The persistent threat of ransomware strikes fear into the hearts of CISOs and cybersecurity professionals, and for good reason. Beyond the havoc wreaked on critical IT operations and applications, the average cost of recovering from a ransomware attack hovers around $2 million.
To underscore the urgency of taking action against ransomware threats, consider recent high-profile incidents. JBS, a meat supplier, had to halt operations in multiple countries due to a ransomware attack. CNA Financial paid a $40 million ransom to regain control of its compromised network infrastructure. A ransomware attack on the Colonial Pipeline caused temporary fuel shortages at gas stations and airports in several US states.
As more ransomware groups emerge, enticed by the profits from these attacks, it’s crucial to act now to prevent substantial financial, operational, and legal damages. Explore the following eight actionable steps to fortify your business against ransomware threats.
Understanding Ransomware
Ransomware is malicious software that encrypts files or systems and demands a ransom for access restoration. Typically, threat actors infiltrate an organization’s network, often through phishing emails that trick individuals into revealing passwords, and install ransomware on multiple IT assets, sometimes crippling entire networks or data centers.
The history of ransomware dates back to 1989 when a Trojan spread via floppy disks, masquerading as AIDS virus information and demanding a $189 ransom. The surge in ransomware attacks in recent years can be attributed to increased reliance on digital infrastructure across all sectors. Threat actors see ransomware as an easy path to profit and chaos.
Types of Ransomware
There are two primary types of ransomware strains:
- Crypto ransomware locks down individual files and important data.
- Locker ransomware affects entire systems, preventing basic computer functions.
Modern ransomware attacks often involve “double extortion,” where threat actors not only demand a ransom to unlock files but also threaten to publish sensitive data online.
Targets for Ransomware
Any business can be a target, but several factors increase the likelihood:
- Storing highly sensitive data.
- Operating in sectors with low cybersecurity maturity.
- Small and medium-sized businesses with comparatively weaker cybersecurity.
- The potential for significant damage, including state-sponsored cybercrime.
Why Paying Ransom Is Ill-Advised
Cybersecurity experts and government institutions advise against paying ransoms for several reasons:
- Payment doesn’t guarantee access to files or data.
- Paying encourages further criminal activity.
- It may be illegal in certain jurisdictions, funding illegal activities.
8 Steps to Protect Your Business
Here are eight crucial steps to safeguard your business against ransomware:
- Regular Monitoring and Patching: Monitor your digital attack surface, including IP addresses, ports, configurations, and applications. Timely patching of vulnerabilities is essential.
- Employee Education: Bridge cybersecurity education gaps and engage employees in strategic training programs to recognize and respond to threats.
- Data Backup and Recovery: Maintain a reliable data backup and recovery plan to mitigate the impact of ransomware attacks.
- User Account Management: Effectively manage user accounts to prevent privilege abuse by hackers.
- Security Information & Event Manager (SIEM): Implement SIEM for holistic cybersecurity insights and detection of ransomware attacks.
- Network Segmentation: Divide your network into smaller sub-networks to limit the attack surface and prevent lateral movement.
- Secure DNS: Employ dedicated DNS security to block risky domains and detect in-progress attacks.
- Email Scanning & Filtering: Implement email scanning and filtering to identify and block malicious emails.
Cyber Awareness Training
The foundation of ransomware prevention lies in cyber-aware employees who can identify threats like phishing. However, implementing effective training programs can be challenging. CybeReady’s platform simplifies the process by delivering autonomous training modules, advanced KPI tracking, and compliance reports. Remove IT burdens and administrative obstacles from cybersecurity education with CybeReady.
Request your CybeReady demo today to strengthen your defense against ransomware.
