According to the Keeper 2021 cybersecurity census report, 92% of UK businesses suffered a cyber attack in the past 12 months. However, only 40% of these businesses are actively addressing the weak links in their cyber defences. With the rise of ransomware attacks, Business leaders need to be taking a proactive role and greater responsibility in combating cybercrime. Furthermore, the public and private sectors need to work together against the increase in entrepreneurial cybercriminals and ransomware-as-a-service.
The rise of ransomware-as-a-service
Ransomware has become a massive business making cybercriminals billions of dollars every year. Furthermore, ransomware has become productised into ransomware-as-a-service (RaaS). RaaS allows entry-level cyber criminals access to powerful software to execute attacks with ease. According to Keeper’s 2021 report, of businesses that suffered ransomware attacks, 77% reported being unable to access their systems or networks. Furthermore, 30% of network systems were down for a day, and 26% were offline for up to seven days.
One of the reasons for this increase is the available angles for attacking are multiplying. For example, criminals can distribute RaaS online with ease, and barriers to entry are lowering. Furthermore, the increased frequency of cyberattacks is due to advancements in the sophistication of technology and collaboration between cybercriminals. Therefore, companies need to collaborate closely to combat these criminal cyber-attacks.
The importance of reporting a cyber attack
Currently, cybercriminals are outwitting organisations. To combat this, business leaders need to be transparent and share knowledge on breaches. 36% of IT decision-makers have kept cyberattacks on their business secret. Businesses keep cyber breaches a secret because they feel embarrassed, they are trying to avoid legal mitigation from stakeholders or protect their brand reputation. However, it would be better for everyone to report this information so others could learn from their mistakes and make better protection.
As a result, small and medium-sized businesses will benefit from this as most of them don’t have the budgets for swathes of cybersecurity products and services.
Fight back against cyber criminals
Here are a few ways to can combat cyber criminals that everyone in your organisation can get behind.
Improve your password strength
Strengthening your passwords and not using the same password for every website will help keep your data safe. Here is a guide on how to create a secure password.
Take accountability
According to the 2021 cybersecurity census report, 31% of UK businesses believe that the CTO (Chief Technology Officer) is responsible when a successful cyber attack occurs. However, blaming the CTO is ineffective against the war on cybercriminals. Everyone in the organisation has a responsibility to protect company data. Therefore, companies need to create a robust education process to create a culture of security.
Be open and share knowledge
Cybersecurity software alone isn’t enough against the cyberwar. Business leaders need to change their mindsets and continue in a spirit of openness and collaboration. We need to work together to report on and communicate about cyber security threats and breaches.
For more information about how to improve your cyber security against ransomware-as-a-service, contact Northstar today.
