Sunday, October 1, 2023

Cost of recovering information hijacked in a cyberattack | technology

Data theft, better known to experts as ransomware, is one of the biggest concerns and cyber threats to global businesses.

According to the latest Sophos research, 76% of ransomware attacks on businesses last year were successful. In addition, companies, government institutions and individual users are confronted every day with the increasing aggressiveness of these attacks, threatening the integrity of their data and the continuity of their operations.

Additionally, according to another report from IT Security Economics, more than 40% of organizations faced at least one ransomware attack in 2022.

Ransomware is a type of malicious program – also called malware – that infiltrates systems and devices, encrypts between 7,000 and 10,000 files per minute and blocks access to them.

(The Government and IFX’s Contingency Plan to Mitigate Cyberattacks).

The cybercriminals behind these attacks develop innovative ways to bypass protection methods, methods they exploit to demand a financial ransom to provide the decryption key and allow victims to recover their data. These types of attacks have proven to be extremely lucrative. It is estimated that 1,211 new ransomware variants emerge every day, a trend that unfortunately continues to grow.

“The average cost of recovering information after a ransomware attack is about $150,000, although it is not uncommon to see claims in excess of $1 million. However, there is a cheaper and more effective alternative: it is a cutting-edge technology developed by Ricoh and Bullwall that detects and responds to unauthorized encryption without impacting network performance and ensuring data protection compliance. This strategy involves constantly monitoring shared resource traffic circulating between network file servers and employing multiple strategies to quickly detect signs of ransomware in action and respond by isolating the vulnerable user,” said Matías Eillman, Country Manager at Ricoh. Colombia.

(Services that continue to function despite the cyber attack on IFX Networks).​

To address this growing threat, organizations can rely on an innovative line of defense against significant cybersecurity attacks. This innovative solution works with trusted tools from security vendors, ensuring users are protected by layers of robust defenses. In addition, interested parties are automatically notified in the event of an attack. It provides a complete list of encrypted files, making data recovery easier and minimizing downtime.

“With a commitment to providing advanced cybersecurity solutions, Ricoh Ransomcare protects customers’ most valuable assets in the changing cyber threat landscape,” said Matías Eillman, Country Manager of Ricoh Colombia.

Sectors most affected by ransomware attacks include healthcare, education, finance, energy and utilities, and small and medium-sized businesses. Cybercriminals view these organizations as targets because of the valuable information they handle and may lack resources when it comes to implementing robust defenses.

(The challenges and progress of digital transformation in Latin America).

Defense strategy against ransomware cyberattacks has become an undeniable priority in the current digital age. Because ransomware is an ever-evolving threat, organizations and individual users must be prepared for the challenges of protecting their data and systems. The fight against ransomware is a collaborative effort, and by adopting a comprehensive defense strategy you will be one step closer to successfully defeating this persistent cyber threat.

“Last year there were 20 billion attempted cyberattacks in Colombia, an increase of 80% compared to 2021. It is imperative to adopt comprehensive cybersecurity policies in organizations that ensure business continuity,” concludes Eillman.

Nation World News Desk
Nation World News Desk
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