The Caribbean and Ransomware: the impact on business

The fraudsters who wield ransomware as a weapon have Caribbean firms in their sights.

Ransomware attacks against established Caribbean-based organizations are happening and the impact is being felt acutely. A previous Hitachi Security blog mentions a report by PricewaterhouseCoopers (PwC) warning that Caribbean firms were “not paying enough attention to cyber security risks”.

Businesses based in the Caribbean must take action to prevent the impact of ransomware attacks already experienced by other areas of the world: Impacts that affect finances, reputation, motivation, and regulatory posture, and that can be a make or break for businesses already under pressure from Covid-19 pandemic challenges.

Ransomware is one of the most feared of all malware-based attacks and rightly so. The malicious software will encode files and documents, not only on the infected device but across the entire network and cloud repositories.

Even backups, if not properly isolated, have been known to be infected and documents lost because of ransomware. Ransomware is such a ubiquitous problem that a report predicts that by 2021, a business will be impacted by ransomware every 11 seconds.

Read the full story here. Source Hitachi