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7 Steps to Prevent Ransomware

With attacks on the rise, CUs must consider the operational and financial implications of being held hostage by ransomware.

By Steve Sanders | August 06, 2021 at 10:00 AM
Ransomware alert Source: Shutterstock

For decades, millions of Americans have relied on Colonial Pipeline, one of the nation’s largest gasoline channels, to provide fuel for daily transportation. However, the recent ransomware attack on the company resulted in a nearly $5 million ransom payment and disruption of fuel supply, causing panic for many consumers. A few weeks later, JBS – one of the world’s largest meat processing companies – was the victim of another attack and paid a ransom of $11 million as a result.

Ransomware attacks are a threat to any industry, including financial services. More recently, several credit unions were affected by a worldwide ransomware attack that involved more than 1,000 businesses.

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