Ransomware Attacks Are On The Rise – Is Your Company Prepared?

Ransomware attacks are getting more frequent and more sophisticated. The latest high-profile victims include: 

  • The Steamship Authority, Massachusetts’ largest ferry service, was hit by ransomware on June 2nd, which left customers unable to book or change reservations online or by phone.
  • JBS Foods, one of world’s largest meat processing companies, was forced to shut down its operations for several days after being hit by a ransomware attack on May 30th. 
  • Colonial Pipeline, a company which carries almost half of the East Coast’s fuel supply, had to shut its entire network last month after being targeted by a vicious ransomware attack. This triggered a spike in gas prices and shortages in parts of the US. Though the company quickly paid the $4.4 million ransom, it still took 6 days to get the pipeline back up and running. What’s more, according to Colonial’s CEO, it will take months before their IT infrastructure is fully restored.

Eric Goldstein, executive assistant director for cybersecurity at the Cybersecurity and Infrastructure Security Agency, warns “the threat of ransomware continues to be severe. Ransomware can affect any organization in any sector of the economy. All organizations should (…) implement best practices to protect their networks from these types of threats.”

The reality is that ransomware is a serious concern for all businesses, regardless of size or industry. What measures is your organization taking to protect itself from cyber attacks?