Ransomware has proven to be a significant problem for businesses both large and small. You can attack your data in many ways and completely stop the operation of your business.

In many cases, regaining access and use of hacked information can cost millions of thousands or millions of dollars.

According to the Chainanalysis 2021 Crypto Crime Report, the total amount paid by ransomware victims increased by 311% in 2020 to reach almost $350 million in cryptocurrency (the most popular form of payment) and the problem will continue to grow.

In general, the best defense against a ransomware attack is a good attack. Understanding the various forms of ransomware can help a business prepare for an intrusion. Here are some tips to help you deal with any type of cybercriminal.

First, for those unfamiliar with ransomware, it is a virus that silently encrypts user data on their computer. It can infiltrate your system and deny access to key information, preventing or shutting down all business activity.

Once the intruder has stolen and encrypted the data, a message may appear demanding payment of an amount of money to regain access to the information. The victim only has a certain amount of time to pay the cybercriminal. If you pass the deadline, the ransom may increase.

Some types of ransomware have the ability to search for other computers on the same network in order to infect them. Others infect their hosts with more malware, which could lead to the theft of login credentials. This is especially dangerous for sensitive information, such as bank and financial account passwords.

The two main types of ransomware are called Crypto ransomware and Locker ransomware. Crypto ransomware encrypts various files on a computer so that the user cannot access them. Locker ransomware does not encrypt your files. Rather, it “locks” the victim from their device, preventing them from using it. Once it prevents access, it asks the victim to pay money to unlock their device.

Many well-known cyber-attacks with ransomware have occurred in recent years. These include…

“WannaCry” in 2017. It spread to 150 countries, including the UK. It was designed to manipulate a Windows vulnerability. By May of that year, it had infected more than 100,000 computers.

The WannaCry attack affected many UK hospitals and cost the NHS around £92 million. Users were blocked and a ransom was demanded in the form of Bitcoin. The attack exposed problematic use of outdated systems. The cyber attack caused worldwide financial losses of around $4 billion.

Ryuk is a ransomware attack that spread in mid-2018. It disabled Windows System Restore option on PC computers. Without a backup, it was impossible to restore files that were encrypted. It also encrypted network drives. Many of the organizations attacked were in the United States. Demanded ransoms were paid and the estimated loss is $640,000.

KeRanger is believed to be the first ransomware attack to successfully infect Mac computers, running on the OSX platform. It was placed in an installer of an open source BitTorrent client, also known as Transmission. When users downloaded the infected installer, their devices became infected with the ransomware. The virus remains inactive for three days and then encrypts approximately 300 different types of files. It then downloads a file that includes a ransom, demands a Bitcoin, and provides instructions on how to pay the ransom. After paying the ransom, the victim’s files are decrypted.

As ransomware becomes more and more complex, the methods used to spread it become more sophisticated as well. Examples include:

Payment for installation. This targets devices that have already been compromised and could easily be infected with ransomware.

unauthorized downloads. This ransomware is installed when a victim unknowingly visits a compromised website.

Links in emails or social media messages. This method is the most common. Malicious links are sent in emails or online messages for victims to click on.

Cybersecurity experts agree, if you fall victim to a ransomware attack, don’t pay the ransom. Cyber ​​criminals could still keep your data encrypted, even after payment, and demand more money later.

Instead, back up all data to an external drive or to the cloud so it can be easily restored. If your data is not backed up, contact your Internet security company to see if they offer a decryption tool for this type of circumstance.

Managed service providers can perform a free risk analysis and determine a company’s security risks.

Understanding the vulnerabilities of a potential intrusion and preparing ahead of time to defeat them is the best way to prevent a cyberthief from wreaking havoc on your business.