BETTER BUSINESS: Ransomware attacks are rising

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Earlier this month, Eastern European hackers launched an attack on Colonial Pipeline, shutting down the largest pipeline system for refined-oil products. The company ultimately paid nearly $5 million in ransom to retrieve 100 gigabytes of data that was being held hostage.

The incident added Colonial Pipeline to a growing list of businesses victimized by ransomware — a type of malicious software or malware that prevents access to your computer’s data. In 2020, the Federal Bureau of Investigation’s Internet Crime Complaint Center received close to 2,500 ransomware complaints with losses of over $29.1 million.

How does ransomware work?

There are several methods for malware to make its way into a business’s computer system. A few of the…

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