Overall, business targets saw a 30% increase in ransomware detection from Q4 of 2018 to Q1 of 2019, a 325% year-over-year increase.

Gandcrab and Dharma rank at the top of the list, but Ryuk ransomware is making a splash too. Often aimed at larger organizations, Ryuk typically commands bigger payoffs than other forms of ransomware, garnering an average of $286,556 for the hackers, as opposed to an average of $9,742 that Dharma attacks typically leverage.

Ransomware is problematic for everyone of course, but particularly for organizations that have a ‘third party’ relationship with other organizations.

Image source: Coindesk.com

It’s these enterprises that need iron clad cyber security.

“One screw-up by one well-placed player can easily slam the innocent,” writes Forbes.

Imagine that a payroll company catering to smaller businesses gets seized by a ransomware attack. The payroll company’s reduced productivity sharply impacts all dependent businesses. Pandemonium might break out if direct deposits are not made on time!

In order to avoid mishaps, vet your third party vendors’ security practices. Keep a list of the vendors that you’re working with.

A report by the Poneman Institute indicates that only 34% of businesses keep a comprehensive inventory of their third parties, with nearly 70% indicating that this is due to lack of a centralized control.

This way, when things go sideways, you’ll immediately know the name of the company to contact without first asking a chain of clueless internal personnel.

Another strategy: Take the time to figure out what degree of third party risk is acceptable, and where you can bring things in-house. You’ll achieve greater peace of mind regarding data security if you know exactly how it’s being stored.

Read the 2019 Security Report to get the details on how else to protect your company against a cyber attack.