The ransomware pandemic has presented itself as a deathly threat to worldwide companies and suggests no implication of slowing down anytime soon. No industry it seems is immune as attacks are ever-evolving. Cybercriminals unleash ravaged attacks on industries by using increasingly sophisticated techniques to exploit vulnerabilities and encrypt sensitive data. A clear indication of the need for cyber insurance and more intricate software as it becomes evident that no industry is spared.
Some industries have become prime targets due to the potential for significant financial gain or the critical nature of their operations. Healthcare has recurringly become under siege from attacks due to patient care and the value placed on sensitive medical records. Andre Migont Hospital in Paris was forced to shut down its phone and computer systems following a ransomware attack.
Other areas such as the public, financial and manufacturing sectors are also targeted by ransom attacks. All of these are impacted by financial loss, a halt on production and the threat to national security. However, the broader effects of ransomware attacks can extend beyond these immediate losses, such as reputational damage. Partners and clients may lose faith in the company’s ability to protect their interests, resulting in severed relationships and diminished market value.
The battle against cybercriminals is ongoing, only through collective vigilance and digital trust can organisations stay one step ahead of the epidemic. Maintaining regular data backups is just one of many ways to help do this. Secure backups of critical data stored either offline or in a cloud-based system allow an extra layer of security for security against cyber attacks. How will you fight this pandemic?
