As businesses grow, they will encounter a series of operational challenges as a natural part of their evolution. Given the rapid increase in cybersecurity-related incidents globally, it’s likely that many organizations will need to understand how to respond to serious security issues such as ransomware attacks at some point.
Knowing how to prepare and, most importantly, respond in these types of situations is critical for organizations to ensure the viability of their company. Thankfully, there are a variety of strategies that can be applied to help reduce the likelihood of these attacks from taking place and minimizing the damage they can cause.
The Aggressive Increase in Ransomware Attacks
Cybersecurity can be a complicated subject for many organizations to approach. Considering how quickly modern threats are evolving, it can often be difficult for organizations to know where to focus their efforts.
A recent study of various businesses worldwide showed that a staggering 71% of them all experienced some form of ransomware attempt.. Unfortunately, within this same group of businesses, a significant portion found themselves inadequately prepared to address these security incidents effectively and opted to pay the demanded ransoms.
Ransomware attempts are very much a numbers game for cyber attackers. While certain businesses may put together a progressive plan for reducing their attack surfaces and minimizing the likelihood of a successful attack, others may not take all necessary precautions. Often, these businesses may allocate lower budgets to security initiatives and have more at stake if and when their systems are compromised, due to factors such as limited visibility or resource constraints.
Since so many organizations today feel like their only option is to pay the ransom demands that are made, it continues to feed a vicious cycle of attacks that only grow in severity year after year.
What are the Mechanics of Ransomware?
Over 20 years ago, ransomware attacks were fairly limited in their capabilities. Due to a lack of processing power and relatively limited capabilities of computer systems, planning and executing a successful attack wasn’t easy to do.
However, over the years, there has been much more sophistication associated with how ransomware attacks are carried out – often by highly organized criminal organizations with extensive resources and technology at their disposal.
The core element of a ransomware attack lies in its ability to inflict heavy encryption algorithms on critical databases and networked systems. Once certain forms of malware enter a network, they quickly spread to every digital asset they can find, looking specifically for high-value data files or programs.
Using asymmetric encryption methods will then make these data files completely unusable unless a specific decryption key is used. Because of the value of this key, cyber criminals will often charge thousands, if not millions, of dollars to release it.
What Should Businesses Do to Stay Safe?
While awareness of the dangers of ransomware is important, proactive planning and threat mitigation are critical when lowering the chances of becoming a target. There are a variety of ways organizations can achieve this, including:
Auditing Security Protocols
First and foremost, businesses should prioritize awareness of any vulnerabilities their current operational states may create. This necessitates implementing both formal and informal auditing protocols to identify critical cybersecurity issues and effectively allocate security budgets.
In highly regulated industries, ensuring security protocols line up with specific data compliance standards is also critical. This is especially the case in healthcare industries where certifications like HITRUST or complying with various ISO standards is not only important for protecting an organization’s assets, but also helping them to avoid costly non-compliance penalties.
Completing a Vendor Risk Assessment
Today, more and more businesses rely on a wide range of third-party providers to help them scale their operations. While moving to the cloud and utilizing the flexibility and convenience of interconnected solutions can be highly beneficial for organizations, they also unlock new risks.
When an organization chooses to work with outside providers as an extension of its company, it also extends its digital attack surface. Each new partnership created opens up new opportunities for exploitation by cyber attackers looking to compromise user credentials or gain access to company resources through outside connections.
Conducting a thorough vendor risk assessment can help to reveal any potential security vulnerabilities that are present within your supply chain. This important due diligence helps you to maintain your risk portfolio while helping you to make better decisions about the partners you choose to work with.
Working with Penetration Testing Services
While investing in cybersecurity tools and solutions can be helpful, the only real way to prove their effectiveness is to put them to the test. Penetration testing services are a great way to test how well the organization can protect itself when experiencing a real-life breach attempt.
Penetration testers (“pentesters”) can simulate actual cyberattacks against your system while working with your security teams to identify areas for improvement. This can be an invaluable service that could mean the difference between keeping a company safe and falling victim to a breach.
How To Come Back from a Successful Ransomware Attack
It’s important to dispel the misconception that only larger enterprises should be concerned about ransomware attacks. In reality, cyberattacks frequently target smaller to medium-sized organizations, which may allocate less budget to cybersecurity and face greater consequences if their systems are compromised.
Regardless of where your company is positioned, there are some effective ways for you to prepare in the event you are ever targeted by ransomware.
Consider Cybersecurity Insurance
Choosing to pay a ransom is a major gamble. Only around 60% of people are able to retrieve their encrypted files once a ransom is paid. Taking this risk isn’t in the best interest of most organizations.
One way organizations can avoid having to make this choice in the event of a successful ransomware attack is by investing in cybersecurity insurance ahead of time. Investing in insurance is a much safer alternative than attempting to work with a cyber attacker and can give the organization the financial safety net it needs to repair any damages taken.
Design an Effective Incident Response Plan
Taking a proactive stance on cybersecurity is an important component of minimizing major disruptions caused by security incidents. Rather than assuming “it won’t happen to me,” forward-thinking organizations plan for the worst-case scenario by having a detailed incident response plan in place.
An incident response plan outlines the individuals or vendors who will be responsible for helping an organization resume normal operational states in the wake of a disaster. It also outlines detailed information associated with the protocols and procedures that will be followed and important deadlines that need to be met in order to avoid irreversible financial damage to the company.
Partner With the Right Managed Service Providers
Most companies don’t have infinite resources when it comes to managing security protocols. In these cases, it’s often a great idea to partner with an outside service provider who can harden business security systems and take the lead on any ransomware recovery activities.
Managed services providers employ teams of experienced security professionals and have access to the latest security technology solutions. By utilizing their expertise, organizations can ensure they always have the support they need to keep their best interests protected 24/7.
Keep Your Business Prepared
Although cybersecurity can be a complicated consideration for growing businesses, its importance should never be overlooked. By staying aware of the dangers of ransomware and preparing accordingly, businesses can minimize the risks of cyberattacks and avoid disastrous consequences for their viability.
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