The most well-known security risk at the moment is ransomware. Cybercriminals worldwide are extorting targets for money by seizing their gadgets and data. Since 2013, ransomware, an attack in which victims are asked to pay for the key to restore access, has grown significantly and is currently among the most prevalent malware. The assault involves claiming or encrypting data.
What is ransomware?
A form of software known as ransomware extorts a target’s private information or equipment, threatening to lock it down or worse unless the victim pays the attacker a ransom.
The initial ransomware attacks just requested a ransom to recover access to the compromised data or utilize the compromised device. A company could reduce expenses from these kinds of ransomware attacks and frequently avoid having to pay the ransom demand by doing continuous or routine data backups.
The stakes have increased significantly in ransomware attacks in recent years with the addition of double and triple-extortion strategies. There is a risk even for victims who carefully keep data backups or voluntarily remit the first ransom demand.
Attacks known as “double-extortion” also include the risk of data theft and internet disclosure. The danger of utilizing the stolen data to target the target’s customers or business associates is included in triple-extortion assaults.
Why is ransomware protection important?
Vulnerabilities related to remote learning and the growing trend of working from home contribute to the increase in ransomware threats. Almost 60% of businesses suffered from a ransom attack in 2019. Data from the third quarter of 2020 revealed a 40% increase in ransomware attacks in that particular quarter. In an era where customers and organizations demand their data to be accessible and available around the clock, enterprises not adequately prepared against ransomware are more likely to become victims of attacks, suffering from data loss, security issues, and costly business downtime. First, data protection provides companies with a buffer against unavoidable attacks and expedites their recovery from unwelcome disruptions.
What are the primary targets of ransomware attacks?
Ransomware has historically targeted home users, but thieves increasingly focus on commercial networks. Malicious ransomware attackers have also made servers, hospitals, and utilities prominent targets.
Because they have greater resources, enterprises are especially attractive targets for these malware attacks. That being said, larger companies are also more likely to have strong IT operations and up-to-date backups to minimize damage and prevent ransom payments.
According to a survey by cybersecurity company Sophos, ransomware affected 68% of organizations in the federal and central governments in 2023, more than any other industry. The other highly targeted industries are healthcare, utilities, higher education, financial services, and manufacturing. A vast number of people would be greatly impacted by downtime in these organizations, giving cybercriminals more clout to demand things.
How can businesses protect themselves from a ransomware attack?
- Regularly back up all firm data to lessen the possible damage caused by ransomware attacks. You should be able to swiftly fall back to a recent backup if something goes wrong.
- Maintain software updates with the most recent security patches to stop hackers from using known vulnerabilities to access company networks. Removing legacy devices with unsupported operating systems from the network is best.
- Use an automated threat detection system to spot ransomware attack early warning indicators so the business has time to act.
- Install anti-ransomware tools that watch for strange activity on computer software that could indicate ransomware behavior. The application can stop encryption if these behaviors are found before more harm is done.
- Use multifactor authentication to keep hackers from accessing the company’s network once they figure out an employee’s login credentials. Since mobile devices can also be compromised, phishing-resistant multifactor authentication methods like FIDO security keys and smartcards are even more effective.
- Apply the least privilege principle, which states that workers should only have access to the information and programs necessary for their jobs. The hackers could cause if an employee’s account is compromised by limiting their access.
- Scan and monitor emails and files regularly to prevent dangerous emails from reaching users and causing ransomware. It would help if you also considered using an automated email security solution.
- Employees should receive training on proper cyber hygiene to reduce the likelihood of the inevitable human attack vector. By giving the workforce the skills to spot phishing efforts, cyber training stops attackers before they can even use ransomware.
- If a company is hit by ransomware, do not pay the ransom. Cyber authorities warn against doing this since there is no assurance that the attacker will follow through on their threats and because paying them off will incentivize more assaults.
