Keeping Your Business Prepared for Ransomware Threats

It takes a lot to run a successful business today. Not only are customer demands constantly changing, but there are always new operational roadblocks to deal with that can get in the way of business growth trajectories.

One of the most prevalent challenges businesses face in one way or another is the ongoing cyber threats that plague all industries each year. Among some of the most destructive threats is ransomware, which can quickly take a business completely offline, compromising its critical data and causing irreparable damage to its reputation.

However, rather than simply hoping your business doesn’t become victim to this form of cyberattack, there are proactive steps for all organizations to strengthen their security position and minimize the damage that this threat can cause.

Recognizing the Dangers of Ransomware Threats

Every year that passes by brings new types of threats to security that businesses need to be aware of. However, ransomware has been around for decades now and still continues to be one of the most prevalent threats.

Last year alone, it was reported that 59% of organizations were hit by a ransomware attack, with 70% of those attacks leading to data encryption lock-outs. The average financial impact of these attacks on businesses is now reported to be $4.91 million dollars.

The high level of anonymity and sophistication surrounding ransomware attacks has led to more support from dark web companies who actively fund wide-scale criminal campaigns across multiple industry sectors. Unfortunately, many businesses are still inadequately protected against these attacks and leave their businesses open for exploitation.

Why is Ransomware So Common?

While other forms of cyber breaches are escalating in nature, meaning businesses have time to cut them off and isolate the attack while still staying operational, ransomware acts differently. Most of the time, ransomware attacks are difficult to recognize until it’s too late. When this happens, businesses have their operations crippled unless they’re either willing to pay a ransom and start costly system recovery processes.

One of the main contributors to the popularity of using ransomware for attackers is the ongoing scale of many business’ digital attack surfaces. As more and more organizations move their operations into the cloud, more potential entry points are created to exploit security weaknesses. Since businesses often lack full visibility of every potential attack vector, it’s easier for malware to spread through systems and networks unnoticed, allowing the ransomware payload to be fully delivered.

Steps Businesses Should Take to Help Avoid Ransomware

Because of the severity of becoming a victim of ransomware attacks, it’s important to consider implementing protective measures. Any organization can find themselves the subject of a ransomware attack, since the reality is that ransomware attacks rarely discriminate based on the size of a business or the industry in which they operate.

Below are some important steps you can take now to help you avoid becoming a target:

Put In Place the Necessary Security Protocols

One of the first steps your organization should take to minimize the chances of becoming a victim of ransomware is to adopt a multi-layered approach to cybersecurity. This includes making smart investments in endpoint protection solutions, implementing MFA (multi-factor authentication) protocols, and taking the necessary steps to implement best data security and compliance practices across the organization.

Prioritize Vendor Risk Management

Businesses shouldn’t only be concerned about their own security readiness when minimizing ransomware risks. Third-party partners and service providers should also be considered when evaluating and lowering an organization’s overall risk profile. 

Vendor risk management is an important element of this approach and focuses on evaluating partner security practices to make sure they are adequately protecting a business’s digital assets. This also includes verifying that they’re adhering to ethical compliance standards when utilizing AI tools and other solutions that regularly access and use customer data.

Test Your Readiness State

While implementing proactive security measures is important, it’s equally critical to make sure these protections are properly implemented and configured correctly. 

One of the ways to do this is by conducting regular vulnerability scans or using penetration testing services to help stress-test systems and networks. Running simulated attack scenarios against business security helps to identify if and where potential vulnerabilities in defenses are present and help to prioritize risk mitigation efforts.

Proactive Strategies for Minimizing the Impact of a Successful Ransomware Attack

The truth is that even with the most advanced security measures in place, ransomware attacks still happen. However, businesses can still put into place certain measures that can help them minimize the financial and operational impact in the event they are faced with a successful ransomware attack.

Invest in Cybersecurity Insurance

The worst-case scenario for a business dealing with ransomware is feeling like they have no other choice but to pay a ransom demand. There are no guarantees that encryption keys will ever be forwarded even if you do decide to take this direction, and you’ll also be actively contributing to funding these attacks in the future.

A different route to take is to consider investing in cybersecurity insurance. These provisions help you create a financial safety net that can be used even when you need to recover your systems after an attack and can provide you with the support you need to be back up and running much sooner.

Put Together an Incident Response Plan

The operational disruption that’s caused by a ransomware attack is often the most devasting to a business. It can impact revenue generation activities and quickly breed mistrust with customers. Having a comprehensive incident response plan is an important element of minimizing this downtime.

Response plans should have detailed procedures for quickly isolating impacted systems and executing necessary recovery procedures. This also means having dedicated on- and off-site provisions in place for managing database backups and ensuring all necessary stakeholders understand their responsibilities in the event of a major incident.

Partner With Outside Professionals

Building a strong security posture on your own can be very difficult. In these cases, working with managed security services partners can help to provide the expertise and support you need. They can help your business plan and execute necessary security monitoring protocols, incident response planning, and other vulnerability management tactics.

Help Keep Your Business Safer

Ransomware is a real threat that is always evolving and becoming more hazardous for businesses. By keeping your organization informed about the latest threats, putting in place proactive security measures, and having a regularly tested incident response plan, you’ll be able to significantly reduce the impact of a ransomware attack.

Author Bio Information

Author Bio:

Nazy Fouladirad is President and COO of Tevora, a global leading cybersecurity consultancy. She has dedicated her career to creating a more secure business and online environment for organizations across the country and world. She is passionate about serving her community and acts as a board member for a local nonprofit organization.

Linkedin: https://www.linkedin.com/in/nazy-fouladirad-67a66821