Why Are Ransomware Attacks On The Rise In Canada?

written by Michael Anderson posted on July 28, 2021

Cyberattacks through the use of ransomware continue to be an increasing threat to Canadian businesses. Canada often ranks among one of the most affected regions for ransomware attacks. Moving forward, ransomware attacks in Canada are expected to rise within all industries and sectors. Unfortunately, most companies in Canada do not have effective technologies and resources in place to accurately and effectively monitor ransomware attacks and other cyber threats. Many Canadian businesses and organizations have also failed to keep up with the latest threats, and are not aware of what processes they need to implement to keep pace.

Many businesses and organizations do not have a fully-equipped IT or cybersecurity staff, and many are lacking advanced and effective solutions. Without the proper resources, there is a lack of business continuity that is needed to mitigate risks and vulnerabilities. Without the proper systems and procedures to protect your business or organization, you may leave your data completely exposed to cybercriminals.

Why Are Ransomware Attacks On The Rise?

Typically, ransomware will spread via phishing emails or links to infected websites, relying on at least one user to mistake the phishing link or email as legitimate. Once a user clicks a link or submits sensitive information, hackers will gain access to your systems and networks. Ransomware has been designed to prevent access to files and data until a specific amount of money has been paid. Regardless of the size of a business, any network can be compromised by a mistake. If you want to mitigate risks in your business or organization, it is important to ensure employees are aware of the dangers that are lurking.

Human Errors

Human error has been determined to be one of the biggest risks to businesses, regardless of the cybersecurity measures that are already in place. Some common behaviours by employees that can result in a ransomware attack include the following:

  • Clicking on a malicious link
  • Downloading a compromised file
  • Falling victim to a phishing scam
  • Unauthorized use of devices or networks
  • Carelessly handling sensitive data
  • Poor password management
  • Failing to keep software and devices up-to-date

While many businesses and organizations are aware of the risks their employees can present, it is not easy for leaders to determine which of their employees are posing the greatest threat to their operations.

One of the best ways to ensure your employees are aware of the dangers and risks surrounding them is to make them aware. Employee education and training should be a top priority for all businesses and organizations. Lack of cybersecurity awareness will continue to pose a significant threat to Canadian businesses if steps are not taken to combat the lack of awareness and knowledge.

Financial Gain

Ransomware attacks in Canada are on the rise because when they are successful they are very lucrative. More businesses and organizations are choosing to pay the ransom to get their data back, and more cybercriminals are becoming aware of this. There is certainly a correlation between the increase in ransomware attacks and the increase in the number of businesses and organizations who are willing to pay the ransom just to have the whole ordeal disappear. Fear is profitable, and cybercriminals are using this to their advantage. Cybercriminals are demanding millions of dollars and ransom and the ransoms are often paid in digital currencies.

It is important to remember that paying a ransom in response to a ransomware attack does not guarantee you will receive your desired outcome, nor will it protect your business from being attacked in the future. Law enforcement officials do not support paying a ransom in response to a ransomware attack.

Ransomware-as-a-Service Is Accessible

Cybercriminals continue to find ways to promote their criminal activities with the hope of gaining attention from others who want to carry out the same actions. Many cybercriminals are using the internet to advertise and demonstrate some of the tools they use to carry out ransomware attacks. Ransomware-as-a-service has proven to be an effective method for cybercriminals who want a piece of the action but do not have the skills that other cybercriminals have when it comes to developing malware. Developers will sell or lease malware to users, allowing more users to unleash malware. Since ransomware attacks have proven to be very lucrative, people are willing to pay for a service that will give them an opportunity to cash in.

Taking Measures To Combat Ransomware

Despite the rise in ransomware in Canada, many businesses and organizations feel that cybercriminals will not come after them. Carrying out a successful ransomware attack is a sophisticated and advanced business. Cybercriminals are serious about collecting as much money as they can. Attacking a Canadian business of any size that is not expecting it will earn cybercriminals a hefty profit because the business will likely pay the ransom in exchange for their valuable data to be returned as quickly as possible.

Cybercriminals love to go after those who believe a ransomware attack will never happen to them. Some ransomware attacks are not reported, and this encourages cybercriminals to go after the same business or organization at a later time. There are also cases when the business or organization will pay the ransom and the data is not released to them. These are all reasons why it is so important to have a clear understanding of cybersecurity and arm your operations with the proper resources and tools.

Your business needs protection, but you must first understand the risks and vulnerabilities that exist. Ransomware searches for weak spots across your devices and networks, locks your programs and data, and demands money for the decryption keys to unlock it. Once your network goes down, your confidential and sensitive data becomes unusable, and this can have a damaging impact on your entire operations.

Do not be a victim of a ransomware attack. 365 Technologies provides IT services, cybersecurity solutions, and cloud solutions for organizations like yours. Contact our team today for your free consultation. Call us at +1 (877) 343-3155 or email our team at support@365tech.ca.

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