The vast majority of cyberattacks happen to small and midsize businesses - 60% of them fold within 6 months of an attack, according to Inc. Magazine. With cyberattacks on the rise, network security is the number one issue on IT Exec's minds. We started a 3-part blog series, discussing the main types of network vulnerabilities: Hardware, Software, and Humans. In part 1, we covered the first type of network vulnerability, hardware, with the different categories and how they can be subject to vulnerabilities. Now we will be moving to part 2: vulnerabilities of network software. As before, we will address what makes software vulnerable, how it can be breached, how to prevent it, and what to do if a breach occurs.
Ransomware. It's a very hot topic in today's current affairs and with cyberattacks on the rise, network security is the number one issue on IT Exec's minds. In this 3 part blog series, we will present the three types of network vulnerabilities: Hardware, Software, and Humans. With each type, we will discuss what makes a network vulnerable, how it can be breached, how to prevent it, and what to do if a data breach occurs.
A ransomware attack is estimated to occur every 11 seconds. Last year, the largest ransom ever paid (40 million dollars!) was issued by an insurance agency. Data breaches are occurring at a rate never seen before, and all this malicious activity is being monetized and turned into a business. Faced with these problems that are only getting worse, how do we maintain a secure environment and protect our assets?
The Increasing Threat of Ransomware
United States Authorities reported that ransomware payments of approximately $590 million were made during the first six months of 2021, a significant increase compared to the $416 million reported for the whole year of 2020. With the alarming increase of complexity and volume of attacks, the US department of Homeland Security confirmed that ransomware is a major threat to national security. 2022 will see both an increase in the number of ransomware attacks along with more avenues being exploited to inflict an attack. Ransomware-as-a-Service kits are now being bought and leveraged by unexperienced cybercriminals to deploy undetectable attacks across multiple paths.