Ransomware is on the increase and it is costing companies billions in fines due to loss of data and cleanup costs. How can you safeguard your corporation?
Ransomware attacks are on the rise, costing organizations billions of dollars in paid ransoms and cleanup costs, while crippling employee productivity and customer service during the down times. The FBI reports that ransomware attacks cost victims $209 million in the first three months of the year, which is about $330 000 an incident. And, almost 40% of enterprises have been hit by ransomware in the last year.
So, what is ransomware? It’s a strain of malware (malicious software) that cybercriminals upload onto organizations’ computers, servers or user devices and lock them down, before demanding payment of a ransom – usually in the form of Bitcoin or some other non-traceable currency – in exchange for decrypting and releasing their data. In a ransomware attack, the hacker is literally holding your users’ workday hostage, cutting off access to vital productivity tools like email, calendars and contact lists or back-end systems such as databases, file servers, email servers and other systems. What’s worse, 99% of ransomware attacks start with an email message, often enabled via phishing.
Unfortunately there isn’t much information about the threat landscape in South Africa but according to the U.S. government, ransomware attacks in America have increased in frequency by 300% year-on-year in 2016, with 4 000 incidents a day now being reported – AND that is just the U.S.
Ransomware is also not exclusive to big businesses, in fact many smaller organizations are being targeted because they are ‘easy targets’ who may not have deployed the latest security technology or have a dedicated person managing their malicious inbound emails.
- Ransomware cybercrime kits are readily accessible (for as little as $39) on the black market, and thus non-technical cybercriminals can easily license them and deploy them. All you need is an email address and an attack is born.
- There is no single “ransomware security product.” Since no single product can provide adequate protection because of the multifaceted nature of ransomware and the creativity of the attackers who wield it, protection from ransomware must also be multi-faceted.
- Once a ransomware attack happens:
- Organizations suffer from crippled productivity.
- Employees are locked out of vital productivity tools like email, calendars and contact lists as well as other applications and files on affected systems.
- Customers are often impacted because customer-facing operations that are highly dependent on IT are not functional.
- Organizations often succumb to the pressure to pay the ransom to regain access to their applications and data, motivating and financing attackers to expand their ransomware campaigns.
- Recovery can be difficult and time consuming.
- Data can be lost, damaged or corrupted after an attack, as not all ransomware is bug- free. And, in some cases, the attackers, if not paid in a timely manner, will destroy the decryption keys in retribution.
- Organizations suffer from crippled productivity.
A service like Mimecast can tackle ransomware with a layered solution. By bringing together security, continuity and data replication capabilities in a single cloud solution, customers can:
- Prevent an email-borne ransomware attack.
- Ensure that employees can continue to work with email during an attack.
- Store your data in a third-party archive so it’s not lost forever after an attack.
“Cybercriminals are becoming increasingly more sophisticated and insidious. They are constantly revising, updating and re-inventing their tactics and technologies to launch attacks”, says Brandon Bekker, MD of Mimecast Middle East and Africa. As a result, preventive systems, such as antivirus and intrusion prevention systems, are no longer sufficient.
“It’s time for organizations to implement a total cyber resilience strategy that includes security, continuity and data replication,” Bekker continues.
The ideal approach is to layer state-of-the-art preventive systems, point-in-time recovery measures, and a means to maintain business continuity during a ransomware attack. “And don’t forget about the human defense: Employees need to be educated and aware of the different (and evolving) strains of cyberattacks so they can be an effective line of defense.”
Now download a bank account
Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.
This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.
“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.
“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”
The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:
- Download the Absa App
- Choose the account you would like to open
- Tell us who you are
- To keep you safe, we will verify your cell phone number
- Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
- Tell us where you live
- Let us know what you do for a living and your income
- Click Apply.
How we use phones to avoid human contact
A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.
Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances.
Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?
The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.
In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.
Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.
Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”
To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:
· I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?
With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.
· Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?
Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.
· I’ve lost my phone! How will I keep myself entertained now?
Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.