ransomware concept image

Ransomware Statistics In Canada – 2017 to 2018 Update

Canadian Ransomware Statistics Update

Cybercrime is still going strong, and small business owners are suffering. Ransomware, created in 2013, is a new favourite among cybercriminals. This malicious software is designed to block access to a computer system, denying access to data until a sum of money is paid. For small business owners, it is not necessarily the ransom money that hurts the most – it is the hours and hours of downtime, which results in serious financial threats to their companies.

Protect your business from ransomware with firewalls, endpoint security devices, and backup and disaster recovery solutions. Our team at TUCU can help you navigate these issues and protect your data should you fall prey to cybercriminals.

The Painful Truth About Ransomware
It’s easy to assume your business is protected from cybercriminals… until the unexpected happens. To put things in perspective, check out these 2017 statistics:

  • In 2016 – 2017, Canadian SMBs (small to medium-sized businesses) lost 5.7 million dollars due to ransomware attacks.
  • According to 98 percent of all Canadian MSPs (managed service providers), ransomware attacks are becoming more frequent for SMBs. These companies also predict that cybercrimes will continue to rise over the next two years.
  • Thirty-two percent of SMB victims pay the ransom once their files are compromised. Out of those who pay the ransom, 13 percent still never recover their data.
  • Seventy percent of Canadian MSPs stated that their clients suffered downtime that threatened business and income.
  • CryptoWall, WannaCry, and Locky are all common ransomware software programs. However, almost 85 percent of Canadian MSPs report that CryptoLocker seems to be the most frequently used variant.
  • Every operating system – including mobile and tablet – is at risk for ransomware. This can also affect cloud-based services, including G Suite, Dropbox, and Office 365.
  • Canadian MSPs believe that a lack of cybersecurity training is to blame for the majority of ransomware attacks. As a result, only 34 percent of SMBs are significantly concerned about cyber infections.
  • Backups are essential for security against ransomware, as these attacks can still happen despite the use of email filters, Ad Blockers, and Anti-Virus Software. In fact, 96 percent of MSPs report that clients with a backup and disaster recovery solution in place fully recover from their ransomware attacks.

You can download Datto’s Canadian Ransomware Report here. 

Why has ransomware gained in popularity since its advent? Unsurprisingly, cybercriminals are after large sums of money, and ransomware is just the ticket. When asked exactly why they chose to dedicate their time to a life of cybercrime, the bad guys all had similar responses. Some wanted to buy a new house or a new car, while others use the money to pay off their student loans.  Additionally, many cybercriminals feel that ransomware is largely risk-free. In fact, many of these individuals feel that this type of crime is “safe”.

How to Protect Your Business from Ransomware

Business owners can follow a few simple guidelines to reduce their risk for cyber-attacks. For example, organizations should:

• Install the latest updates on all software programs
• Never open any suspicious emails or links
• Use a strong antivirus software program
• Back up all data
• Strengthen passwords
• Schedule routine patch updates with their IT support company
• Train employees on proper security measures

Cyber-attacks can happen when you least expect it. Combined with comprehensive IT support, the recommendations listed above can help you and your employees protect your business from ransomware and other types of cybercrime.

Contact Your Toronto IT Consultants Today

Has it been a while since you’ve updated the security on your computer system? Our team at TUCU can set up network perimeter defence, backup and recovery solutions to better protect your business.  We have been providing small business IT solutions in Toronto since 2003.

For minor updates, we can schedule a free phone consult and provide you with an estimate.

For any aging networks that have not been security audited in the last 3 years, we strongly recommend a deep dive IT audit.