Ransomware has been around since 1989 and since then ransomware attacks have surged in frequency and sophistication, leaving a trail of disrupted operations, financial losses, and damaged reputations. Despite the growing awareness and continued attacks many companies continue to fall prey to these attacks. Why? Ransomware has remained the same as far as attack method of encryption and ransom the stolen data. Cybercriminals have added the extortion method to ransomware, but it is functionally the same. So why are companies still behind when it comes to recovering from ransomware attacks? We will dissect the reasons behind corporate downfalls and discuss strategies to bolster defenses.
What is Ransomware?
Ransomware is a type of malware that locks and encrypts a victim's data, files, devices or systems, rendering them inaccessible and unusable until the attacker receives a ransom payment. The first iterations of ransomware used only encryption to prevent victims from accessing their files and systems.