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Staying Safe: How to Prepare for Ransomware

RansomwareThe cybercrime game can be faddish at times, with cyber crooks all briefly piling on the “flavor of the month” attack before collectively moving on to the next big thing. One thing we can be certain of after the past year, however, is that ransomware has been added to the regular menu. It’s here to stay.

How Ransomware Works

It’s no wonder the dark underbelly of the internet is so taken with ransomware attacks. For keyboard-based ne’er-do-wells it really is the gift that keeps on giving.

A ransomware attack begins much like any other cyberattack. The bad guys get into the target system by the usual methods; most frequently via a phishing email or a spear-phishing email. This opening is used to plant the malware, and it is the nature of this malware package that sets ransomware apart.

The malware, once it gains access to the system, encrypts all the data it can find with an encryption key known only to the bad guys, who then demand lots and lots of money in exchange for getting the data back.

To Pay or Not to Pay?

A business that has been hit with a successful ransomware attack usually has only 2 options: say goodbye to the data, or pay the money.

No business can afford to lose all their data, so most companies end up paying the ransom, but this has unintended consequences. Now that the bad guys have access to the system, it’s trivial for them to get back in at a later date – some even go so far as to install a backdoor into the system so they can come and go as they please. Having walked away richer the first time, what’s to stop them from going back to the well a second or even third time? They know that the company is willing to pay, and so they make the company pay.

Thankfully, while the consequences of a ransomware attack can be more dire than other types of attack, they are no more difficult to prevent, or to deal with afterwards – given a certain amount of preparation.

Ransomware Defense

The first line of defense is prevention, and this involves solid email security that can detect and remove email-based threats before they reach the recipient. Another key part of prevention, or at least mitigation, is implementing a multi-layered security solution so that breaches can’t compromise the entire system. 

Finally, under preparation and aftermath, companies need to establish and follow a business continuity plan that incorporates real-time backups of all important data.

Real-time backups can allow companies to more or less ignore ransom demands. If infected with ransomware, they can simply roll back the clock to a point before the malware hit the system and continue on, as if nothing had happened, with minimal data or productivity loss.

Conclusion

According to the FBI, ransomware attacks in 2015 were responsible for ransom payments of just over $1.5 million. In 2016 that amount was almost a thousand times more – close to $1 billion. This huge increase is because of two factors: ransomware attacks are hard to stop, and the bad guys are almost impossible to catch.

If the numbers above are any indication, it will be almost impossible for most businesses to avoid a ransomware attack in 2017. Given an environment where ransomware attacks are an inevitability, being properly prepared is the only viable option.

The Explosive Growth of the Cloud

Cloud GrowthThe IT landscape is shifting, and cloud services aren’t just center stage – they’re overwhelming the stage.

The Worldwide Semiannual Public Cloud Services Spending Guide, a publication of market intelligence firm IDC, analyzed Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) spending numbers across various global markets and a range of industries. The findings are clear: with a 2017 spending increase of 24.4% over 2016, cresting $120 million worldwide, cloud growth outstrips all other IT growth by a factor of seven. And the rate of growth is forecasted to remain high — above 20% per year through 2020.

SaaS Domination

Cloud computing is still dominated by SaaS applications, though there’s no guarantee that SaaS will remain the flagship offering of the cloud. SaaS represents about two-thirds of current cloud spending, but its growth is slower than IaaS and PaaS trajectories: through 2020, PaaS is expected to grow at a rate of 30.1% each year, while IaaS outstrips it at 32.2% annually.

Adoption by Industry

Not all industries are seeing equal cloud adoption. Manufacturing, professional services, and finance are forecasted to spend the most on cloud services, accounting for around a third of all cloud spending. The professional services industry also leads the pack in cloud growth, with a spending rate growing by almost 24% per year.

Cloud Spending

Despite the potential expense of moving large organizations (and entrenched infrastructure) to the cloud, companies with over 1,000 employees aren’t shy about migration: they account for over half of all cloud spending, and their spending rate is increasing faster than companies with fewer employees.

Global Cloud

Generating almost two-thirds of all global cloud revenue, the United States is the largest current public cloud market – though the Asia/Pacific region (Japan not included) and Latin America are each growing at faster rates: Asia/Pacific at 28%, and Latin America at 26.6% annually. In fact, globally, the US has one of the slowest cloud growth markets, increasing at a rate just shy of 20% per year.

As the market matures, it’s likely that previously untapped markets will come to regard the cloud as an essential piece of infrastructure. In particular, European markets have been more resistant to cloud adoption than those in the US, but they show healthy growth which is forecasted to continue through the end of the decade.

Domestically and worldwide, for large companies and small, the cloud is growing – and it’s not predicted to stop any time soon.