Friday, November 8, 2019

Canadian Companies Victimized by Uptick in Ransomware

2019 has seen a precipitous increase in the number of ransomware attacks reaching SMBs, government agencies, and educational institutions. These attacks, which consist of encrypting a company’s files and then demanding a ransom payment, are becoming especially common among institutions that lack the resources to continually defend against the devastating attack vector. 

Now, that reality is hitting Canadian businesses especially hard, a noteworthy development for a country that has often managed to avoid being victimized by such threats. 

According to a recent survey, 88% of Canadian organizations experienced some type of data breach in the past year, and 82% noted an increased attack volume during that period. However, in that survey, ransomware only accounted for 14% of these breaches. Since then, a string of Canadian healthcare companies, small businesses, and government organizations have been targeted. Some are speculating that the malware’s success in other countries, including the U.S., has encouraged cybercriminals to broaden their horizons.

Regardless of the intention, with ransomware widely available for lease on the Dark Web, businesses shouldn’t expect these attacks to abate any time soon. Rather, they should continually review and update their cybersecurity posture to ensure that their infrastructure is capable of defending against the latest ransomware strains.

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