What South Carolina Companies Need to Know About Ransomware

USA crime and Ransomware is on the rise, especially since the global pandemic and the acceleration of digital working environments. At present, companies are ill-equipped to deal with ransomware attacks which is probably why record-breaking sums of money are being paid out by businesses desperate to have valuable data returned.  

The cat and mouse game going on between businesses and cybercriminals is likely to continue as technology evolves. However, many cybercrime methods are now well known and can be guarded against with the right approach and the best security protocol. 

What is Ransomware? 

Ransomware is software used by cybercriminals to hack into a business and steal data and files. Since the information taken is vital to the business and to personal data security, the business must pay a ransom to the cybercriminals. Ransomware is a form of malware that’s imported into a company through email or corrupt files. 

At present, many businesses and organizations aren’t equipped to handle cybercrime attacks. They still don’t have sufficient protection against malware and ransomware. This is possible because they have not been hit in the past, and the likelihood seems small, but ransomware attacks are on the rise, particularly in the area of South Carolina.

The Frequency of Ransomware

Today, most businesses are aware of the threat of cybercrime and of ransomware attacks, but that doesn’t mean they are prepared to handle such an attack. Some precautions might be taken, such as basic data security measures and employee training, but ransomware has become more sophisticated, and attacks have become more frequent. 

According to the latest figures, ransomware attacks are one of the biggest security threats facing companies globally and in South Carolina. The impact of the Covid pandemic has also increased the frequency of these attacks, with fraudulent emails up by 600% and a record sum of ransomware payouts recorded – 40 million dollars.

The Impact of Ransomware 

Naturally, a company will have to pay out a large sum of money if they don’t have ransomware services. The company may not have an effective backup of data and files and they simply have to pay the ransom. Often, cybercriminals target those companies with the least effective cybersecurity infrastructure. 

On the other hand, some companies take steps to back up their files and secure them in the hope they will be immune from ransomware attacks. In reality, this is not always the case. Power outages, natural disasters, and internal errors can result in system weaknesses and increased cybercrime threats.

How to Prevent Cybercrime 

Preventing cybercrime is a cat and mouse game. Cybercriminals are continually developing software to outsmart security systems, and security systems are working hard to guard against more sophisticated forms of malware. Still, there are some effective measures your company in South Carolina can take. 

The first thing you need to do is to get the basics right. Create strong passwords and don’t use passwords multiple times. Use a two-factor authentication process for security software and consider a systems audit by a security firm – this will identify weaknesses in your company and reduce the chances of ransomware attacks.