Function4 Launches Ransomware-as-a-Service Program
April 19th, 2023 by Function4
Leading MTSP Protects Small to Mid-Sized Businesses from Ransomware Attacks
SUGAR LAND, TX – Function4, a leading managed technology services provider (MTSP), announced today that the company has launched a Ransomware-as-a-Service program designed to protect SMBs (small to mid-sized businesses) from the burgeoning cyber crime industry. While most business owners have been taught that cyber criminals are lone, rogue actors who wear a dark hoodie and crack passwords from a musty basement, the reality is that the industry has evolved far beyond this state and unfortunately, cyber crime has become a viable business model. Instead of a handful of isolated bad actors, cyber crime is now “big business” with entire technology ecosystems supporting the acceleration of this industry.
Nowadays, cyber criminals can peruse a marketplace of highly sophisticated software tools, purchase these tools, select a payment plan (own, rent via monthly subscription or pay a licensing fee based on their usage of the tool) and even contact customer service personnel who are on standby, ready to offer technical support if they have questions when they deploy those tools. To repeat, cyber criminals now have “help desks” which they can consult for assistance with their crimes. Consequently, cyber crime as an industry is booming. This entire ecosystem of software developers, dark startups and licensors/licensees are propelling the growth of this industry illustrate just how far cyber crime has come in recent years. Function4 is actively informing SMBs and educating them on how to step-up their defenses.
While the mainstream media has covered many ransomware attacks over the past few years, ransomware payments are still increasing at an alarming rate. According to a report by Statista Research Department, in 2022, 71% of companies worldwide were affected by ransomware. Additionally, a survey of global IT professionals found, around 72% of the respondents paid the ransom and recovered the compromised data. No wonder the illegitimate industry is exploding.
Despite the expansion of cyber crime, there are still plenty of practical solutions available for SMBs to fortify their defenses and secure their organizations. With 85% of data breaches involving human interaction (DARKReading), the first line of defense for many businesses is to provide cyber security awareness and defense training for employees. That way, they can minimize the amount of “human error” available for cyber criminals to capitalize on.
Function4’s new Ransomware-as-a-Service program takes a different approach by aggressively restricting and pre-filtering phishing emails from ever reaching employee inboxes, in the first place. Bill Patsouras, Principal at Function4 commented, “The less exposure your organization has to human error the better. With many business owners sending staff to work from home in response to the growth in remote working, they need to also address network security issues and ensure that employees are accessing company data through secure internet connections, firewalls and more. If you’re sending 35 employees to work from home, you need to approach the business like an enterprise would and start thinking that you now have 35 satellite company offices which need to be monitored, managed and secured.”
Business owners are not IT experts and can have difficulty immediately discerning the level of protection their existing IT personnel or provider is offering them and are forced to trust the word of their staff. Patsouras added, “One of the simplest ways to figure out if your IT provider is adequately addressing the growth in cyber crime is to inquire for their ‘advanced’ or ‘VIP’ package. Not that you need to purchase it necessarily, but if they don’t have that as an option, or if your IT costs have not increased over the years to keep pace with the massive growth in cyber crime, those are hints that your organization may be under protected.”
Posted in: Press Release