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Ransomware: How Much Is Your Company’s Data Worth?

What is Ransomware?

Ransomware is a malicious software designed to block access to a computer system or network until a sum of money is paid.

A bank robbery is usually the first thing that comes to mind when you hear the word ransom, right? However, imagine your company’s data is being held hostage; accounting information, sales, shipping and manufacturing costs – all of it.

Ransomware is on the rise. In 2018 a ransomware attack was reported every 40 seconds increasing from every 2 minutes in 2016. There’s a preconceived notion that ransomware or data breaches only happen to large enterprise companies like; Marriott StarwoodOhio Hospitals and Nissan Canada. Contrary to popular belief, ransomware attacks happen to tens of thousands of small-medium sized businesses a year.

The Story

We were recently made aware of a ransom ware attack on a 65-user company in Canada. The CEO of a manufacturing company received a call from one of his employees who let him know, “we’re in trouble.”

The employee explained that when he got to the office and opened his laptop, he was quickly greeted by a full-screen pop-up stating that their files had been encrypted. Lastly, the message concluded with contact information in order to pay the ransom in order to recover their data.

The CEO started calling every IT company he could think of to try and rectify the situation, but came to the harsh realization that it was too late.

The IT company they work with ran a security audit of the network. The audit uncovered that the hackers had all the company’s privileged data. Decades of company information ranging from invoicing to manufacturing was now being held hostage. They also encrypted their backups, not allowing them to restore from previous backups.

While digesting the harsh reality and still searching for a solution, the company reverted back to filling orders by pen and paper. Although it might not seem like a big deal, it created a logistical nightmare.

The Fix

Protect your company against ransomware and breaches before they happen.

How to Prevent Ransomware?

1)   Email Security

2)   Educate your employees on phishing

3)   Secure your network and IT environment

4)   Consult IT professionals

Instead of waiting until disaster strikes, companies need to adjust their mindset from a reactive to a proactive approach. Stacking security measures and adding layers dramatically reduces the potential for ransomware. Additionally, preventative measures to secure your network will always be less expensive and less stressful than being involved in a ransomware case. As a result, the only remaining question… how much is your company’s data worth?

Contact FenceCore today to find out how we can help prevent a disaster from striking your company.

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