When it comes to ransomware attacks, research shows that UK businesses are the third hardest hit in the world. Surpassed only by Canada and the US. Despite being around since the late 1980s, this approach by hackers has been on the rise for the last four years and continues to be a growing threat.
But if ransomware attacks are nothing new, why the uplift?
What is ransomware?
Ransomware is one of the most notorious forms of malware. As the name suggests, a hacker gains control over your files and data and demands a ransom for restored access. In most cases, the ransom is financial but can also be for valuable information or data. In truth, whether you pay or not, the effects on your business due to downtime and reputational damage can be devastating.
60% of businesses that fall victim to a cyber attack go out of business within six months.
What is ransomware as a service (RaaS)?
Ransomware as a service (RaaS) is a business model. And a lucrative one at that.
Simply put, developers build ransomware tools and make them available for affiliates to use on a subscription basis. The affiliates execute the attacks, and for every successful hit, the developer gets paid while the affiliate takes a percentage.
Traditionally, some complex coding skills were required to be a successful hacker, but the RaaS model removes the need for this technical skill. Which answers our question: Why the uplift in ransomware attacks?
Like all ‘aaS’ solutions, users need no specialist skill or experience to use the tool. This latest cyber crime development empowers almost anyone with the ability to execute a sophisticated cyber attack.
How is ransomware as a service (RaaS) a threat to my business?
It’s a common misconception only larger organisations are targets for ransomware attacks – they’re the ones with pots of money, right?
In fact, hackers target just as many SMEs as large businesses. All too often cutting corners on IT infrastructure and cyber security, these businesses are low-hanging fruit.
Over 70% of all ransomware attacks are aimed at SMEs.
How can I protect my business?
The most effective way to protect your business from ransomware as a service (RaaS) attacks is a combined strategy of staff awareness training, sufficient antivirus protection and proactive monitoring that stays ahead of your vulnerabilities.
Cyber security is our speciality
Our proactive approach to cyber security means your systems are constantly monitored in the background while you focus on your daily business. We carry out regular cyber security audits as standard for all our clients based on the 5-key controls laid out by the Government-backed Cyber Essentials initiative.
We also ease the pressure of keeping up to speed with the latest cyber crime developments as we do that for you. To find out more, drop us a line – we’re waiting to share our expertise with you.