Fighting ransomware Sourcing out network security tasks is the way to go for SMEs

Just when you think ransomware gangs only target big corporations, you may be surprised by some figures released last year: in 2019 nearly half of SMEs fell victim to ransomware attacks, and they suffered a loss of US$400,000 on average! For SMEs, one ransomware attack is one too many.

Ransomware is the number one enemy of companies around the world. In the US, fuel supplier Colonial Pipeline, global food company JBS and IT management service provider Kaseya were respectively hacked by ransomware between May and July 2021 and were forced to pay up up to tens of billions of US dollars in ransom. Just when you think ransomware gangs only target big corporations, you may be surprised by some figures released last year: in 2019 nearly half of SMEs fell victim to ransomware attacks, and they suffered a loss of US$400,000 on average! For SMEs, one ransomware attack is one too many.

Table of Content

1. Rampant ransomware’s ever-increasing threatening tactics
2. Ransomware attack tactics
3. SMEs’ susceptibility to network security
4. Outsourcing - way to go

Rampant ransomware’s ever-increasing threatening tactics

According to a cybersecurity research report released by CrowdStrike in 2020, 81 percent of cyberattacks involved the deployment of ransomware, making ransomware the most popular means of hacking for cyber gangs. In recent years, ransomware attacks have been evolving. Whereas attackers in the past simply encrypted the computer and stored data of an attacked enterprise, today they use a double extortion approach, which involves threatening to publish stolen confidential data, such as financial statements, contracts, and the private information of their victims’ business partners or customers. REvil ransomware even goes so far as to reach out to the media or their victims’ business partners to force their victims to pay ransoms. Even if a company has backup copies of their data, they are not able to dodge troubles by restoring the backup. Business owners should take the ransomware issue seriously. Warding off intruders at source is the best policy.

81 percent of cyberattacks in 2020 involved the deployment of ransomware, making ransomware the most popular means of hacking for cyber gangs. In recent years, ransomware attacks have been evolving, today they use a double extortion approach, which involves threatening to publish stolen confidential data, such as financial statements, contracts, and the private information of their victims’ business partners or customers.

Ransomware attack tactics

We previously discussed why SMEs are easy targets of hackers. Now let’s look at the four most common tactics used by ransom gangs, which respectively involve sending phishing emails, intruding into remote work systems, attacking end-point devices, and taking advantage of software and hardware loopholes.

SMEs’ susceptibility to network security 

要確保資訊安全，防止資料外洩，企業必須主動做好預防資料外洩（Data Loss Prevention, DLP）工作，認真考慮採用合適的文件安全解決方案。

Outsourcing: way to go

As far as SMEs are concerned, relying on oneself to maintain network security and counter ransomware attacks and other hackers is outdated thinking. The most efficient approach is actually to outsource IT and network security-related tasks to providers of Managed IT Services or Cyber Security Services. Market research reports indicate that with the problem of cyberattacks becoming more acute, about 24% of companies are inclined to outsource their work in order to ward off hackers as soon as possible. There are several advantages in outsourcing IT and network security-related tasks.