Understanding ALL of Ransomware’s costs

It is not a rumor that Ransomware is making a popular comeback in the hacking industry. Having that pop up come across your screen saying that all your data is encrypted and to pay up if you want it back can be a haunting experience for any IT professional. But recent surveys show that most companies have far more expensive losses that come from ransomware than actually paying the ransom fee. Some companies even suggested it was easier to pay the fee and have the cybercriminal unlock their data.

Studies show you have a 1 out of 5 chance that, once you pay the fee, the cybercriminal will not actually unlock you data, in this industry those are pretty good risk odds.[1] The aftermath of ransomware's damage is being felt not only in the security industry but in the business sector as well. Below are some of the affects that are caused by the up rise in ransomware.

  • Credit Cards have Advanced- One of the biggest outcomes from ransomware is scaring credit card companies into making credit cards more secure. By adding the EMV chip to all cards, this has eliminated the threat of people being able to make purchases without physical access to the card. Only thing left to secure is online orders and over the phone order. Which this is also in the process of become a norm in the credit card industry. Some financial institutions have auto generating CVV numbers on the cards. This enables the card to switch the 3 digit security pin on the back of the card every so often to prevent the use of stolen credentials. This is obviously still in the works as a card with this technology would cost almost 8 times more than regular cards, but this is a step in the right direction.
  • The Cloud is still a Scary Place- With security practices being an unknown standard in the cloud, most security professionals try to steer away from using these services. Since ransomware can come from anywhere, opening up your network to the unknown cloud is usually not the best idea.
  • Security being left out from the start- a lot of companies and their security teams are not seeing eye to eye with the vulnerabilities in cloud computing. This is leaving security teams in the dark with their companies. The business feels that utilizing the cloud is not only cost effective by time saving as well and the only thing standing in there way is the security team preaching about ransomware. More than half of security teams report their companies take cloud computing into their own hands by circumventing security altogether.

All in all, ransomware has made somewhat of a mess of the technology industry and is slowly dragging the business end into it as well. This type of malware is a real pain in the neck for companies. They can ether pay the ransom and hope the cyber criminals unlock the data, or go through a bunch of tedious new loopholes to better protect against ever getting this ransomware in the first place.  

 

Introducing iSheriff Cloud Security

[1] http://www.technewsworld.com/story/83279.html

 

 

Subscribe to Email Updates

About iSheriff

iSheriff is the leading provider of content and endpoint security from the cloud. We keep organizations and individuals safe from cybercrime, malware and digital threats. Thousands of businesses across a wide array of industries have deployed our solutions, including some of the most sophisticated buyers of security technology worldwide.