That’s certainly true in the modern age, as businesses increasingly rely on technology. Businesses use their computer systems for several critical processes – communication, accounting, ordering and banking, to name a few. Think of these computers as digital offices and warehouses, storing valuable information and facilitating key business procedures. The basic padlock may have worked in the past, but criminals are finding new ways to pick them.
Take ransomware, for instance: a relatively new form of malicious software that takes advantage of system vulnerabilities. To keep your business vigilant, proactive and protected, you need to know about these emerging threats. In this article, let’s take a closer look at ransomware – what it is and what you can do to protect against it.
What Is Ransomware?
Ransomware is a type of malicious software (malware) that encrypts your business’ software, either blocking your access to it or threatening to publish sensitive information unless you pay a ransom. It’s used as part of a criminal moneymaking scheme to intimidate and coerce businesses.
According to the US Justice Department, ransomware is the “fastest growing malware threat,” with an average of 4,000 daily attacks since 2016. Criminals using malware prey on all computer users, from home users to government networks. But the biggest fish they’re often after are businesses.
How to Protect Against Ransomware
A recent high-profile example of a ransomware scheme involved the popular band Radiohead. Hackers threatened to release 18 hours of unreleased music unless the band coughed up a hefty ransom. Radiohead chose not to pay – instead, they released the music themselves, thereby stripping the hackers of the upper hand.