Ransomware attacks are one of the dominating cybersecurity threats that continue to explode across the globe. Over the past few years, ransomware operators behind have evolved their extortion and propagation techniques to such an extent that it has not only disrupted the operations of businesses but has also taken a toll on government agencies across countries.
When ransomware hit Costa Rica
The latest cyber security attacks on Costa Rica’s government is one such example as a result of which the country was forced to declare a national emergency. The attack was the work of Conti and had begun in April. The country’s Finance Ministry was the first hit by the Russian-linked cyber ransomware attacks and later the number of impacted institutions had grown to 27. In a message posted on the dark web leaks blog, Conti had demanded the government pay the ransom of $20 million to prevent the leak of stolen data.
What does this indicate?
According to Allan Liska, an intelligence analyst at Recorded Future, the success of these cyber ransomware attacks has become a concern for smaller governments around the world. Meanwhile, Brett Callow, a ransomware expert at Emsisoft, adds that this represents an increasingly bigger problem and governments have to take firm action against ransomware actors. Furthermore, such attacks can have major repercussions against organizations in countries outside of the U.S., particularly in low-income countries where cybersecurity spending is lower.
Other key factors
Recovery time is a key factor for any organization impacted by a cyber attack. For a cyber ransomware attack, it’s estimated that it takes between a week and a month to recover fully. In case the important files are encrypted for just two days, it’s estimated that the downtime will last between 15 and 22 days.
Strengthen security to prevent attacks
The impact of a ransomware attack varies for every organization. Additionally, organizations can take a longer time to recover depending on the nature and severity of the attack. Therefore, it is important for any organization or state government to equip themselves with the best possible defense systems. This includes applying security patches periodically, monitoring the network to discover ransomware attack attempts, and having a proper backup of important data.
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