Why Ransomware Attacks Are On The Rise And What Companies Need To Do About It?

Why Ransomware Attacks Are On The Rise And What Companies Need To Do About It

Over the past year, ransomware attacks had nearly doubled, particularly during the beginning of 2023, when more cyber-criminal gangs started to deploy this already popular method.

While these attacks are becoming more prevalent, many business owners still don’t know what to do when their company’s users are locked out and ordered to pay a ransom for the return of their sensitive data.

If you’re wondering what’s behind the rise in ransomware attacks and how your business can adapt to ensure its ongoing cyber safety, keep reading. We’ve listed some of the main reasons for the rise in ransomware crimes and practical ideas on how your organization can stay safe.

Increased Need to Make Money

Increased Need to Make MoneyThe most obvious reason for the rise in ransomware attacks is the increased need for money. As the cost of living rises and cyber criminals become increasingly desperate, there’s a greater need for money, which means ransomware practitioners are demanding higher sums and launching more attacks.

Criminals need to find sources of income, and launching a ransomware attack can be a lucrative endeavour in some cases. There’s not many businesses can do with regard to this issue except to keep working hard to boost security practices.

Gaps In Existing Security Practices

Gaps In Existing Security PracticesAnother obvious reason for a rise in any kind of criminal activity is a gap in the market. When they notice an opportunity in the form of a market gap, hackers work to fill it. Businesses might have strong anti-virus systems but not have complete, 24/7 cyber security practices to keep their systems secure at all times.

Using a security operations centre can decrease your risks of ransomware attacks, but running a full-scale cyber security team all day and night in-house can be expensive and challenging. Working with SOC as service providers like ROCK can efficiently ensure your business’s IT infrastructure is protected around the clock.

Ransomware Is Scaleable And Accessible

Ransomware Is Scaleable And AccessibleRansomware attacks are one of the easiest forms of cyber attack to start conducting, meaning new criminals might consider using them as their initial solution. With so many businesses still using outdated systems or poor password management, criminals can easily hack their accounts and then use crypto wallets to launder the proceeds quickly.

Other cyber security breaches, such as online bank account raids, can be easy to trace and take time and skill to set up. Ransomware software is open-source and readily available, and criminals can use crypto and other existing tools to make the process easier. To deal with this, companies should try to review open-source ransomware software examples so they know what to look out for and what they’re up against.

Ransomware attacks can devastate a business, and in today’s economy, business leaders like yourself can’t afford the reputational damage this type of cyber attack could cause. Use these tips to find handy ways to stay ahead of the issue and remain vigilant about ransomware attacks.