Cyber Security Professionals Claim a Rise of Data Theft using Ransomware Attacks

Cyber Security Professionals Claim a Rise of Data Theft using Ransomware Attacks

Unfortunately, many organizations continue to take security risks even thou cyber security professionals claim a rise of data theft using ransomware attacks.  The threat is bigger than ever, and data theft is increasing at an alarming rate.

Since 2018, phishing ransomware attacks have increased 300 percent.   According to leading IT security experts, organizations have a 20 percent chance of being compromised but these cyber-attacks are predicted to keep growing an alarming rate.

What makes ransomware attacks successful? Cyber criminals are very smart.  They have learnt how to create attractive ransomware programs for data theft, so businesses are most likely to pay to prevent exposure of their data or client data.

An online ransomware security services organization recently received 100,001 submissions related to attacks by ransomware groups.  These attacks took place between January 1, 2020, and June 30, 2020.  Another 11,642 submissions were linked to cyber-attacks by groups looking to steal data.   These are the alarming numbers organizations need to recognize are threat against them.

Many cyber security studies have found that organizations that would suffer from information exposure are more likely to pay the ransom to prevent it.   This behaviour increases how attractive they become to these cyber criminals using ransomware cyber-attacks.   The top paying industries include legal (law firms), healthcare, and financial industries.

Why are organizations paying?  Not only will this cost money due to avoiding exposure, they also face business interruption, reputation damage, legal fees, regulatory penalties, loss of intellectual property, and the disclosure of the organization and client data.

Based on 2019 cyber security numbers which includes 966 government entities, educational institutions, and healthcare providers, they all were hit with ransomware.   This included all of them had their information stolen and published.  Of the 966 entities based on the 2019 cyber security numbers, 106 of them have been affected by ransomware once again in 2020 by having their data stolen and published.

 

There is a “New Age”’ of sophisticated business email compromises coming and organizations need to be ready.

New cyber security threats are launching with more sophisticated email scams that target organizations without and try to squeeze as much money out of organizations as possible.

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***For more information on cyber security, please visit the following:

Information and Privacy Commissioner of Ontario: IPC

Office of the Privacy Commissioner of Canada

 

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