Cyber security has become a major concern for businesses of all sizes. To help business leaders and owners navigate these challenges, we’ve launched the “Cyber CEO” segment—a series of concise, two- to three-minute videos designed to simplify complex cyber security topics. Our aim is to provide actionable insights that are easy to understand and implement, with each episode tackling a different aspect of cyber threats. In this video, we focus on ransomware—one of the most damaging and financially devastating cyber attacks that businesses face today.
Understanding Ransomware: A Major Cyber Threat
Ransomware has emerged as one of the most successful types of cyber attacks, with businesses worldwide losing billions of dollars each year. These losses stem not only from ransom payments but also from the catastrophic effects of data loss, which can lead to the closure of businesses that fall victim to such attacks.
How Ransomware Works
The mechanics of a ransomware attack are deceptively simple yet devastatingly effective. Typically, it starts with an email. This email might appear to be from a legitimate company, like AGL, and contains a link. Because the email is plain text with a link, standard virus scanners usually won’t detect any threat.
The trouble begins when you or one of your employees clicks on that link. The link directs your browser to a website that mimics the look of the legitimate site. At this point, the site prompts the user to download a file. Once that file is downloaded and executed on the computer, the ransomware takes over. It swiftly encrypts all data files on that computer and then scans the network for other devices and servers, encrypting their data as well. In mere minutes, you can lose access to all your critical business data.
Cloud Environments Aren’t Immune
Many small and medium-sized businesses operate in cloud-based environments, assuming their data is safe. However, this belief is misguided. Even in a cloud setup, if a local device is infected and its data encrypted, that encryption can propagate to your cloud storage. This means that the same risks apply whether your data is stored on local servers, in the cloud, or both.
Ransomware attackers operate with a straightforward business model: they demand a ransom, typically ranging from $50,000 to $200,000 for small and medium businesses. If you don’t pay, you lose your data permanently.
Previously, having a backup was a reliable safeguard. However, ransomware tactics have evolved. Attackers now use stolen data to commit identity theft or threaten to release sensitive information on the dark web if the ransom isn’t paid. This can result in severe reputational damage, leading to loss of customers and, potentially, the collapse of the business.
What Can You Do?
In Australia, the Australian Cyber Security Centre (ACSC) has introduced the Essential 8 security controls, a set of strategies designed to mitigate cyber threats. One of the most effective measures is application whitelisting, which can prevent ransomware from executing on your systems. Unfortunately, many small and medium-sized businesses do not implement these controls.
To protect your business, it’s important to consult with your IT team or seek advice from cyber security experts. Ensuring that your business has strong security measures in place could make the difference between a minor setback and a business-ending disaster. For more information or assistance, feel free to contact us!
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Cyber CEO – Ransomware
Cyber security has become a major concern for businesses of all sizes. To help business leaders and owners navigate these challenges, we’ve launched the “Cyber CEO” segment—a series of concise, two- to three-minute videos designed to simplify complex cyber security topics. Our aim is to provide actionable insights that are easy to understand and implement, with each episode tackling a different aspect of cyber threats. In this video, we focus on ransomware—one of the most damaging and financially devastating cyber attacks that businesses face today.
Understanding Ransomware: A Major Cyber Threat
Ransomware has emerged as one of the most successful types of cyber attacks, with businesses worldwide losing billions of dollars each year. These losses stem not only from ransom payments but also from the catastrophic effects of data loss, which can lead to the closure of businesses that fall victim to such attacks.
How Ransomware Works
The mechanics of a ransomware attack are deceptively simple yet devastatingly effective. Typically, it starts with an email. This email might appear to be from a legitimate company, like AGL, and contains a link. Because the email is plain text with a link, standard virus scanners usually won’t detect any threat.
The trouble begins when you or one of your employees clicks on that link. The link directs your browser to a website that mimics the look of the legitimate site. At this point, the site prompts the user to download a file. Once that file is downloaded and executed on the computer, the ransomware takes over. It swiftly encrypts all data files on that computer and then scans the network for other devices and servers, encrypting their data as well. In mere minutes, you can lose access to all your critical business data.
Cloud Environments Aren’t Immune
Many small and medium-sized businesses operate in cloud-based environments, assuming their data is safe. However, this belief is misguided. Even in a cloud setup, if a local device is infected and its data encrypted, that encryption can propagate to your cloud storage. This means that the same risks apply whether your data is stored on local servers, in the cloud, or both.
Ransomware attackers operate with a straightforward business model: they demand a ransom, typically ranging from $50,000 to $200,000 for small and medium businesses. If you don’t pay, you lose your data permanently.
Previously, having a backup was a reliable safeguard. However, ransomware tactics have evolved. Attackers now use stolen data to commit identity theft or threaten to release sensitive information on the dark web if the ransom isn’t paid. This can result in severe reputational damage, leading to loss of customers and, potentially, the collapse of the business.
What Can You Do?
In Australia, the Australian Cyber Security Centre (ACSC) has introduced the Essential 8 security controls, a set of strategies designed to mitigate cyber threats. One of the most effective measures is application whitelisting, which can prevent ransomware from executing on your systems. Unfortunately, many small and medium-sized businesses do not implement these controls.
To protect your business, it’s important to consult with your IT team or seek advice from cyber security experts. Ensuring that your business has strong security measures in place could make the difference between a minor setback and a business-ending disaster. For more information or assistance, feel free to contact us!
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