Cybersecurity experts and agencies are warning Canada of impending ransomware attacks that mainly target businesses that are already growing in size, and would probably continue in the next two years. The country is suffering from different attacks over the course of the past years, with massive entities targeting enterprises that have critical importance.
Northern America's Canadian country is now the target of massive security threats that are not showing any mercy to massive and important enterprises. The cyber experts are predicting that this would ensue for the years to come.
Canadian Businesses: Brace for Another 2 Years of Cyber Threats
According to Global News Canada, the assessment had a similar declaration over two years ago and experts are repeating the same warning for a prediction of new impending attacks. The future of Canada's business industry would face the demise of malicious entities that aim to control information.
Hackers are aiming to take Canadian businesses' sensitive information that may be used against them and leverage in exchange for sums of money. The criminals would use the company's information and files against them, popularly known as the ransomware.
This report comes with a warning from Canada's cybersecurity agencies for businesses and "critical infrastructute providers" in the country. The agency believes that the report from 2018 already unfolded and a new threat is making its way for 2020 and the following years.
The experts believe that these are the industries that "cannot tolerate" such attacks; however, are still subject by hackers using ransomware. On another note, Canadian Cities Saint John and Fredericton recently faced a massive ransomware attack which the cities nearly fell victims.
Ransomware Threat: CSE's Warning Report
According to the Communication Security Establishment's Center for Cyber Security report, the organizations behind the acts will act with no authority and mercy against businesses despite its designation. Additionally, the agency believes that Canadians would have no choice but to give in to the threats to avoid further losses.
The ransomware set out to businesses and enterprise are looking into massive "reputational damage" once it grabs hold of the companies' files and would not stop there. There would be no guarantee that a single attack would occur once the hackers get their hands on the company's systems or servers.
The organizations behind the attacks would also try to obstruct operations and processes of the company to exact its vendetta over the chosen victim or target. The cost of recovery expenses would add to the massive rework that needs to be done once targeted by the ransomware.
Additionally, the coronavirus pandemic forced the whole world to be highly reliant of the internet and digital world, leaving Canadians no other options but to utilize the landscape. The attacks would be more powerful now and ransomware could be popping up anywhere without warning.
This article is owned by Tech Times
Written by Isaiah Alonzo