GEC NEWS WIREDimension Data and Cisco have joined forces and published a white paper to help organizations stay ahead of ransomware threats. Called Ransomware: The Pervasive Business Disruptor the paper looks at ransomware trends and impacts, and how to respond before a threat becomes a business disruptor.
According to a Cisco 2017 Mid-Year Cyber Security Report, ransomware is one of the main threats to digital business. Globally, around 49% of businesses experienced at least one cyber ransom attack in 2016, and of those, 39% were ransomware attacks. In the US alone, the number of attacks rose 300% from 2015 to 2016. This trend can be attributed to the growth of ransomware-as-a-service (RaaS) in the first half of 2017, where cyber criminals pay the operators of RaaS platforms to launch attacks.
“The escalation in ransomware attacks in the digital economy makes every organization a target,” says Matthew Gyde, Group Executive – Security. “This risk escalated when cryptocurrency and bitcoin became a common avenue for ransom payment. That’s because cybercriminals cannot be traced. And as more employees work remotely on personal devices, the risk is further compounded.”
“Deep threat Intelligence and research are key to outsmarting cybercriminals, and a critical success factor is to disrupt the attack before it becomes the business disruptor,” Gyde explains.
“Middle East organisations need to be aware of the rapid growth of ransomware-as-a-service in the first half of 2017, where threat actors with malicious intent pay operators of ransomware-as-a-service platforms to launch such attacks. The growth of digitally connected global enterprises means that no single country can remain isolated. It also means that enterprises in the Middle East can expect more sophisticated attacks, more frequently, and with more unpredictability going forward. The only protection for them is to follow more rigorous security protection measures,” adds Mechelle Buys Du Plessis, Managing Director, Dimension Data Middle East.
