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Ransomware Attacks will Double in 2017 Focusing on Financial Institutions and Law Firms

Ransomware Attacks will Double in 2017 Focusing on Financial Institutions and Law Firms

This entry was posted on by Author: Yeniffer Padrino.

Ransomware attacks are expected to be over two times more numerous in 2017 than 2016 having financial institutions and law firms as prime targets.

In Europe, some financial institutions had begun stockpiling bitcoins, in case of a ransomware attack. In the case of Canada, the stakes in cyber-security for the financial industry are massive. Banks and financial institutions in Toronto Financial District have access to millions of dollars in investments, savings and the most sensitive data in the country, which makes them a natural target for hackers.

Symantec monthly threat report shows that the number of web attacks blocked increased to 419,000 per day in January 2017*, they also ran research which suggests that smaller companies, Law Firms and Financial Institutions among them, are 60% more likely to be targeted by cyber-attacks. If your company is like these firms, you are less expected to have a budget to hire cyber security experts, not to mention the high cost of insurance to cover them in the event of an attack.


We have noticed how ransomware attacks have become increasingly aggressive within the last 12 months and it continues to increase.

With a Managed IT Services provider, you have the peace of mind of knowing that all the appropriate security measures are in place to prevent these types of attacks.  If an attack does get through, a Managed Service Provider will have the procedure in place to ensure the infection is deleted and the files are restored, without paying a ransom! Within the last 12 months, ransomware attacks have increased significantly.  Small Businesses that do not have appropriate policies in place will end up having to pay the ransom, without any guarantee that files will be returned.

According to Symantec, between 2015 and 2016, the US was the region most affected by ransomware, with 28% of global infections. Canada, Australia, India, Japan, Italy, the UK, Germany, the Netherlands, and Malaysia round out the top 10. Around 43% of ransomware victims were employees in organizations.

“We have clients who get ransomware attacks regularly, as often as once a week,” said Michael Benadiba, President and Chief Technology Officer at MBC, in an article published by Mississauga News.

The phishing attacks are targeting employees of small-medium size businesses, as well as, any device connected to a company’s network. Email messages (malicious emails) sent to employees and opened could hijack an entire company’s information and gain access to funds, data, and sensitive information. The following Cybersecurity map displays live data of existing ransomware attacks in Canada, more specifically GTA. As you can see below, we are constantly under attack by ransomware.

Finally, the continuous increase in malware threats in the past months indicates that more and more organizations will be attacked in 2017, this means that all companies in Canada should have an incident response plan in place. Get in touch with our team and ask for a free assessment, we will evaluate your prevention strategy. Don’t wait until is too late.



Source: *Symatec publications 

Author: Yeniffer Padrino on EmailAuthor: Yeniffer Padrino on Linkedin
Author: Yeniffer Padrino
Author: Yeniffer Padrino
Digital Marketing Manager at MBC Managed IT
For more information call us at: (905) 307-4357 or fill out our contact form and we’ll reach out to you.
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