Today, ransomware has emerged as a major threat to businesses of all sizes. With cybercriminals using increasingly sophisticated methods to target organizations for data breaches, the potential for massive disruption and financial loss has become a real danger.
No matter if you are an enterprise or a growing small business, if your team is working from the office or working remotely, and regardless of which industry you belong to, you need to know that ransomware targets any organization and is the fastest-growing malware threat around the world.
Your enterprise is always vulnerable to ransomware threat, and it is essential to take proactive steps to protect your organization from this devastating attack now and in the future.
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Ransomware is a form of cyberattack that threatens to publish the victim’s data or perpetually block access to it unless a ransom is paid.
It is a highly sophisticated form of malware that can encrypt and lock out users from their own data, and disable vital systems, leaving businesses operations disrupted. To regain access, organizations often pay a ransom to the attackers or risk the loss of their data. By targeting corporate networks and their critical data, ransomware attacks have the potential to cause catastrophic and expensive disruptions.
How can ransomware affect your business?
Financial Loss: The ransom payment can be too expensive depending upon the size of the attack. Along with the huge ransom amount, organizations might need to pay for incident response and remediation services.
Data Loss: Besides the financial loss, companies with ransomware attacks will have to fork over more if they want to restore the data safely. Although there are chances of getting your data back, it is only partially true. There is no guarantee that the recovered data is safely returned without any breaches.
Furthermore, the data loss will result in massive downtime and the average cost of downtime is $1,410 per minute. Additionally, even after paying the ransom in exchange for the decrypt key for all the files, it remains unknown if there are copies maintained by cybercriminals. Your information could be stored, and it might perhaps be used in subsequent crimes.
Reputational damage: Apart from financial and data losses, ransomware can also cause an adverse effect on your brand loyalty, customer attrition rate, brand reputation, and image of the organization.
This is just the tip of the iceberg. The attacks are growing exponentially with jaw-dropping figures.
How to prevent your organization from ransomware attacks?
Some of the effective strategies to prevent ransomware attacks are
- Implement a comprehensive awareness and training program
- Enable strong spam filters to prevent phishing email
- Implement Email authentication trifecta for safeguarding your mailbox
- Scan incoming and outgoing emails to detect threats
- Configure firewalls and clock access to suspected IP addresses
- Patch the operating systems often and use a centralized patch management system
- Install anti-virus and anti-malware for regular automated scans
- Configure access control and work on the governance
It takes ages to build and establish an organizational infrastructure and it’d just take 3 seconds for cybercriminals to vanish and wipe it off.
With frequent attacks and downtime, your business could crumble and shatter. Protecting your business from ransomware attacks should be your primary objective while laying the security posture of your organization.
What should you do during a ransomware attack?
Even after protecting your organization and implementing all the strategies, if you happen to encounter an attack, follow these immediately.
- Isolate the systems and the networks immediately
- Quickly secure your backup data and go offline
- Reset all the passwords and account details after removing them from the system network
- Contact your Managed Security Service Provider (MSSP) immediately
Closing thoughts
It’s crystal clear that cyberattacks and ransomware specifically are becoming more common these days to a degree that the attackers can cross any limits to damage your organization. The only way to protect this from happening is to act proactively and take all the necessary steps. Don’t forget to perform a Ransomware assessment and have your Incident Response plan ready.
Get rid of your legacy cybersecurity approaches and adopt the latest technology to tackle this issue. We can help you protect your organization and provide you with an end-to-end security approach.
It is not just about money. Ransomware impacts are beyond that. Don’t wait until it’s too late.
Want to run a security assessment for your organization?
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