Canada globally ranks third for ransomware

According to new research from NordLocker, businesses in Canada are the third most likely worldwide to have their data held hostage. Researchers analyzed 1,200 companies hit by ransomware gangs in 2020 and 2021 and found the U.S. (732), U.K. (74), Canada (62), France (58), and Germany (39) were the top five.

When considering economic sectors, construction companies were most likely to be victimized (93 attacks), followed by manufacturing (86). Finance, healthcare, education, technology and IT, logistics and transportation, automotive, municipal services, and legal round out the top 10.

“The latest statistics indicate that a worrying 37% of companies worldwide became victims of ransomware in 2020,” said Oliver Noble, a cybersecurity expert at encrypted cloud service provider NordLocker.

Research noted that most ransomware gangs come from post-Soviet states. While attackers may prefer larger companies, the research also found that even small, local businesses like restaurants and dental clinics face attacks.

“To avoid … having business operations put to a standstill, damaged reputation, loss of clients, tiresome legal battles, huge fines, some organizations are left with no choice but to pay ransom to get the decryption key,” he added.

The problem is not every business can afford that; and paying doesn’t guarantee you’ll get your data back or won’t be attacked again. Noble suggested a few ways to defend your data:

• Ensure employees use strong, unique passwords and implement multi-factor authentication
• Train staff to identify phishing attempts and to avoid clicking on links in emails from senders they’re unsure about
• Enforce periodic data backup and restoration processes
• Consider a zero-trust network access protocol, which denies entry until a staff member is fully identified

SOURCE: Canadian Underwriter – Canada ranks third for ransomware attacks