Cyber-attacks are a growing danger to U.S. business. And of the panoply of cyber threats, ransomware plagues many industries and can lead to disastrous consequences for businesses that aren’t proactive in their cybersecurity approach.
The challenges organizations face when addressing security threats are much more complex than they were just a few years ago. The methods that attackers use to infiltrate and exploit business systems and databases have become much more advanced and are difficult to detect and contain.
Ransomware is one of the most commonly used cyber-attack methods, with nearly 73% of global businesses confronting it at some point. And with many businesses still unable to properly mitigate the risks that ransomware poses, most organizations feel that their only option is to pay high ransom costs with the hope of keeping themselves operational.
Anatomy of an attack
What makes ransomware so effective is the speed and efficiency. It is also much easier today than in previous years to unintentionally allow malware into protected systems and networks by opening unknown email attachments or visiting websites with malicious scripts installed.
Once ransomware makes its way into a host network, it quickly spreads to connected systems that are looking for high-value files and databases. As this happens, the malware will work to burrow in, removing the possibility of setting safe restoration points in the system and making it impossible to remove.
After this happens, the malware will begin encrypting files and databases with asymmetric encryption that is impossible to break without a private key. Businesses then have the hard decision of either repairing or replacing their systems from scratch or paying a heavy ransom to get back the access they need to stay operational.
Protecting businesses from threats starts with an audit
To better protect against ransomware, it’s crucial to recognize the level of risk an organization faces. Embracing the mindset that every business, regardless of size, can be a target will help companies stay vigilant and prepared.
The reality is that due to the rapid scale of malware deployment facilitated by modern artificial intelligence technologies, all businesses are at a high risk of being a target if they don’t have the proper security protocols in place.
Often, when beginning new security initiatives company leaders may feel overwhelmed when deciding where to place their investments and how to prioritize efforts. Before implementing certain procedures or adopting new technologies, it’s critical to better understand vulnerabilities and the necessary risk management level.
Security audits are an effective way to gather this information while giving a business a transparent view of its cybersecurity readiness state. This then allows management to focus on the right areas and maximize returns on both financial and workforce investments.
There are a number of ways businesses can begin auditing both their security and operational integrity. Security Operations Center (SOC) and International Organization for Standardization (ISO) audits are common ways that managers can evaluate their business against industry benchmarks and guidelines to ensure they’re applying best practices.
In certain industries, organizations may need to meet more strict compliance guidelines so they’re able to meet HITRUST certification requirements. This is an approved framework for organizations to demonstrate that their data security and privacy practices meet a rigorous set of industry standards and regulations. Audits conducted by third-party professionals can be invaluable to ensure a business continues to meet this strict criterion as it continues to grow.
A range of precautions for businesses
Unfortunately, no matter how well a company prepares, an organization could still become a victim of a ransomware attack. How well a company receives will depend on the precautions put in place now.
Below are some proactive steps managers can take to minimize the level of disruption or damage from a ransomware attacks:
Consider cybersecurity insurance: The last thing company leaders want to do is pay the ransom, should they experience an attack. And there is no guarantee that paying a ransom will correct whatever the criminals have done. Investing in cybersecurity insurance is a safer path that can provide the resources necessary to recover systems in a major cyberattack. If a company needs to quickly reinvest in various infrastructure elements, cybersecurity insurance can provide the financial safety net to do so.
Create an incident response plan: Resilience is key to defending a business against modern cyber threats. An incident recovery plan is critical to achieving this and should never be viewed as just a “nice-to-have.” These detailed roadmaps provide a list of key stakeholders and recovery procedures necessary to help get systems back up and running in the event of a major disruption like a cyber-attack. Conducting regular drills and training around this plan is also essential to make sure it remains effective as an organization scales.
Get help from the professionals: Managed Security Service Providers (MSSPs) have teams of security specialists who can work directly with companies to help harden security technologies and procedures. This involves helping determine a company’s complete risk profile using security audits and vendor assessments while developing a customized security strategy.
MSSPs also have pre-established relationships with other third-party security solutions such as penetration testing services that can be used to help test and validate the effectiveness of a security plan. This allows managers to discover and address any weaknesses in security defenses before malicious parties exploit them.
As the number of ransomware attacks continues to grow each year, it’s critical to take steps now to keep businesses protected. By taking this risk seriously and adopting some of these strategies, companies can ensure that they are well-equipped to reduce the likelihood of experiencing a ransomware attack while minimizing any damage should one occur.
