Ransomware attacks are more of a threat to your business than ever before as malicious actors are using cryptocurrency to extort large amounts of money from victims and get away with it. Ransomware attacks are not new, but the use of cryptocurrency to demand a ransom in these attacks makes these transactions even more obscure and difficult to track. 

With the ever-evolving crypto ransomware threat, tracking down cyber criminals and recovering stolen funds is virtually impossible due to the anonymous, poorly regulated nature of cryptocurrency. Digital currency doesn’t require a bank or financial institution to verify transactions. Cryptocurrency is stored in a digital wallet that doesn’t require any personal information, allowing malicious actors to further anonymize themselves. The new anonymizing techniques and little oversight from governing bodies make cryptocurrency a universal form of payment in ransomware attacks. 

How Does Crypto Ransomware Work

Ransomware is a dangerous form of cyber-attack where malicious actors prevent access to computer systems or threaten to release data unless a ransom is paid. Crypto ransomware allows the attacker to encrypt data stored on the victim’s computer, laptop, or mobile device to extort money, mainly in the form of cryptocurrency.

While ransomware typically demands Bitcoin as a ransom to unlock systems, crypto-ransomware attacks are designed to mine cryptocurrencies without the victim’s knowledge. Encryption scrambles data rendering it unreadable, and crypto ransomware demands a ransom for a decryption key required to unscramble the data and restore it for use. 

How to Protect Your Business from Crypto Ransomware

The rise in crypto ransomware should be on every organization’s radar. No matter the size or structure, it’s crucial for companies of all sizes and within every industry to have measures in place to monitor suspicious network activity. Although ransomware prevention is typically not a concern for small and medium sized businesses, statistics show that 82% of ransomware attacks are on small businesses. How can you reduce your risk of falling victim to crypto ransomware attacks and avoid significant financial, operational, and reputational damages? Build a strong security posture by proactively managing threats, safeguarding sensitive data, and mitigating the risk of an attack.

To secure your network environment and ensure your data is protected, threat mitigation should be a top priority. You can take steps internally to ensure your business is not an attractive target such as monitoring your ransomware indicators, regularly backing up critical data, and developing an incident response plan; however, the first step of any threat mitigation strategy is a cyber risk assessment. A risk assessment by a third-party vendor identifies vulnerabilities, risks, and threats throughout your entire IT infrastructure. This periodic, comprehensive assessment resulting in a cybersecurity plan tailored to your business may be the difference between your business being secure or falling victim to crypto ransomware attacks. For more information on CentraComm’s security and networking services, including risk assessments, network scans, user training, managed services, as well as storage and co-location hosting options, contact our team of experts at [email protected].