NordLocker research finds 37 percent of companies worldwide became victims of ransomware in 2020, and though no industry is safe from cyber attacks, industrial sectors were targeted the most, says NordLocker cybersecurity expert Oliver Noble
NordLocker’s analysis of 1200 companies reveals that Construction is the top industry hit by ransomware (93 victimized companies), followed by Manufacturing (86). Finance (69 ransomware cases), Healthcare (65), Education (63), Technology & IT (62), Logistics & transportation (59), Automotive (56), Municipal services (52), and Legal (49) are business areas that make the list of the top 10 industries most targeted by ransomware gangs.
Among the hacked companies discovered by NordLocker’s research, there were not only large organizations, such as a global hotel chain, an automotive conglomerate, or a world-wide clothing brand, but also small family-owned and operated businesses like an Italian restaurant or a local dental clinic.
It is surprising how many companies still take cybersecurity for granted, ‘inviting’ hackers to exploit their vulnerabilities.
When successfully attacked, companies get all their employee data, customer details, client agreements, patents, and other valuable business information inaccessible and threatened to be stolen, leaked, or destroyed for good.
To avoid the doomsday, i.e. having business operations put to a standstill, damaged reputation, loss of clients, tiresome legal battles, and huge fines, some organizations are left with no choice but to pay ransom to get the decryption key.
However, not many businesses can afford paying hackers off. It is estimated that the average total cost of recovery from ransomware has more than doubled from around $761K in 2020 to $1.85M in 2021. And the most worrying fact is that paying a ransom doesn’t guarantee that you will get back what’s been taken away. There’s also no guarantee your business won’t get attacked again.
Most prolific ransomware operators
The study by NordLocker has analyzed 10 ransomware gang websites. The most prolific ransomware family is Conti, with 450 attacks under their name. REvil (210 hacks), DopplePaymer (200), and PYSA (188) are also among the most famous and active cybercrime groups that harass businesses.
Internationally operating law enforcement groups work hard to shut ransomware infrastructure down. Recently it was reported that a joint operation put REvil’s servers offline. However, the Russian Ransomware-as-a-Service gang is expected to re-emerge.
Ransomware is no longer what only skilled hackers are capable of. Any paying user, aka affiliate with little technical knowledge, can use the subscription-based model to employ already-developed tools to execute ransomware attacks against businesses.”
How to protect your business from ransomware
Although ransomware attacks are evolving, there are some easy-to-implement cybersecurity tactics to serve your business as defense:
- Make sure your employees use strong and unique passwords to connect to your systems. Better yet, implement multi-factor authentication.
- Secure your email by training your staff to identify signs of phishing, especially when an email contains attachments and links.
- Implement and enforce periodic data backup and restoration processes. An encrypted cloud might be the most secure solution for this.
- Adopt zero-trust network access, meaning that every access request to digital resources by a member of staff should be granted only after their identity has been appropriately verified.
NordLocker is the world’s first end-to-end file encryption tool with a private cloud. It was created by the cybersecurity experts behind NordVPN – an advanced VPN service provider. NordLocker is available for Windows and macOS, supports all file types, offers a fast and intuitive interface, and guarantees secure sync between devices. With NordLocker, files are protected from hacking, surveillance, and data collection. For more information: nordlocker.com.