Ransomware Attacks Affected 44% Of All Retailers In The Past Year

CryptoMode Costly Ransomware Attacks

Ransomware remains one of the biggest problems society faces today. Even global retailers continue to struggle on this front, with nearly half of them suffering from some attack to date. Unfortunately, one in three still pays the ransom to decrypt data as they do not possess proper backups. 

Ransomware Remains A Booming Business

  • These are trialing times for both physical and online retailers.
  • Protecting a business from harm has become much more challenging, especially where ransomware is concerned.
  • Things got out of hand in Sweden this Summer when Coop had to close all shops due to a ransomware attack on Kaseya, an IT company.
  • Moreover, Sophos research confirms nearly half of all retailers have dealt with such an attack in the past year.
  • Making matters worse is how one in three victims decided to pay the ransom to have files decrypted again.
  • Paying is never the answer in situations like these, as there is no guarantee of getting files back. 
  • The average ransom paymentFujitsu Unveils its Blockchain Asset Service for Retailers and Event Organizers in the past year was $147,811, which is absurdly high. 
  • Of the companies paying, less than one in ten effectively got their data back, confirming they must explore other options first.
  • Ransomware attacks can be harmful in other ways, including rising cyber insurance costs and more marketing/PR expenses to rebuild a brand after an attack. 
  • There are several ways to mitigate [most of] the costs associated with such a cyber attack.
  • Unfortunately, those measures require planning and money, something most companies aren’t willing to invest in right now. 
  • Zero Trust-oriented solutions may prove a valuable ally in the fight against ransomware.
  • All devices and users are labeled as threats and only access parts of the network through pre-set access permissions.
  • Both businesses and governments show increased adoption of Zero Trust solutions, mainly in the United States.
  • Even so, ransomware will remain a pressing problem, and investing in more training and contingency plans remains the best option. 

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