TECHNOLOGY TRENDS Ransomware on the Rise:


Cybercriminals Spare No Mercy For The Construction Industry


By Joe Lish I


n mid-May of this year, news outlets across the globe reported hundreds of thousands of cyber-


attacks made on businesses in the form of malware. Perhaps not-so- cleverly named, “WannaCry” attacked everything from major companies like FedEx to smaller companies that included those in the construction industry. Once the malware virus successfully breached systems, it encrypted files and locked users out. Te entities behind WannaCry (and later, the global Petya attack) would then send messages to their victims demanding money, in most cases in the form of BitCoin, equaling anywhere


from $200 to $50,000. Hence, malware has evolved to become “ransomware.” Although the initial spread of


ransomware predominately attacked overseas systems, some of our AGC of California members here at home also suffered from the outbreak. WannaCry has since been shut down, but the potential for future, similar cyber-attacks will remain a certainty. In fact, data projects the frequency and complexity of attacks will continue to increase each year. According to Te Atlantic’s “How Ransomware Became a Billion-Dollar Nightmare for Businesses,” experts estimate that the impact to small and medium companies may reach $75 million annually.


Proactive Prevention Strategy Most construction business owners


agree that they cannot afford to fall victim to ransomware and lose time, money, and access to critical business data. So, what do you do to protect your operations? How do you react if your company’s files are encrypted, and better yet, how can you prevent a ransomware attack in the first place? Te best advice begins with a proactive prevention and response strategy, and the steps to take are actually quite simple. Your company should ensure


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all files and data, especially confi- dential and sensitive information, are backed up and verified regularly. Offline backups to tape (yes, those old tape drives and libraries), remote site or cloud-based storage not directly connected to your computer or local network have proven to be the most effective and reliable means for recovery. Business networks and requirements vary, and there is no single one-size-fits-all backup strategy. We urge you to consult with your IT personnel, service provider or a consultant to review and assess your current backup strategy, and make sure you’re prepared to recover your vital systems with minimal downtime.


CERTIFIED PUBLIC ACCOUNTANTS and BUSINESS ADVISORS


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www.GELMANLLP.com www.ConstructionCPA.com ������������������������������������� ��������������������������������������������� 14 September/October 2017


Up-to-date Anti-Virus Software Key


Next, all computers throughout


your organization should have up-to- date anti-virus software to protect against malware. Furthermore, all desktop operating systems, whether PC or Mac, should be judiciously patched and kept up to date. After all, recent hacking techniques rely on the vulner- abilities of apathy and complacency. Once you have reliable software in place to protect your data, and you’ve


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