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Could My Business Be a Target for Ransomware?

Tyler Vogelsberg • May 09, 2019
As a business owner, you must take steps to defend your online assets from cyber criminals. You may have a first-rate antivirus software package and some other malware detectors, but you may still not be doing enough in terms of data protection, because criminals are becoming more sophisticated by the day.

If you think that ransomware is a problem for the big companies only, please think again. Continue reading to learn more about this specific form of malware, find out what steps you can take to safeguard yourself, and learn how to use insurance as a further level of protection.

What Is Ransomware?

Ransomware is effectively a cleverly-written software program that, once installed on your computer, can deny you access to crucial data. It can be delivered in a number of different ways and once accepted (more often than not inadvertently), it can be very difficult to remove.

How Do I Get Ransomware?

Often, the ransomware will be disguised as an attachment and will be delivered to the victim's email box. Sophisticated marketing methods are used to lull the business owner into a false sense of security, as the file will often appear to come from a trusted source and look like something that's perfectly okay.

All it may take is one click, and the contents of the file will be downloaded to the machine right away. In many cases, the software will gain access to the administrator function and block out the original administrator — YOU.

How Does Ransomware Work?

The ransomware will encrypt crucial files and ring-fence, or virtually barricade, access. These files may be crucial to your business operation and they may also contain sensitive data linked to your clients. This can be a particularly dangerous situation, especially in today's litigious society.

Furthermore, regulators will take a dim view if any of this third-party data is compromised, and you may find that you are liable for fines or other censure, to make matters worse.

How Will I know if I Have Ransomware?

Typically, the attacker will notify you as soon as the encryption has occurred, and will look for a hefty financial payment before they issue you with a decryption key. Of course, the money will be difficult or impossible to trace and will usually be required in the form of Bitcoin or another digital currency.

What Companies Do Attackers Target?

These cyber criminals are beginning to target smaller organisations and companies that have a much tighter — or even non-existent — security team on hand.

If your organisation has a scattered user base and relies a lot on file sharing, it can also be a lot easier for attackers to gain access. As the attacker determines that your organisation is likely to have sensitive data, they may assume that you will be more than willing to pay good money to keep news of any data breach confidential.

How Can I Protect My Business?

You should keep your operating system up-to-date, and install any issued patches as soon as they are available. This will help to close any vulnerabilities when they arise.

You should also avoid installing any new software unless you are familiar and confident with its origin, and make sure that other members of your staff do not have administrator privileges, unless they are as cautious as you.

If you want to investigate cyber insurance, talk with the knowledgeable and professional staff at Westralian Insurance about a tailored business solution today!

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