3 signs a company is at risk for a major loss

by | Feb 5, 2024 | Finance and Business

Many of us want to believe we know a well-established, secure company when we see it – but solid financial footing and a good market share are not the only things to consider. In fact, one of the greatest risks for any company today is a ransomware attack, which can leave an enterprise of any size unable to operate or serve their customers.

Here are three signals a company is at risk:

No cyber-safety training
In a ransomware attack, criminals use malicious software (malware) to lock users out of systems and accounts, steal and control company data and then demand payment to restore it. Most of these attacks come through “phishing” attacks – messages trying to trick the recipient into clicking on a link or downloading an attachment that installs ransomware used by criminals to take over the network.

While most of us assume we’re savvy enough to steer clear of phishing, it can happen to anyone. A business that doesn’t make sure employees know signs to watch for, such as an incorrect sender address, is leaving the door open for costly accidents. Policies, procedures and training for staff about cybersecurity and basic online safety can help avoid an attack in the first place.

Inconsistent or online-only data backups
It may be a common practice for many businesses to regularly back up data and files, but that doesn’t mean every company does it. What’s more, while cloud storage offers many benefits, it’s useless if it is also compromised in a ransomware attack. Backups stored offsite and not connected to the network or internet help make it quicker and easier for a company to return to business if they do get hit – potentially minimizing losses.

Unrestricted access
The more users accessing sensitive areas of a network, the greater the risk to the business if a ransomware attack gets through. The fewer people with access, especially to administrative and sensitive data, the lower the risk that these will be accidentally compromised. Regularly review employee access to cover shifts in responsibilities and changes in roles.

Find more information at getcybersafe.ca/ransomware

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