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Is your business at risk because of ransomware?

| Aug 19, 2020 | Cybercrime

The modern world and advanced technology have brought convenience to life and has also widely opened the consumer market, thus providing means for you to make a substantial profit as a business owner.

There’s a downside to the equation, though. In the old days, the only time you may have heard mention of “ransom” was in relation to abductions, either in person or in the movies. Many Rhode Island business owners, perhaps yourself included, have been threatened by ransomware, which essentially means someone has taken over their computers and are holding them for ransom. If your business is at risk because of ransomware, it’s important to know what to do and not do to resolve the problem.

More on what it is and how it spreads

Ransomware is malicious software that encrypts your computer data. Those committing the act will typically demand a ransom in exchange for regaining access to your computer system.  They might ask you to send a payment via virtual currency, such as Bitcoin.

This is one of many reasons you should never open links sent to you through email, even if you believe the source is authentic. One of the ways criminals infect your computer with ransomware is to trick you into clicking on links. This is known as phishing. There are more sophisticated ways to launch a ransomware attack as well, such as drive-by downloads, otherwise known as malvertisements.

Various types of ransomware

Perhaps you arrive at the office one morning only to find that you can’t log on to your computer to review business data. You might be a victim of lockware, which is one of several types of ransomware. Criminals will demand that you pay them in order that you regain login ability on your computer.

A ransomware criminal might hack into your business system and steal sensitive information. A demand for payment will arrive, telling you that if you don’t pay up, the criminals will leak the sensitive information to your competitors.

Resolving ransomware issues

Sometimes, criminals will tell you that if you pay the ransom, they will provide you with a decryption key to restore your computer data. Many Rhode Island business owners have learned the hard way that such people are not to be trusted.

You may want to learn more about cyber insurance. If you fall victim to a cyberattack, the costs associated with your system’s failure and the downtime following the attack may be devastating to your business. It is also wise to stay connected to a legal support team with experience in cybercrime laws.