Ransomware is a type of malware that crims wield like magic- they can encrypt your files and hold them for ransom, making it impossible to use or view the data. Sometimes this goes unnoticed until you start experiencing problems with access; if not caught in time then things could get ugly! To help combat these attacks on businesses around the world (and protect yourself), here are four questions about ransomware worth asking.
What is Ransomware?
The U.S Cybersecurity and Infrastructure Security Agency (CISA) defines ransomware as “an ever-evolving form of malware designed to encrypt files on a device, rendering any files and the systems that rely on them unusable."
The Cisa goes into detail about this tricky virus in their article: "Ransomware is an increasingly popular type for cyberattacks because its success rate has been growing steadily over recent years." They explain how some types can infect your computer without you even realizing it by way third party software downloads or links posted online; then once they've taken control, there are several different outcomes depending upon if graphics cards have already had key storage encryption algorithms installed before infection occurs--this stops users from accessing encrypted data.
Why is Ransomeware Relevant?
Cyberattacks are on the rise, with ransomware attacks expected to surpass all others in 2020. And while that means bad news for businesses and their customers alike - there's one silver lining: The value of digital assets ransom could reap is estimated at $3 billion this year alone!
The HBR reports our concerns about cyber security threats like never before; according to them , 450% more companies experienced some form of malicious computer intrusion during 2017 than 2016 did prior thereto . They also predict an increase from 150-fold last year’s rate.
What Does Ransomware Do?
Ransomware is a type of malware that aims to render your files and systems unusable, while demanding payment (in bitcoin) otherwise they will be released. It's designed this way because the criminals know how much people fear losing their data; with no ability or incentive for victims, it becomes difficult if not impossible for law enforcement agencies catch these cybercriminals who orchestrate attacks like ransomware on various levels all over world!
How to Prevent the Risk of an Attack?
If you're a victim of ransomware, it's important to know what steps can help protect your company from financial loss. As this HBR article discusses in depth and with practical advice on how companies should react if they find themselves attacked by hackers seeking payment through ransomeware or other malware that blocks access until demands are met:
Review your company’s incident response plan to be sure that in the event of an attack, it’s clear who is responsible for what actions.
Review your company’s cyber insurance policy and be sure that ransom is covered and that the level of coverage reflects the current reality.
Be sure multi-factor authentication is enabled on all company accounts, including service accounts and social media accounts, and that strong spam filters are in place.
Establish a communication channel on a secure texting app so that senior management can communicate in the event of a cyberattack that takes down company email systems.
Train your employees to identify phishing emails and educate them on the modus operandi of threat actors seeking to dupe them into clicking on links.
Identify high-risk employees, such as those with administrative rights to systems, who might help perpetrate an insider attack.
Assess the need for a prophylactic threat hunt by a reputable forensic firm engaged by counsel for privilege. For example, many companies treated the migration to a work from home environment as a “data security event” that would warrant a threat hunt of the system.
Assess the cybersecurity programs and protocols for your key vendors — particularly any entity that handles sensitive or critical company data.
Test back-up systems regularly and make sure they’re segregated from other company systems.
Ransomware attacks are a serious threat to business. But there is hope! You can prevent ransomware from attacking your company by incorporating some simple cybersecurity measures and securing the data that might be vulnerable to attack, such as customer information. If you have been attacked with ransom software or need help preventing an attack, then book a free consultation today on our website! We'll walk you through what happened and how we can protect your data in the future. Remember - if it's not backed up somewhere else, it will never survive being encrypted by ransomware.