Guest Perspective: Protect your data during a ransomware rampage

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New Orleans Saints Head Coach Dennis Allen once said, “I think it boils down to our ability to execute…making sure everybody understands exactly what they’re all supposed to be doing so we can go out and actually perform that job…”

He was discussing football strategy, but he could have been discussing Cyber Security, too, since organizations and their Cyber Security partner need to work closely together to combat bad actors. It is important to stay in touch and collaborate, especially with the increasing level of cyber threats.

In late 2022, experts thought ransomware attacks were decreasing. But then 2023 got underway and ransomware attacks actually soared to a new record, according to published reports. So, the question is: how to prevent ransomware?

Threat actors frequently use phishing emails to launch their attacks, and unpatched systems provide them with additional opportunities to exploit known vulnerabilities. But, like studying the opposing team’s game plays, understanding trends can help businesses shape their defense.

Supply chains are a common target for cyberattacks. Criminals are extorting money from businesses of all sizes through these attacks. A key driver is the so-called Ransomware-as-a-Service (RaaS) kits, with prices starting from as little as $40. Gangs are also carrying out their attacks faster: the average number of days taken to execute has plunged from around 60 days in 2019 to only four in 2023.

At the same time, the attacks are becoming more sophisticated, thanks to advances in artificial intelligence. In one situation, the CEO of a British energy company sent $250,000 to a scammer.

The scammer pretended to be the boss of the parent company and asked the CEO to send money to a supplier. But the voice was actually generated using AI; in fact, deepfake video technology designed and sold for phishing frauds is now available online for as low as $20 per minute.

At the same time, the number of connected devices is growing: By 2025, over half of the world’s data is expected to come from Internet of Things (IoT) devices. This increase in connected devices will likely result in more Cyber Security threats in the…