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By Tim Jewell, Founder and CEO at DataDepositBox
December 08, 2017

Data Deposit Box Cloud Backup Expert Tips: What is Ransomware and How Does it Work?

You may have heard of ransomware or even experienced its devastating effects, but what exactly is it and how does it work? At its core, ransomware is a type of software that is designed to steal your digitally stored data and hold it hostage until a sum of money is paid to the captor. These sophisticated pieces of software can seriously compromise your cybersecurity and end up costing you thousands to regain or replace stolen data. Here is some more information about ransomware and how to keep your information protected from the cybersecurity professionals at Data Deposit Box:

Ransomware Stats

Some people don’t believe the devastation of ransomware, which is why statistics are helpful to illustrate their real-life effects. Here are some shocking facts and figures about ransomware:

  • 97% of phishing emails deliver ransomware.
  • 70% of companies infected by ransomware end up paying the ransom to their attackers.
  • More than 50% of attackers demand between $10,000 and $40,000.
  • 1 in 4 who paid their attackers never recovered their stolen data.

Types of Ransomware Programs

There are two different forms of ransomware:

  • Encryption Ransomware: This type of ransomware program uses complex encryption algorithms to encrypt stolen files. The digital thieves then demand payment for the decryption code. CryptoLocker, Locky, and CrytpoWall are three such software programs to be aware of.
  • Locker Ransomware: This type of ransomware locks you out of your central operating system, which means the program blocks access to your desktop and any apps or files on your computer. The difference from encryption software is that individual files aren’t encrypted, but the hackers can still demand a ransom to unlock the infected system.

What Makes a Company Vulnerable to a Ransomware Attack?

There are a few mistakes that companies make which make them vulnerable to ransomware attacks and other breaches of cybersecurity, including the following:

  • Not backing up their data
  • Lacking even the most basic cyber protection
  • Not keeping cyber security software up-to-date
  • Not investing in cybersecurity solutions

At Data Deposit Box, we’re committed to providing you with the latest in digital backup and cybersecurity services. We’ve been providing small to mid-sized businesses with affordable and secure cloud backup technology and services since 2002, making us one of the most trusted names in the industry. Protect your company from ransomware and other similar cyber attacks with Data Deposit Box. For more information about our cybersecurity and digital storage products, contact us today.

Data Deposit Box (DDB) is an award-winning cloud data backup and recovery solution, specifically designed for small, mid-sized to enterprise organizations. DDB is differentiated by its numerous value-added and industry leading features – agentless technology, on-site portable local storage, multiple off-site data centres, and virtual environments support.

About the Author: Tim Jewell is the Founder and CEO of Data Deposit Box, a publicly traded (OTC: DBB), Toronto-based cloud backup service provider.

 

 

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