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Cybercrime: The Reality of Ransomware

Cybercrime: The Reality of Ransomware.

By Evan Eisenberg

 

In 2017, global cybercrime and ransomware was predicted to take a loss in excess of $5 Billion. Most people see the word Billion and don’t truly understand its magnitude. Just to get an understanding of that  visually, the number is, $5,000,000,000. Which is the equivalent of making $1 per second, for a year (31,536,000 seconds in a year), and it would take you more than 161 years to make up that hefty loss.

Businesses’ for the most part have all joined the digital age. Starting with the big box corporations, down to the small mom and pop operations have; they have all gotten the hint. You either get with the times or get lost in them. For many of us, our businesses’ would shut down without internet access. It’s something that business owners and IT managers did not have to plan for 10 years ago. Now, we are seeing hackers capable of destroying everything we built in a matter of seconds. From infecting data files, locking out users, and collecting client data; we have entered a new frontier.

Ransomware as it has been code-named, is when hackers hold companies’ information and operation abilities hostage until a ransom paid. We have seen companies like Target, Sony, and Yahoo get hit with programs just like this; and they were prepared.   So, what can you do as a business owner to protect yourself? We are not all blessed with the resources of a Target or Yahoo bank account.

Three steps you can take to protect yourself:

  1. Have an up to date firewall for your web browser and email
  2. Use a program to randomize and encrypt your passwords (I recommend Dashlane)
  3. Do not allow employees to share passwords

 

Of course, nothing is fool proof. But, the most valuable piece of advice I can give you is to speak with your Insurance Advisor and have them fully review your business insurance package. Make sure to include productivity loss, data loss, and ransom risks to the list of coverage’s your select. I hope you find this information useful and apply the three easy steps to protect your business!

 


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