Ransomware, like many sophisticated cyber threats, is on the rise. Though anyone is susceptible to an attack, organizations and businesses remain the most vulnerable. If you are a victim of a ransomware attack, you are most likely forced into a situation where you either have to pay up or risk losing encrypted data and having confidential files leaked.
This type of extortion tactic is dangerous to any organization and could ruin a business if handled incorrectly. Cyber extortionists have become extremely skillful at infiltrating enterprises that failed to address their security strategy. So the main goal for any business is to first prepare for a ransomware attack so that it doesn’t get as far as having to pay the ransom.
What is ransomware?
Ransomware is a malicious type of software that cybercriminals use to infect a computer system. If you’ve been infected with ransomware, you will get a message or banner on the screen demanding you pay a fee in order to remove the malware.
Generally, this fee will be substantial and the cost even greater if you choose not to pay up.
The purpose of a ransomware attack is to extort money from victims. If the fee isn’t paid, the malware will corrupt or destroy the user’s files and leak sensitive information which can then be bought on the dark web.
This attack has the potential to leave businesses in ruin. Governments, agencies, banks, corporate entities, universities, and SMEs are all at risk of ransomware as they are all deemed fit to pay larger ransoms.
Failing to stop a ransomware attack will often result in:
- Financial loss
- Loss of company data
- Substantial downtime
- Stolen data/information
- Identity theft and disclosure of personal data
- Loss of reputation and trust in your company
Preparing for a ransomware attack
The best way to stop a ransomware attack is by preparing for one. Implementing a strong security strategy that includes a layered approach is the best way to protect your network from being held to ransom.
1. Have a cybersecurity response team
Whether in-house or outsourced, establishing a cyber incident response team will allow your business to respond swiftly to any cyber threat.
2. Strengthen email security
Ensure your current email gateway is strengthened with email encryption as well as other mandates such as a Sender Policy Framework (SPF) to automatically remove spam and phishing emails.
3. Enhance your patch management strategy
Prioritize patching critical systems and applications to ensure all vulnerabilities are identified and repaired.
4. Enhance your backup strategy
Keep a separate and encrypted data backup network in the event of a cyber threat or disruption that could result in loss of data.
5. Keep your staff aware
Educating your staff through the use of a security awareness plan will help them become warier of threats such as phishing emails and suspicious files.
6. Consider cyber insurance
Cyber insurance policies cover companies and consumers for financial or data loss in the event of a cyber-attack such as ransomware.
To pay or not to pay?
If you do fall victim to ransomware, you might be debating whether to pay the ransom or not. While the risk of losing your company data may seem far too great, you still shouldn’t pay the ransom.
Even if you do pay the requested amount, it still doesn’t guarantee that your data will be salvaged. Cybercriminals can also extort money from you with no intention of releasing your data.
So, in the event that you are met with ransomware, it’s advised that you seek legal advice based on the recommendations made by your cyber insurance provider or cyber incident response team prior to paying up.
The best way to deal with a ransomware attack, following legal counsel, is to restore your data from clean backups once all the infected files are removed.
Final remarks
It may take time to return back to normal operations following a ransomware attack. Even if you recover your data without paying a ransom, an attack will still cost you downtime. In the majority of cases, ransomware can be prevented with a strict IT security strategy. When it comes to cyberattacks, preparing for one is far better than dealing with the fallout of one.
No matter the size and scale of your business, you should include a security strategy within your business continuity plan to minimize your exposure to threats. Having the aid of an IT response team or cyber insurance policy can be invaluable when dealing with malware that has the potential to harm your company and finances.