How To Protect Your Business From The Threat Of Ransomware

Sunday, 29 May 2022, 7:25 pm
Press Release: Hugh Grant

Today’s online tools, applications, and advanced technology give businesses more access and opportunity than ever before. You can do things at a scale (and cost) that was never possible in previous decades. But, there’s also a dark side to the growth of virtual tools and this digital ecosystem in which we live and operate. We’re talking about cyber threats, like ransomware.

As you lead your business into the next several years of growth, you can’t afford to ignore cybersecurity. By proactively addressing threats like ransomware, you can set your business up for years of success.

What is Ransomware?

Ransomware is one of the fastest-growing cyber threats facing organizations today. These attacks can paralyze and deplete large companies (and put smaller companies out of business overnight).

As Box explains, “Ransomware is malware designed to encrypt a victim's information or lock the victim out of their device's basic functions until a ransom is paid to the attacker. Many attackers threaten to release, sell, or delete an individual or organization's data if demands are not met by a certain deadline.”

Ransomware works by employing something known as “asymmetric encryption.” This technique uses two separate keys that are designed to encrypt and decrypt files. The objective is to prevent victims from being able to access files or use basic computer functions. The attacker generates a unique private key, which makes it impossible for the victim to access their files. The attacker demands money in exchange for the key.

Ransomware incidents increased by 62 percent in 2021 (compared to 2020). Globally, there were 304 million ransomware attacks in the first six months of 2021 alone. Some 80 percent of organizations were threatened by one of these attacks. The average cost of a ransomware breach is now north of $4.6 million. Globally, more than $18 billion was paid in ransoms in 2020, which gives threat actors all the more incentive to double-down on attacks.

4 Tips for Protecting Your Business

The good news is there are ways to protect your business from becoming the next ransomware victim. Here are several suggestions to help you build up a strong defense:

1. Educate Your Team Members

Your security is only as strong as your weakest link. And guess what your weakest link is? Your employees. (That’s not a knock on them as people – it’s just the facts!)

You’re much more likely to be compromised as a result of human error or an employee’s lack of awareness than you are by some sophisticated attack on your server. Thus, anything you can do to educate and train your team members to avoid scenarios like this will serve you well.

For best results, make sure you’re investing in regular hands-on training. Skip all of the complicated, technical aspects of ransomware and focus on what your employees need to know. For example, show them how to spot and avoid ransomware links, and train them on the latest schemes that these fraudsters are using to get inside companies.

1. Configure Access Control

Team members should only have access to the specific files, tools, and resources that they need to perform their job duties. They shouldn’t be able to access anything else.

Take time to configure access controls, including all directories, files, and network share permissions. In doing so, you limit the entry points cybercriminals have into your systems.

1. Implement Strong Authentication and Password Requirements

You can strengthen the security and integrity of your accounts by requiring strong authentication and passwords. Always use two-factor authentication when possible. (And never repeat passwords across multiple accounts.)

1. Back Up Everything

Finally, don’t forget to back up everything. While a backup won’t prevent ransomware attackers from accessing your files, it will keep them from locking you out. This helps wipe out much of their leverage and theoretically allows you to continue operating your business in the middle of an attack.

Keep Your Business Safe

There are thousands of cyberthreats floating around the internet. To protect your business, you must be (a) aware and (b) proactive. When it comes to ransomware, which is one of today’s biggest threats, follow the tips outlined above. If nothing else, it’ll lower your risk of being compromised.

© Scoop Media