Rise of Ransomware during COVID-19
Our co-founder Marc Grens authored an article for Cyber Defense Magazine.
You can view the post in it’s entirety here.
Introduction
Crypto-related ransomware attacks are on the rise, and the pandemic has only hastened its propagation. For example, from 2018 to 2020, ransomware attacks have increased by 200%. Yet during the COVID-19 pandemic alone, from January to May of 2020, ransomware attacks have grown by 900%. This is not surprising with the rise and vulnerabilities of remote work and individuals mixing their professional and personal lives online. Ransomware is a common cybersecurity threat facing a wide variety of industries, from public entities like government agencies and healthcare organizations, where confidential data storage is critical, to financial services and even manufacturing. Worse yet, a federal cybersecurity advisory committee has warned of an increased cybersecurity threat to hospitals even while dealing with the pandemic. These types of attacks do not discriminate based on company size either. Small and mid-size businesses are at as much risk as large companies. And it is all only going to get worse in 2021 as technology continues to improve and advance. Hackers have become more emboldened and brazen, and unfortunately, some businesses continue to lag behind in cybersecurity precautions. Based on all this information, it is worth considering what steps leaders can take to deal with crypto-related ransomware attacks.
Cryptocurrency Ransomware Attacks: What You Can—and Should—Do
- Train and educate employees about ransomware and how to avoid it
- Know that paying the ransom is a last-resort option
- Hire a reputable cyber incident response firm with technical expertise
- Prevent financial red-flags in cryptocurrency transactions
The Takeaway: Ransomware Does Not Have to Be the End of Your Company
While it is true that the growing threat of ransomware attacks continues to increase rapidly in the age of the COVID-19 pandemic—and has been spiking at an alarming rate even prior to the pandemic, there are still some relatively simple steps you can take to prevent or minimize the damage to your company. However, if you choose to hire a trusted independent cyber incident response firm, ensure any conflicts of interest are mitigated or fully disclosed.