Ransomware attacks are one of the considerable risks that await companies carrying all processes related to the business models to digital by performing the innovations demanded by the era. Relevant attacks intended to get hold of critical corporate data can endanger your company in many aspects. Accordingly, you should assuredly take some precautions for ransomware attacks so that varied cybersecurity threats will not bear large-scale and negative consequences on your company.
Regarded as to be one of the major threats faced by corporations, not only in cyber terms but also in the general sense in the 21st century, ransomware attacks can reveal poor outcomes up to the loss of your whole business network. Due to ransomware attacks, critical workflows having great importance for the sustainability of your business model are hitched or become inoperative. So, it is extremely feasible that you will experience large-scale financial losses as a consequence of the precluded continuity of your business.
Diversely, the challenges you have to struggle with are not just related to the financial dimension of the business. You may have to deal with conditions such as violations of many laws and obligations, mainly regulations related to data protection law at first because the ransomware attacks make the digital structure, on which you create your business model, inoperative. In another word, personal and corporate data stored within the body of your corporation can be hijacked, and you may encounter challenging litigation processes as a result of the lawsuits to be filed.
Besides, there is also a new threat method opt for by the individuals or communities carrying out ransomware attacks: Cyber attackers who access your company details through a cyberattack may threaten you with declaring relevant information to the public. Public offering in illegal ways can seriously harm the reputation of corporate companies.
According to the report published by Coveware on ransomware attacks, the average charge amount paid for ransom attacks and ransom attacks in the first quarter of 2021 has increased dramatically by comparison to the last quarter of 2020. Besides, in the first quarter of 2021, the attack rate has increased by 10% against the last quarter of 2020.
While the average amount of money paid for ransomware attacks in the last quarter of 2020 was $154,108, in the first quarter of 2021, the average amount that companies subject to the attack obliged to pay reached $220,298 at a 43% increase level. According to the report based on data recorded since 2018, the amount in the first quarter of 2021 has been the second-highest amount of the three years.
Given these results of the research report on ransomware attacks, you may require professional support to secure your corporation from this threat.
In one of the cases in recent weeks, the cyber attackers infiltrating the infrastructure of the Colonial Pipeline, one of the largest oil pipelines in the USA, caused the fuel transfer to be paused and caused a crisis in the country. In the incident, which caused the price per gallon to reach the highest level of recent years after thousands of people flocked to the stations to stock fuel, cyber pirates who threatened to reveal the data of the company reached their ambitions and caused the Colonial Pipeline to pay a ransom of 4.4 million dollars.
It may be effective to briefly describe the path followed by these attacks before explaining the security systems for protecting against ransomware attacks. Primarily ransomware encrypts all files on the infected system, makes them unreadable, and changes their extensions. Being capable of encrypting all files owned to your corporation, ransomware utilizes advanced encryption algorithms.
The fact that your data is taken over by the software that aims to secret encryption and run without getting noticed in the background, comes to mean you are on an irreversible path. Likewise, it can take a long time to reverse the processing power and the encryption power of ransomware and recover your corporate data. Due to all these reasons, it is recommended that you turn towards security systems that offer a comprehensive security solution.
Privileged Access Management (PAM) is one of the relevant security solutions. PAM that avails to identify the users who can access your company's data through ransomware, procure that transactions proceed uneventfully in all sectors, disregarding the size of the volume of business.
PAM carries up a five-phase process so that privileged access can be successfully controlled. Pam, aiming to ensure that your company's brand identity is not endangered, renders it possible for you to have complete control by scrutinizing every phase of data security through the services it incorporates.
As Krontech, we offer high-tech software solutions in telecom and cyber security that ensures your data and access security through our PAM product Single Connect, which is also included in the Gartner Magic Quadrant for Privileged Access Management 2020 report.
Single Connect authorizes secure access to IT resources in order to prevent data leaks and prevent attacks with the help of privileged accounts, records all access activities in IT layers. Single Connect’s modular structure helps you to comply with GDPR and other compliances. Single Connect can also be purchased on a module basis by IT teams and companies that have their own servers.
You can contact us for more detailed information about Single Connect, and you can start to benefit from the advantages of an advanced PAM solution in a short time.