Threats using ransomware has become increasingly frequent recently. Cyberattacks went up by over 150% in 2021 alone, with ransomware leading the way. Sensitive company information has been locked by these illegal operations, preventing companies from seeing their own files unless they pay a ransom, which is typically paid in an undetectable digital currencies like Bitcoin.
There is not a sector that is safe. Ransomware hackers are targeting all sectors, including healthcare, education, small retail shops, and multinational corporations. The issue? Many companies don’t think of themselves as targets. There is a misconception that hackers target “the big guys.” This is not at all correct. Small and medium-sized enterprises (SMBs) are really frequently viewed as easy targets as they frequently lack the expensive and advanced security procedures that larger companies can afford.
Let’s look at a real-world example:
A huge worldwide attack known as WannaCry caused disaster in 2017. This ransomware infection attacked both people and companies, spreading to over 150 nations. Some people were even turned away from hospitals within the National Health Service (NHS) of the United Kingdom due to the restricted access of important medical equipment. This attack proved that ransomware can be a life-or-death situation in addition to a financial burden.
We learned a harsh lesson from WannaCry: nobody is too small or too big to be a target. So how can you defend your company against this constantly present threat?
Understanding How Ransomware Works
A ransomware attack mainly consists of few easy steps:
- Infection: Unauthorized access to a system is obtained by attackers. Fake emails, unfixed software flaws, and compromised websites are some of the ways that this might occur.
- Data Encryption: The ransomware locks your files as soon as it gets inside. Unexpectedly, important corporate documents, client information, or financial spreadsheets are made unusable by undetectable locks.
- Demand for Ransom: The attacker is keeping your files hostage and demands that you pay a ransom. Generally, the more you wait, the more it costs, so you are under pressure to pay immediately and secretly.
Targeted businesses frequently feel powerless. Not only is the ransom involved, but there’s also a possibility for lost productivity, company shutdowns, and damage to reputation over time.
This was personally experienced by a small business owner in Texas whose accounting firm was the subject of cyberattack. They had to pay a $5,000 ransom because they did not have any current backups. Even worse, the data weren’t even unlocked by the hackers. They had to close within six months after losing the trust of their clients.
How to Protect Your Business: Prevention is Key
The positive tidings? It’s not necessary to wait to fall prey. You can greatly lower your chance of falling victim to a ransomware attack by being preventive. This is the method.
1. Regular Backups: Your Lifesaver in the Digital World
Consider yourself working on an important project that has a deadline of tomorrow. All of a sudden, nothing is accessible to you. When panic comes in, you realize that you have a backup . You may restore everything and continue as if nothing had happened with a few clicks.
This is how routine backups work.
What makes backups so important?
• In the event that ransomware attacks, they enable quick system restoration.
• Because you have a copy of your data safely saved somewhere else, you won’t have to pay the ransom even if hackers manage to hack your data.
• Making backups alone, though, is not enough. They must be regularly tested and stored off-site. When you least expect it, there’s nothing more upsetting than realizing that your backup system has failed.
2. Strong Password Practices: Your First Line of Defense
It’s a fact that passwords are a pain. However, it might be convenient to use the same one everywhere, doing so is a guaranteed way to let ransomware in.
Using a weak password is like leaving your front door unlocked for invaders. Strong, unique passwords must be used for preventing hacking. Use any combination of characters, digits, and symbols to increase the difficulty of guessing your passwords.
Even better, turn on the multi-factor authentication. By making you to confirm your identity with both something you own (a fingerprint scan or a texted code) and something only you know (your password), this provides a higher level of protection.
Pro tip: To safely save your complicated passwords, use a password manager. It’s a small investment that can avoid major problems down the road.
3. Patch Management: Fixing the Holes in Your Defense
Using this as an example, imagine your software as a house. Small cracks start to show up in the walls with time. Someone could break in if you don’t correct them. Software updates protect your system from any attackers, much like patching those cracks.
Unpatched software flaws are frequently targeted by hackers. They know that companies with old technology are easier to compromise, therefore they go for those companies.
The lesson that WannaCry taught us: A lot of systems were running old versions of Windows, which made the attack possible. All it would have taken was a small fix.
Ensure that you:
• Update your operating systems and software on a regular basis.
• Give important patches that fix current flaws with the highest priority.
4. Employee Training and Awareness: The Human Factor
Hackers frequently target employees who are the weakest link in your security chain. They trick staff members for opening dangerous attachments or by clicking on unauthorized links in fake emails.
Education is one of the best protections against ransomware. Teach your staff on how to identify fraudulent efforts, suspicious links, and weird email addresses.
Try doing malware simulations to check the awareness of your workforce. These simulated attempts help you identify areas that require further training and provide you with an understanding of how prepared your employees are
Using these simulations, a company I used to work for found that more than 40% of its employees were at risk of phishing scams. After boosting up their training efforts immediately, the percentage dropped to just 5% in a few weeks.
5. Network Security: Building Walls Around Your Castle
It is important to have an effective security system. Your first line of protection is a firewall, which regulates traffic flow and keeps out unauthorized users. However, you can take things one step further with intrusion detection and prevention systems (IDPS), which keeps a check on your network for unusual activity and instantly stop attacks.
One more important step? Divide up your network. Attackers won’t be able to simply go to other sections if they manage to get access to one. Similar to locking each room in your house separately, this reduces the amount of harm an invader can cause.
6. Data Encryption: Your Last Line of Defense
Data protection provides an additional layer of security, even in case that hackers manage to get past your system. Your information is scrambled via digital encryption, making it unreadable and unusable even by attackers who manage to obtain it.
When storing or transferring sensitive data over the internet, be careful to secure it both in motion and at rest. Sending a coded communication means that only the person receiving it with the decryption key can read it.
7. Incident Response Plan: Preparing for the Worst
It is essential to have a carefully designed incident response plan, or IRP. This plan must define clearly what actions to take, including who should be informed, which systems to give priority to, and how to get in touch with clients, in the case of a ransomware attack.
Such a plan was in place in one of the organizations that I worked for. They practiced these techniques, so when they are attacked, they act immediately. They were able to reduce the downtime to only 24 hours and restore their systems without having to pay the ransom as a result.
By contrast, another company that had no plan was left in a state of confusion. They had to pay a large ransom and to get back on their feet it took a week’s time
Be neither of the two. Make a strategy, test it on a regular basis and ensure that your team knows what to do.
Additional Considerations
Apart from following these steps, there are a few extra factors to consider:
- Test and upgrade your security security measures on a regular basis. It is important to adjust when new threats arise. What shielded you last year might not be able to do so this time.
- Join hands with a trustworthy cybersecurity supplier. They can help in identifying your weaknesses and give you solutions that are customized for your company.
- Insurance against ransomware: Look into insurance policies to reduce the financial loss in the case of a successful attack. Although it cannot prevent an attack but it can be helpful in your financial recovery.
Remember that no security system is 100% reliable. However, by putting these measures in place, you’re protecting your company against potential threats.
NPT and VPAT services at Indian Cybersecurity Solutions
Indian Cyber Security Services (ICSS) offers comprehensive Network Penetration Testing (NPT) and Vulnerability and Penetration Assessment Testing (VPAT) services, designed to fortify your digital infrastructure against modern cyber threats. Our NPT service identifies potential weaknesses in your network, simulating real-world cyberattacks to uncover vulnerabilities before malicious actors can exploit them. With VPAT, we provide an in-depth analysis of your organization’s applications, pinpointing security flaws and offering actionable recommendations to enhance your defences.
Our expert team utilizes cutting-edge tools and industry best practices, ensuring that your business is fully protected from ransomware, data breaches, and other cyber risks. Whether you’re a small business or a large enterprise, ICSS tailors its security solutions to meet your specific needs. Don’t wait for a cyberattack—let us proactively safeguard your digital assets. Partner with ICSS today and stay a step ahead of evolving threats!
Conclusion: Stay Ahead of the Threat
There’s no possibility that ransomware will be eliminated soon. In fact, as hackers grow more skilled, it’s probably going to get worse. You don’t have to, however, be a victim. You may drastically reduce your risk by being prepared, educating your employees, and having an effective strategy in place.
Begin right now. Examine your backup procedures, make sure your passwords are strong, provide training for employees, and make sure your systems are up to date. Avoiding an attack is less difficult than recovering from one.
And never forget: A little planning before in advance can prevent an expensive, reputation-damaging accident later on. Stay alert, stay organized, and protect your company from the increasing ransomware threat.
FAQ’s
- How does ransomware impact businesses and what does it mean ?
In response, a company’s data may become inaccessible due to ransomware, a sort of software that demands payment in an untraceable cryptocurrency. It may result in lost data, stopped operations, and harm to one’s reputation. - Why do ransomware attacks frequently target small and medium-sized enterprises (SMBs)
Answer: Small and medium-sized businesses (SMBs) are frequently the targets of cybercriminals due to their lack of advanced safety precautions and resources compared to larger companies. - How can regular backups help fight off ransomware attacks
In the event of a ransomware attack, regular backups enable businesses to recover their systems without having to pay the ransom. It guarantees that important data is accessible in case that the primary system is hacked. - What simple steps can companies take to protect themselves against ransomware attacks?
The installation of strong network security measures such firewalls and data encryption, regular backups, strong password practices, software updates (patch management), employee training to identify phishing attempts, and patch management are important steps. - How should a company respond to a ransomware attack?
Answer: Companies should resist paying the ransom and instead stick to a pre-prepared Incident Response Plan (IRP), giving priority to the systems that require maintenance. They should also alert the relevant authorities. To safely repair their systems, they should collaborate with cybersecurity experts.