No matter the industry or sector, holding data hostage can bring business operations to a halt. Cyber criminals know this, which is why ransomware attacks have become a critical threat to consider as part of an IT security plan.
According to the Verizon 2021 Data Breach Investigations Report, 10% of data breaches involved ransomware attacks over the past 12 months. This is double the frequency researchers had tracked the previous year. The financial impact was also substantial: 95% of incidents involved amounts starting at $69 and reaching as high as $1,155,775. Attacks have hit major corporations such as Robin Hood and even government entities and the police.
Seasoned business professionals might be familiar with traditional malicious software, or malware, but wonder, "how is ransomware different?" It's important to understand the nature of the threat in order to defend against it.