Performance Assessment Series - Volume II - Issue X

Posted on
October 16, 2020
David Simpson

Held Up For Ransom

What you are about to read is beyond nasty!  But every word is true and, nasty or not, your whole business can be wiped out permanently if you do not vigorously protect against this threat.  The “nasty” I am referring to is   Ransomware Cyber Attacks on your IT Systems. These attacks encrypt all of your computer files and data and block you from accessing any and ALL of your files.  And once these people have control of your system, the operators of these attacks demand a ransom.  It is a $20 Billion a year industry and if you do not pay, these hackers are likely to publish all of your sensitive data, including intellectual property, prototype development, etc., on a PUBLICLY AVAILABLE WEBSITE FOR ALL TO SEE!  The average size of a ransom paid by companies in 2019 was $3.86M.  The eleven biggest ransom hacks in the USA so far in 2020 have cost companies, all-in, $144M.  And the year is not over!  And the rate of increase year over year is beyond scary – there has been a 700% increase in corporate attacks since 2019!  And the coronavirus is not helping!  With so many people now working from home, hackers have determined that there are now not sufficient cybersecurity measures in place.  So these scoundrels are ramping up.  And they are ramping up to the point that a business falls victim to a ransomware hack EVERY 14 SECONDS!  And it gets worse!  Hackers are hacking hackers!  So even if you pay a ransom, you may not get your data back because the original hackers may have the intent to unlock your files once you pay up, but they do not actually have the data they stole from you any longer!  Another hacker has grabbed your data from the first hacker!  So it is not inconceivable that you may well be forced to pay another ransom to another hacker!  This whole problem is a royal mess and can be a never-ending black hole of pain and destruction of the company you have toiled in trenches for years to build!  There are things that you can do to defend yourself!  If you have not already done so, investigate the available solutions and implement them asap.  And while it might appear to be somewhat self-serving, get your IT team psychologically assessed.  It is not the intent of this circular to be a sales presentation from us.  No one is suggesting such.  Work with another supplier if you must.  But get the team competently assessed.  Because a great number of these hacks are taking place because of an IT team that is not “up to snuff!”  

Posted on
October 16, 2020
in the
Performance Assessment Series
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