A recent study by Nordlocker has shown in 2020 and 2021 that Canada is ranked third for being the target of ransomware attacks. According to the report, the ‘US has 732 cases, the UK 74 cases, and Canada 62 cases’. The study proves hackers are not discriminatory when picking their next victims, from the Nordlocker study you can see they have targeted different sectors, companies big or small.
What is Ransomware
Ransomware is malware in which targeted computers are locked by cyber-criminals who then demand a ransom. Lately, the ask is often in bitcoin to unlock the computer access and return the files held hostage. Why cryptocurrency? It is non-tracible.
Nowadays, paying the demanding fee isn’t enough to keep these hackers at bay. Now they’re using corporate information for extortion and working in tandem with countries hostile to Canada.
Regardless of companies still having backup files, they still risk having confidential information shared on the internet. In addition, extortion in the name of a ransomware attack is becoming the norm.
The Future of Ransomware
“We assess that, almost certainly, over the next two years, Canadians and Canadian organizations will continue to face online fraud and attempts to steal personal, financial, and corporate information,” the CCCS said in a 2020 report.
For example, in the last month alone, we saw an attack on Newfoundland health and Toronto’s Transportation system. The attacks were labeled the biggest in their sector, highlighting the apparent truth that we are still not taking cybersecurity as seriously.