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3 Ways to Protect Your Business from Ransomware – By James Bergl at My Business
January 2017

In recent months, ransomware has been increasingly garnering headlines here and across the globe. If you’ve been keeping your head down and believe that it won’t happen to you or your business – now is a good time to think again.

 

Ransomware is generally spread using some form of social engineering, for example, where victims are tricked into downloading an email attachment or clicking a link that contains a virus, which in turn locks a user’s or company’s data. This is followed by a message from the hackers demanding payment to release the affected files.

Unfortunately, too often businesses don’t have the right protections in place and thus cough up the ransom.

As a result, ransomware has become a lucrative option for cyber extortionists, who are taking advantage of individual’s and business’ willingness to pay up and are making millions.

In fact, the FBI and security experts have warned that the total cost of damages is increasing exponentially and is set to hit US$1 billion in 2016 alone.

In recent months, ransomware has affected everyone from Australia Post and AGL customers, to Pokémon Go players and the Australian Federal Police. But while organisations of all types and sizes have been impacted, SMEs are particularly vulnerable.

Frequently, small business IT teams are stretched thin and, in some cases, rely on outdated technology due to budgetary constraints. This creates the perfect storm for ransomware vulnerability.

Our business, Datto, recently surveyed 100 managed service providers in Asia-Pacific, representing thousands of small businesses. A staggering 85 per cent reported that their SME customers had experienced a ransomware attack in the past 12 months.

According to the survey’s findings, businesses in the region are paying an average ransom of $11,781 to unlock files that are held ransom – a considerable expenditure for any small business with limited resources.

The statistics are clear. For SMEs it’s no longer a question of ‘if’ but ‘when’ ransomware will strike. Fortunately, there are measures you can take to protect your business against ransomware attacks.

 

To read the full article visit ‘3 Ways to Protect Your Business from Ransomware’ at My Business

 

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