Global Fastener News

Even if your business has not been hit by ransomware attacks, it’s important to stay vigilant with your cybersecurity, according to Tom White of WTC IT Services.

“We are now experiencing worldwide attacks at an alarming rate, and knowing the likelihood that your system will be compromised is now a matter of when not if,” White commented for a ransomware prevention webinar hosted by the Pacific-West Fastener Association. “The cyber attacks are going a little crazy.”

With IT teams around the world are scrambling to keep pace with ransomware threats, which White dubbed “cyber violence,” deciding how to focus your efforts can seem daunting.

How do you get what you need: spend 20% of dollars to get 80% protection?

“You don’t want to spend a fortune on security only to find out that you’re still vulnerable,” White note.

To be clear, ransomware remains the most prominent malware threat, White explained. Attacks have nearly doubled in 2021 from the previous years. Malicious emails – the most common tactic – have increased 600% since the pandemic began, while the average ransom fee demand has jumped from $5,000 in 2018 to $200,000 in 2021.

With 84% of business keeping remote workers as the post-Covid norm, attacks increasingly target private businesses because individual computers are easier to breach, White explained. And data loss means downtime: lost sales revenue and employee productivity that can cost thousands to restore.

Businesses can choose from several layers of protection, including network, server, workstation and email safeguards.

While top layers of protection often require professional guidance, email protection can be relatively simple. White recommended Google or Microsoft products, which offer significant protection for a low fee. He also encouraged businesses to utilize Cloud backup and recovery services, which can limit the damage from a malware attack.

Other suggestions include continuous employee training and 24/7 network monitoring.

And don’t overlook new insurance offerings, which provide the ability to pay for your system to be put back together in the event of an attack. 

“The more protection you have, the less your insurance will cost,” White noted. Web: Pac-West.org