​The number of ransomware attacks are growing exponentially. As we discussed in our previous blogs, ransomware is a type of malware that threatens to publish the victim’s data or perpetually block access to it unless a ransom is paid. Today, we are going to look at a collection of ransomware statistics, why the data makes sense, and how Mnemonix can assist with limiting your chance of becoming a victim to ransomware.
 
If your business is hit with ransomware, and the ransom is paid, there is no guarantee that you will get back all of your stolen data. According to one of the world’s leading cybersecurity group, more than half of ransomware victims paid the ransom to restore access to their data last year. Where the attackers promised full restoration of the victims’ data, 17% of the people who paid did not regain possession of their stolen data. This means that the attackers took the ransom payment while leaving the data encrypted, deeming it unrecoverable.
 
There is a notable difference in the victims ages who paid ransom last year. If we look at victims between 35-44, two-thirds have paid the ransom. That compares to just over half of those ages 16-24 and only 11% of those over 55. Data analysts believe the reason for such a notable difference in ransom payments based on age is due to the fact that older generations are less inclined to pay the ransom because they’re typically less reliant on technology. Because of that, they have less digital data and are less inclined to pay ransom to restore access to that data.
 
No matter the age, only 29% of all victims were able to completely restore all of their data or blocked files following the ransom payment. That means that 71% of those who fall victim to a ransomware attack will not regain access to all of their data according to experts. One half of the victims lost only a few files, 32% of victims lost a significant amount, and 18% lost a small but noticeable number of files. Meanwhile, 13% of victims who fell victim to ransomware lost all of their data entirely. Some cybersecurity experts recommend not paying the ransom at all if you fall victim. They believe that paying the ransom only encourages cybercriminals to revisit your business or inform other attackers that you will pay the ransom. This will increase your chances of being attacked again. Instead, experts suggest contacting local law enforcement and report the attack. If the name of the ransomware trojan is found, then it can be of great help when cybersecurity experts are trying to decrypt the threat in order to retain access to your data.
 
As we discussed in our last blog, Mnemonix offers a security as a service (SECaaS) plan that can help significantly lower your chances of falling victim to ransomware. We’d like to reiterate that it is important to never download suspicious files, click on suspicious links or open email attachments from unknown senders. It is also equally as important to ensure your systems are up to date, and your data is backed up regularly and methodically so if you fall victim to ransomware, you retain a safe and affordable way out. If you have any questions regarding ransomware, Mnemonix’s security as a service plan, or any other services Mnemonix offers, please contact us.

​Standard network security protocols are not enough anymore when it comes to overall network and security compliance. With the increasing rate of cyber-attacks, including ransomware, compromised accounts, and phishing, it is important to ensure both your business and employees are secure as they can be. Today we will talk about why more focus needs to be put on security, what Security-as-a-Service is, and how Mnemonix can provide you and your business with a comprehensive Security-as-a-Service solution.
 
Mnemonix offers comprehensive Security-as-a-Service (SECaaS) solutions that include ongoing internal and external vulnerability detection, alerting, and remediation. SECaaS can be defined as a business model in which a service provider integrates their security services into a business’ infrastructure on a subscription basis. Even if you already have effective network security, experts recommend hiring a third party to evaluate risks at least once per year. Not all security service providers are the same, but with Mnemonix, you can expect the following:

• Security-as-a-Service solutions which allows us to continuously monitor your systems to keep attackers out.
• CISSP certified engineers monitoring your systems regularly for any anomalies, detection notifications and more.
• Network assessment and training – Through a series of cybersecurity audits, we create plans for training, policies and procedures to ensure your business stays safe.
• Disaster recovery and business continuity planning – If your business was struck with ransomware, leaving your data unrecoverable, having a business continuity plan is essential when trying to recover.
• Two-factor / Multi-factor authentication solutions. Avoid situations where your accounts and data are only protected by a single sign-on password which can be easily compromised.
• Network compliance readiness – With the use of Security-as-a-Service and its entirety, network compliance happens naturally while also focusing on vulnerabilities that some compliance reviews won’t catch.
• HIPAA compliant practices
• Cost effective – As we mentioned in our previous blog, ransomware attacks can cost a business, on average, ~$750,000 to recover. With the use of Security-as-a-service, the risk of a ransomware attack, or any other cyber-attacks are significantly decreased. In turn, this can save your business hundreds of thousands of dollars by effectively limiting the risk of said attacks.

 
With the exponential increases we are seeing in cyber-attacks, there is no time better than now to ensure your security and compliance is up to date. If you’d like to know more about the Security-as-a-Service plans, network assessments, or how your business could be at risk, please contact Mnemonix.

The only things certain in life are death, taxes and ransomware. With the exponential growth in ransomware attacks, including the attack on Colonial Pipeline, it is only a matter of time before you and your business could fall victim to these attacks. There is no time better than right now to look at your network security and ensure you have the right tools and resources in place to help detect and prevent ransomware attacks. Today we are going to look at how ransomware attacks can impact your business, why they’re growing at an exponential rate, and how Mnemonix can assist with our Security as a Service (SECaaS) plan.
 
What is Ransomware, and why Should you be Concerned?
 
Ransomware is a type of malware that threatens to publish the victim’s data or perpetually block access to it unless a ransom is paid. Attackers encrypt the files on your system and hold it “hostage” until the demanded ransom is paid. These attacks are growing in exponential numbers, making it only a matter of time before you could fall victim to a ransomware attack. Once ransomware has made its way into your network, your business could be put to a halt for days, weeks, months, or indefinitely depending on the actions taken once the ransomware has been detected. On the contrary, if ransomware makes its way into your network, attackers may not perform any malicious action for months. Once they gain access to the network, attackers may wait, and study your business’ workflow and patterns to find the best point of attack. This can include finding users with elevated privileges on the network, your backups, and more. They are very knowledgeable in the fact that they know most businesses use backups for their day-to-day work. If backups are left untouched by attackers, then the ransomware attack is easily combated. For this reason, they look very carefully to see how they can not only encrypt your files stored on the network, but your backups as well, leaving you no choice but to pay the ransom, or find another way to recoup.
 
One reason for the exponential growth in ransomware attacks is the appearance of ransomware as a service and ransomware kits on the dark web. These kits are purchased by attackers for a little as $175 and require little to no technical knowledge to deploy. Small businesses, which account for 43% of all cyber-attacks, make for the perfect target as they often can’t afford the investments into security. On the other hand, even large corporations are at risk, as we saw in the Colonial Pipeline ransomware attack. This goes to show that it is a matter of WHEN, not IF. In 2020, Sophos conducted a survey among 5,000 IT managers across six continents. They found that paying cybercriminals the ransom money is only one half of the cost involved considering IT specialist and the FBI will have to be involved as well. The average ransomware demand globally is estimated at $761,106. Those who choose not to pay the ransom, on average, pay $732,520 to recover their systems and data. Since 2016, more than 4,000 ransomware attacks have occurred DAILY. Needless to say, successful ransomware attacks can be detrimental to a business, so ensuring you have the tools and resources in place to detect and remediate ransomware is a crucial investment for the business. Nothing is 100% secure, so when will you be breached is the question that needs to be asked.
 
Combating Ransomware
 
When it comes to ransomware, early detection is critical. Dwell time, the time it takes from the moment ransomware enters your network to the time it is detected, is the most critical time to protect yourself. Mnemonix offers a Security as a Service plan that helps with shrinking dwell time down to as little as possible. As we mentioned, it is a matter of when, not if ransomware will attack. Due to that fact, we use tools and strategies within our SECaaS plan to detect and notify us of a potential attack in real time. We believe focusing on just compliance instead of security as a whole can be a mistake when trying to avoid ransomware. Attackers are aware of the compliance rules in place and will find workarounds to get into your network. If security as a whole is focused and built out properly, compliance will naturally become an outcome or side-effect per say. From a team who has seen both ransomware attacks costing a business hundreds of thousands of dollars, as well as ransomware being stopped before it causes any damage due to a well-planned out security as a service plan, we cannot stress enough the importance of investing in your network security. If you’d like to discuss Security as a Service, or have any questions regarding ransomware, please contact Mnemonix.