1 in 4 Internet Users Don't Know How to Respond to a Ransomware Attack

Updated:
August 28, 2019

The 2017 Centre for International Governance Innovation (CIGI)-Ipsos Global Study on Internet Security and Trust, which surveyed 24,255 users across multiple countries, recently found that 1 in 4 internet users would have no idea how to respond to a ransomware attack.

In addition, the study found that just 16 per cent of users would know how to retrieve data from a backup while another 13 per cent wouldn't even attempt to recover data if vital information was compromised.

This survey comes on the heels of the recent WannaCry ransomware attacks, which impacted over 200,000 users in at least 150 countries. Initial reports indicated that the WannaCry attack used ransomware to hijack computer systems and demand money in the form of bitcoin, a type of digital payment system.

The ransomware initially requested around $300 and, if no payment was made, it threatened to double the amount after three days and delete files within seven days. This type of cyber attack is common and can impact businesses of any size, so it's important to know what steps to take in order to protect your business.

The WannaCry attacks illustrate the importance of ensuring that any and all software patches are up to date. For further protection, consider training every employee on cyber security, and instruct them to never click on suspicious emails or attachments.

Other ransomware precautions include the following:

  • ‍Update your network if you haven't yet and implement the appropriate software patches
  • Turn on auto-updaters, if available
  • Don't click on links that you don't recognize
  • Don't download files from people you don't know
  • Back up your documents regularly

Following this attack, organizations are likely to be more proactive in adjusting security measures so malware can't spread automatically. Taking these precautions into mind, your organization can avoid potentially costly ransomware attacks. As an added benefit, a higher focus on in-network security measures can make your organization more attractive to potential customers and other third parties.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.