Ransomware Strikes Again

22nd January, 2020

  • Industry Insights

You may have heard recently that foreign exchange company, Travelex was struck by a ransomware cyber-attack with the company having to resort to pen and paper at over 1200 branches throughout the globe while their online systems remained down.

It was reported that on New Year's Eve, Hackers launched their attack on the Travelex Network with the hackers reportedly demanding £4.6m for the 'key' to unlock their systems.

What is Ransomware?

Ransomware is a type of malicious software designed to block access to a computer systems until a sum of money is paid. This form of cyber-attack can affect all sizes of business from large multi-nationals to small business owners. There is no guarantee that you will get your files back or that customer information won't be sold on once you have paid the ransom. You are dealing with cyber criminals after all. Paying the ransom also doesn't stop you from being targeted again.

In 2019, 85 percent of MSPs report ransomware as the most common malware threat to small to medium-sized businesses (SMBs).

7 Ransomware Statistics MSPs Should Know - Datto, Inc.

What can you do about it?

There are many ways for a hacker to get access to your system nowadays. Points of entry can be more complex and varied than a simple spam link in your inbox.

A sure-fire way to stop ransomware in its tracks is to have a Business Continuity and Disaster Recovery solution in place. This along with antivirus and web protection, can help protect you from the ever-growing risk of cyber-attack. Remember, you are only as strong as your weakest link.

How can we help?

Through our partnership with Datto, ITWORX offer a business continuity solution that can get you back up and running quickly in the event of a ransomware-attack. Being able to restore you systems from anywhere in the world with instant onsite and cloud file recovery can leave you resting easy. With virtualised sever restore capability we can have your systems back online in significantly less time than traditional methods, minimising downtime and financial impact to your business.

92% of MSPs report that clients with BCDR (Business Continuity and Disaster Recovery) solutions in place are less likely to experience significant downtime during a ransomware attack. 4 in 5 MSPs report that victimized clients with BCDR in place recovered from the attack in 24 hours, or less.

7 Ransomware Statistics MSPs Should Know - Datto, Inc.

The fall-out from an attack when you are unprotected can leave your business fully exposed with costly downtime involved. Your reputation could be significantly impacted, as could your trust with valued customers.

Don't be another cyber-attack statistic. Take action today and protect your business.

Contact us to find out more.