As 2023 continues, the total amount of revenue lost to ransomware attacks exceeds the total losses in 2022. At this rate, that figure is expected to balloon to $898.6 million by the end of the year.
Businesses need to prepare against these ransomware attacks. But how can a business make sure that it is prepared? In this guide, we’ll discuss what businesses need to know about ransomware and the steps they should take for ransomware prevention.
What is Ransomware, Exactly?
Ransomware is a type of malicious software, or malware, that encrypts a victim’s files. The attacker then demands a ransom from the victim to restore access to the data upon payment. Users are shown instructions on how to pay a fee to get the decryption key.
These cyber threats are not limited to any specific industry or sector. They can target any user or business that has not taken necessary ransomware prevention precautions. They’re especially harmful to businesses as they can halt operations and cause significant downtime, making ransomware prevention a critical aspect of any cybersecurity solution.
How Your Business Becomes Vulnerable to Ransomware
The frequency of ransomware attacks has made one thing clear—many businesses are woefully unprepared. There are different ways that attackers can gain access to your system, but the most common root causes include:
- Exploited Vulnerability: Hackers may use an unpatched or weakly secured system to gain access to your network.
- Compromised Credentials: If you have not taken the necessary precautions to protect your personnel’s login information, a hacker may be able to use those credentials to gain access.
- Phishing: A hacker may be able to gain access to your system by using a phishing email. This is a malicious message that tricks users into revealing confidential information or clicking on a link that installs malware.
- Brute Force Attack: A hacker may be able to use a brute force attack to gain access to your system by attempting to guess the passwords for various accounts.
The Cost of Ransomware Attacks
The financial implications of ransomware attacks are only getting worse, with costs that extend far beyond the initial ransom payment. In 2023, the average ransom demand jumped from $812k in 2022 to a devastating $1.5 million. Even if a payment is made, the cost of recovery can be prohibitively expensive in most cases.
Companies that suffer from a security breach may also find themselves with significantly reduced customer trust and loyalty. The fallout from such an attack can last for years and cause untold damage to a business’s brand and bottom line, putting your business’s survival at risk.
Next Steps in the Event of a Ransomware Attack
In the unfortunate event of a ransomware attack, there are several steps you can take to mitigate the impact:
- Isolate the affected system: Disconnect the infected system from your network to prevent the ransomware from spreading to other systems.
- Identify the ransomware: Try to identify the ransomware variant that has infected your system. This information can be helpful for law enforcement agencies and IT professionals assisting in your response.
- Report to authorities: Notify your local law enforcement agency about the incident. You should also report the attack to your country’s cybercrime unit and the FBI’s Internet Crime Complaint Center.
- Preserve evidence: Keep a record of all communications and ransom notes from the attacker. This can provide valuable evidence for law enforcement.
- Engage a cybersecurity professional: Reach out to a cybersecurity firm to help mitigate the damage. These experts can assist in removing the ransomware and restoring your systems.
Paying the ransom doesn’t guarantee that you’ll recover your files and could potentially encourage further criminal activity. Instead, focus on preventive measures to avoid falling victim to ransomware in the first place.
Ransomware Prevention: The Best Cybersecurity Solutions to Implement
The best way to protect your business from ransomware attacks is to adopt a proactive approach to cybersecurity. Here are some of the key steps you should take:
Antivirus and Anti-Malware Software
Make sure you have reliable anti-virus software installed on all your systems, as this will help to protect against known threats.
Implement a Robust Password Policy
Make sure your personnel are using strong passwords and regularly changing them. It’s also important to ensure that any old employee accounts are disabled or removed from the system as soon as possible.
Invest in a Reliable MSP
Managed service providers (MSPs) can help to monitor and manage your network security, as well as provide ongoing maintenance and support.
Keep Systems and Software Up To Date
Make sure you are regularly patching any vulnerabilities in the system or software that could be exploited by hackers.
By taking these steps, you’ll be able to minimize the risk of a ransomware attack and keep your business safe from malicious actors. Remember, prevention is always better than cure when it comes to cybersecurity.
Protect Your Business From Ransomware With HRCT
Remember, a proactive approach to cybersecurity is always better than dealing with the aftermath of an attack.
Contact our team today for expert guidance and comprehensive solutions to safeguard your business from ransomware and other cybersecurity threats. Don’t wait until it’s too late – take action today.