From NotPetya to WannaCry, the number of cyber-attacks continue to skyrocket worldwide. SonicWall CEO Bill Conner advises on the increasing threat to businesses.
“2 years ago, there was 3.3 million attacks, 2015 there were 3.8, last year 638 million attacks according to our capture research lab,” says Conner.
Ransomware works by obtaining access to businesses through e-mail, encrypted data, or sometimes through an app. The malware proceeds to lock a computer keyboard and shutdown business operations until the requested ransom is received. Conner says the average requested ransom is about $25,000 but can vary significantly.
A study by Symantec estimates that at least $5 million is extorted from ransomware victims each year. However, Conner challenges this figure, “We think it’s a lot more than that.”
Conner argues that the ransom is not the biggest issue faced by victims, “The real issue is the business impact and that’s leverage in your brand, in your own financials, and … your ability not to do work.”
Conner urges businesses to take action now, before becoming a target. “It’s an arms race, it’s not gonna go away. You must be diligent and vigilant and use next generation technology,” he said.
For the full interview, watch the video above.