The Real Cost Of Ransomware Attacks – Where Does It End?

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Ransomware attacks have been out of the headlines for quite some time, but recent occurrence shows how expensive the damages can be. The attack adds to the dismay of many webmasters already fighting malware, phishing, and frequent downtimes affecting their website security.

Interestingly, recent incidents of ransomware attacks prove that malware is far from over and still poses a security threat for many organizations. One of the recent developments came from Oslo-based Norsk Hydro, forcing the company to issue a press release.

The New Variants of Ransomware – LockerGoga and NotPetya

The company reported a ransomware attack back in March 2019 costing them a whopping $52 million. A new variant of ransomware malware, namely “LockerGoga,” affected their overall business network systems, locking them out of their vital operational and confidential data.

LockerGoga is a more malicious type of ransomware that denies access to a victim’s system while encrypting the Windows boot file. Further, the malware is difficult to track even with antivirus tools, which makes preventing its harmful effects virtually impossible.

Another victim of this ransomware attack is the shipping giant Maersk, which estimated that a cyber-attack cost them over $200 million. Although there were no data breaches, the attack still contributed to a $264 million quarterly loss despite increasing revenues.

The NotPetya outbreak badly impacted Maersk, infecting more than 50,000 endpoints and thousands of other applications across 600 sites in 130 countries. The attack also led to severe downtime in the company’s operation, raising their overall cost.

Even though the company spent millions on secure data recovery and tech solutions, they need to do more. Of course, there are many other reports from several small and mid-size businesses about ransomware attacks and cybersecurity breaches. But many organizations choose to stay quiet and pay the amount to protect their reputation.

Ransomware attackers ask for cryptocurrency as a method of payment, and some even go further by only accepting privacy-focused cryptocurrencies, such as Verge or Zcash. Furthermore, with few regulations, the attackers are likely to remain anonymous after taking hold of your system.

The Way Forward

New strains of ransomware still appear almost daily, with cybercriminals constantly finding new ways to obfuscate code and avoid detection. Creating custom ransomware to specifically target companies and employing advanced encryption algorithms to stay a step ahead of their IT departments.

This reason is why you need to invest in optimal cybersecurity solutions designed to counter modern, evolving threats.

Zero1zero provides reliable IT support and managed services to create a secure browsing environment for our clients. Our experienced security team monitors and manages your environment 24/7, using leading technology and advanced analytics to actively search for threats. Through a comprehensive vulnerability assessment, we can identify weaknesses and plan appropriate remediation to proactively protect your IT infrastructure.

Invest in a Cyber Guard program that will give you BOTH the security protection at the network layer as well as expertise including:

  • Threat Detection
  • Compliance Expertise
  • 24/7 Hunting & Threat Monitoring
  • Cyber Security Insurance (in the event of threat intrusion)
  • Advanced Persistent Threat Analytics

Contact us to learn more about our managed security and comprehensive vulnerability assessment for your business.

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