolved it to maintain their sterling reputation. Because MGM has deep pockets, they can often make back that money over time, but not reputations. If customers feel uneasy, that can lead to permanent business loss. This is the biggest reason why companies and businesses pay to remove the ransomware.
Ransomware Attacks are on the Rise
With each passing day, you’re hearing more about ransomware attacks in the mainstream news. Indeed, there has been an uptick in ransomware attacks because cyberthieves have become so sophisticated that they are developing ways to avoid early detection and switching up their algorithms to trick AI-driven network systems. Ransomware is precisely why major companies, Fortune 500 businesses on the stock market, hospitals, and government agencies are increasingly turning to AI to help battle against cybercriminals.
With behavioral and predictive AI, organizations can get a jump on and monitor threats to their network infrastructure in real-time, especially if there is a large membership base or nodes spread throughout the country or the world. AI can catch weaknesses and vulnerable spots and assist in filling in the gaps in real-time as members interact.
Training is Always in Order
While training and understanding about ransomware isn’t a perfect science, it is a necessary step to at least help combat it. Because cybercriminals are constantly updating their tactics, so should the training and business procedures to try to stay one step ahead. In addition to having educational programs about ransomware, the onus is on businesses to maintain the latest security measures. Besides training employees, having a strategy against ex-employees who might have an axe to grind is also important to avoid becoming a ransomware victim.
Staying Alert in an Ever-Changing World
Unfortunately, because cybercriminals don’t sleep, major businesses and organizations can’t afford to either. Many organizations continue to rely deeply on AI to lead the charge, but AI itself isn’t perfect, and it risks removing too many human personnel. While there is no easy solution or 100% fix, staying in touch and aware of the latest ransomware attacks is necessary to avoid becoming a victim.
