Ransomware

Remember that WaterStone Bank will not call you directly and ask for your personal information.

If you have any questions or believe you may have fell victim to a scam, please call our Customer Support Center at (414) 761-1000 or your local branch immediately.

What is Ransomware?

Ransomware is a type of malicious software that prevents you from accessing your computer data and files until you pay a ransom fee to the scammer responsible. Ransomware can be unknowingly downloaded onto your computer by opening or clicking on unsolicited e-mail attachments, advertisements, links, or even websites with embedded malware. Once it is downloaded, it loads a certain encryption code onto your computer ultimately locking access to either data on your computer, or the computer itself.

How does Ransomware affect Businesses?

This is especially important for business owners, as ransomware attacks can cause costly disruptions to business operations. In 2020, ransomware attacks increased by 300% and three-quarters of the victims were small businesses. Being a victim of these attacks means that you may have temporary or permanent loss of sensitive information and may incur extensive financial losses by either paying the ransom or restoring your systems and files. This could also cause negative publicity for the business, as customers might not feel as safe knowing their information is not secure. These attacks are designed to exploit weak cybersecurity systems and are usually not targeted at specific businesses or individuals. The most important precaution you can take to protect your business is to keep patches and software up to date and secure. 

Preventative Measures

• Keep your operating system, software, and applications up to date.
• Do not click on unsolicited links or ads and train your employees to not do so as well.
• Make sure any anti-virus software is set to automatically update and run regular scans.
• Secure backups on an external hard drive or location.
• Create a plan in case your business or organization is the victim of ransomware.
• If any business data or personal information was compromised, make sure to notify affected parties or customers of your data breach.
• Always report the crime to the appropriate government institution or agency.