August 2025

How much did the average ransom paid by businesses reach in 2024?
About $2.73 million, nearly $1 million more than in 2023

Welcome to the August 2025 issue of Ken’s Korner Newsletter

In an era where technology permeates almost every aspect of our lives, the threat of ransomware looms larger than ever. This malicious software targets individuals and businesses alike, encrypting vital data and demanding ransom for its release. The impact can be devastating, affecting sensitive information, operational continuity, and financial stability. As ransomware attacks continue to evolve, understanding their nature and preparing for potential threats is essential for everyone.

Understanding Ransomware

Ransomware can be classified into several types, each with unique methods of attack:

1. Crypto Ransomware This variant encrypts files on the victim's device, making them inaccessible until the ransom is paid. Notable examples include WannaCry and Locky
2. Locker Ransomware This type locks the user out of the operating system or device, demanding payment for reinstatement of access. Examples include Police Ransomware and Android Locker.
3. Scareware Often less damaging than the others, scareware tricks victims into believing their data is compromised, encouraging payment for false services.
4. Ransomware as a Service (RaaS) A growing trend where developers sell ransomware kits to malicious actors, widening the scope and frequency of attacks.

Everyone is at Risk:
Ransomware does not discriminate; individuals, small businesses, and large corporations are all prime targets. In 2024, the average cost of ransom paid by businesses reached well over $200,000, while recovery costs often topped $1.85 million, according to Cybersecurity Ventures. Furthermore, a significant number of small businesses never recover after falling victim to an attack.

A Survivor's Story:

Consider Sarah, the owner of a small medical practice. Last November, her clinic was targeted by a sophisticated ransomware attack. Thanks to her proactive approach, she had implemented regular data backups and employee training on cybersecurity awareness. When she discovered the attack, she immediately notified law enforcement and her IT team, who acted quickly to contain the threat.

The IT team restored her clinic’s data from the backups, and the quick responses minimized downtime. As a result, Sarah's practice continued to operate, and she learned invaluable lessons about the importance of preparedness.

Practical Actions You Can Take:

1. Regular Backups: Schedule automatic backups of your data to an offsite location or a secure cloud service. Test your backups regularly to ensure they are functioning correctly.
2. Educate Employees: Conduct regular training sessions on phishing awareness and safe internet practices. A well-informed staff is your first line of defense against ransomware attacks.
3. Keep Software Updated: Regularly update all software, including operating systems, applications, and antivirus solutions. Updates often contain security patches that protect against known vulnerabilities.
4. Implement Multi-Factor Authentication (MFA): Adding an extra layer of security through MFA can help protect your accounts even if passwords are compromised.
5. Develop an Incident Response Plan: Outline procedures for responding to a ransomware attack, including communication strategies and recovery steps. This plan should be regularly tested and updated.

Resources for Further Learning

Here are some websites with more information.

• CISA Ransomware Guidance
• FBI Cyber Crime Reporting
• National Cyber Security Centre (NCSC)

Conclusion
As ransomware attacks become increasingly frequent and sophisticated, it is imperative that individuals and organizations take actionable steps to protect themselves. By remaining informed and prepared, you can significantly mitigate the risk of falling victim to these malicious threats. Stay vigilant, and encourage your network to do the same—together, we can build a stronger defense against ransomware attacks.

Until next time, stay vigilant - stay safe.

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And remember — always back it up!