Ransomware on the Rise: Protecting your Data
The risk of cyberattacks targeting businesses is rising significantly, and during the COVID-19 pandemic, over a third of UK businesses have become victims of ransomware.
What is Ransomware?
Ransomware is a kind of malware. It prevents users from accessing the system and encrypts files, locking computers until a ransom payment is made.
If you suffer this kind of data breach, your staff and clients would no longer be able to access their accounts and your business may not be able to regain the lost data without paying a hefty sum to the attackers. Hackers usually demand Bitcoin or other cryptocurrency payments as they are hard to trace.
A breach like this can do serious damage to your company’s reputation in just a few minutes, and can overstretch the resources of your IT department while the crisis is being resolved. Not to mention the business you could lose to competitors while your platform is down.
How to Identify It
Ransomware can spread in many ways, and it is of the utmost importance that everyone in your company is trained in recognising it.
“Malvertising”. These are illegitimate online ads linked to exploit kits which activate when a user clicks on the ad.
Email attachments. Even emails with a credible appearance can contain advanced malware. When these attachments are opened, the ransomware is instantly deployed.
Infected USB drives. When infected removable hardware is connected, the local computer will be encrypted and the malware will spread across your whole network.
Unlicensed software. Using pirated software runs the risk of downloading hidden adware.
Compromised websites. When clicked on, a compromised URL will trigger an automatic download.
Train all your staff in spotting suspicious links and attachments that could contain ransomware. Many emails contain thematic lures to draw users in, but clicking through could be disastrous.
Showcase offsite, cloud-based backup tools to keep an up-to-date working state your company can revert to if necessary. Educate staff members through practical guides and clear, company-wide security policies that apply even when you are working from home.
What to Do if You Suffer a Breach
Contain the threat and minimise the damage. Isolate infected machines by disconnecting them from the rest of the network. Disable the Wi-Fi and Bluetooth capabilities and unplug the ethernet cable. This is of the utmost importance because malware spreads via your network connection and if left alone, could compromise the whole system.
Notify your IT team and your cybersecurity consultants. They will need to enact your incident response plan and carry out the proper procedures to manage the situation.
Identify the type of infection to establish your options for removal. Once you know the type of strain, you can also report it to law enforcement.
All the evidence needs to be collected so that you can make an accurate record of the breach timeline and identify any system or procedural weaknesses. Then, you can improve your defenses and plan to prevent it happening again.
How to Prevent it Happening Again
Ransomware attacks have been becoming more creative and sophisticated. With new stealth-like techniques to contend against, the reality is that antivirus software is no longer sufficient to avoid a breach.
Safeguarding your sensitive business information should be a top priority, and there are basic steps you can take to protect your client data. Investing in your data security to prevent avoidable breaches, and ensuring that you initiate a recovery-first approach in your company will give you the best chance of swiftly handling — and bouncing back from — the inevitable when it happens.
Conduct a cost-benefit analysis and work with your legal team to develop a policy on ransom payouts. How much money could you stand to lose from a worse-case scenario data breach in terms of earnings, downtime, and the cost of recovery? What are your options for improving your security, and what would the return on investment be?
Familiarise your team with real-life case studies concerning companies similar to your own. You can learn a lot from a hack. Walk through the recovery options with an eye to how fast the issue was resolved and what the fallout was. What impact did this have on the business? What could be done better?
Finally, remember that cyber security is about more than just network accessibility. Establish what the impact would be of losing your corporate data. How does it affect your staff? What about your clients? How would your hard-earned reputation be affected?
A strategic investment to consider is hiring a cybersecurity consultant. You will get expert guidance and know that your data is being protected with the most up-to-date methods. Contact us today to see how we can improve your organisation’s cybersecurity framework.
