In the unfortunate event of a successful ransomware attack, it is important to be prepared. Over the last several years, the amount of businesses affected by cyberattacks has been continuously rising, and nearly 70% of businesses in the US experienced a ransomware attack last year. The three most common types of cyberattack in 2023 were network intrusion, business email compromise, and inadvertent disclosure, all three of which involve a scammer getting their hands on information they are not supposed to have. Often, companies and company owners feel a false sense of security when it comes to cyberattacks, but in reality, a successful attack can happen to anyone.
Ransomware attacks can be particularly damaging to an unprepared business. A ransomware attack occurs when a scammer gains control of a victim’s computer system, locks up, or encrypts, their important information, then demands money in exchange for releasing the information, effectively holding the data hostage until the payment is received. If the payment is not received, these attackers will often threaten to release your sensitive information. Often, scammers who initiate ransomware attacks will ask for the largest sum of money they think you will be able to pay, making the transaction feasible, but extremely damaging nonetheless. To get an attack started, scammers often will use phishing emails to trick their victim into accidentally downloading the ransomware onto their device.
This type of attack has existed for a while, and experts continue to study the best strategies to avoid them. Although its effectiveness is highly debated, many recommend not paying the ransom. Some argue that paying a ransom demand only finances future criminal activity, and that not paying ransoms may discourage the cybercriminals from initiating any other ransomware attacks. Besides, paying a ransom does not guarantee that the cybercriminal will return the stolen data. Cybersecurity insurance companies have started to exclude ransomware payment coverage from their policies, encouraging companies to invest in more proactive, preventative measures. Some experts have even suggested that countries put in place ransomware payment bans, prohibiting companies from paying ransoms, though this policy would be extremely difficult to enforce.
Many disagree with no-payment policies, especially because they have the potential to put victims in a precarious situation that could lead to severe disruptions. The damage that can occur in either scenario highlights how crucial it is to be prepared. If you are hit by an attack, the first thing you should do is isolate the affected systems as quickly as possible. Disconnecting ethernet and disabling Wi-Fi, Bluetooth, and other network capabilities, as well as turning off maintenance tasks and disconnecting backups could help prevent some additional damage from an attack. The ransom message should then be documented through something like a photo, which can help in filing a police report or with insurance claims. Then, you should notify an IT professional, who will be able to help advise on next steps and strategy. Also, avoid restarting affected devices. Hackers know that many people will try to deactivate their devices once infected, and often their ransomware will cause more damage in the event of a reboot. Additionally, rebooting can make investigating the attack more difficult for IT professionals or police.
After an IT professional has helped you recover your data, you should start by resetting all passwords within the organization. Your data can be recovered from backups, which should be in place before the attack. You should also make sure that all your systems are up to date. You should always consult the police and an IT professional before deciding whether or not to pay the ransom demand. Many say you should only consider paying if you’ve exhausted all your other options.
One effective way that business owners could help prevent cyberattacks from occurring is employee training and education. Employees are the first line of defense, and regular, thorough training sessions on cyberattacks could promote awareness and decrease your risk of a successful attack. Employees should be trained to always be cautious, questioning and, most importantly, reporting suspicious activity. You also may consider sending out simulated phishing attacks to your employees. These fake attacks can help employees learn what to look for and can also provide insight into the most vulnerable points in your system.
Anti-virus software, anti-malware software, and email security tools can also help protect your system if ransomware is ever attempted to be downloaded onto your device. These programs will identify and block potentially dangerous software. Also, many applications and websites now require two-step or multi-factor authentication, meaning you have to verify your identity before signing into an account, which can deter cybercriminals. Firewalls, VPNs, and threat detection strategies can also help prevent attacks.
A trusted IT partner like Blue Oak Technology Solutions will be able to help you develop a plan and establish preventive measures within your systems in order to keep your company protected.
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