Are you using the right methods to prevent ransomware attacks on your business? Ransomware attacks are a pervasive threat to organizations of all sizes. Browse through our guide to discover how to reduce your risk of a computer attack and how to react quickly in the event of a cybersecurity incident.
Protect Your Business Against Ransomware
4 Best Preventive Measures Against Ransomware Attacks
How to secure your IT systems to reduce your risk of a ransomware attack? Find out the best tips from the cybersecurity experts at ited.
01 - Have a Data Backup Plan
Implementing a data backup plan is the best way to protect against ransomware attacks or reduce their impact. Making regular backups and keeping an offline version reduces the risk of your sensitive information being encrypted. Do not forget to test your backups regularly to ensure they’re still functional and accessible.
02 - Install Firewalls & Other Safety Measures
Installing firewalls, VPNs, and other network security measures strengthen your cybersecurity posture and your level of protection against ransomware attacks.
03 - Regular Updating of IT Systems
To limit access to security loopholes or system vulnerabilities, we strongly recommend updating your systems frequently. For example, your:
- Operating Systems
- Antivirus Software
- Business Apps & Software
- Other Third-Party Apps
Ransomware is rapidly evolving, with new cyber threats emerging every year. By setting up automatic updates, you reduce the risk of forgetting and ensure you’re always one step ahead of hackers.
04 -Educating Your Employees About Cybersecurity in the Workplace
Do not overlook the power of training and awareness to protect from ransomware attacks. Employees who recognize and know how to avoid cybersecurity threats are invaluable to every organization.
Find out how to prevent ransomware attacks with targeted training and exercises.
- Training on the dangers of clicking on suspicious links and using unknown USB sticks
- Simulation exercises (Corporate phishing campaigns)
These methods are highly effective in preparing your teams to react quickly and appropriately when facing suspicious emails, email attachments, and links.
What Type of Business Is Most Vulnerable to Ransomware Attacks?
Protecting against ransomware attacks is a challenge for organizations of all sizes and types, from the smallest to the largest.
Why Are SMBs a Perfect Target for Hackers?
SMBs are an attractive target because they often have fewer resources to protect against ransomware attacks. For this reason, they are perceived as easier targets for pirates.
Furthermore, small does not mean without means or without enticing personal information for hackers. The question you need to ask yourself is not if you’re at risk but how to improve IT security in your organization so as not to become a victim.
Why Are Large Businesses Investing In Ransomware Attack Solutions?
Protecting against ransomware attacks is a challenge for organizations of all sizes and types, from the smallest to the largest.
If small businesses are targeted because of their lack of security, larger organizations are not spared. The fact is these companies often have more significant financial resources. For hackers, this means they may be more likely to pay a ransom. A ransomware attack can also paralyze critical systems, making these organizations particularly vulnerable.
Other High Risk Organizations
- Healthcare (private and public sector)
- Financial Services
- Governments
- Schools
- Police
- And more.
Why Take Measures for the Prevention of Ransomware Attacks?
Most ransomware encrypts data or blocks your access to it without tricks or scams. Hackers often exploit vulnerabilities in your security systems. They then demand a ransom in exchange for a decryption key. Unfortunately, the damage and losses do not stop there.
Costs & Losses Associated with Ransomware
The financial impact of ransomware is one of the main reasons organizations invest in protection solutions. Hackers demand costly ransoms in exchange for encrypted files and data. In addition to the ransom itself, businesses must also consider data recovery costs and revenue losses caused by operational downtime.
According to the Canadian Centre for Cybersecurity, ransomware incidents have been increasing since 2020. Moreover, even when the ransom is paid, only 42% of companies fully recover their data. This means that even if a ransom is paid, there is no guarantee that all data will be restored.
Your Company’s Reputation
The impact of a ransomware attack on companies extends beyond the financial aspect. Their reputation is also at risk. Data leaks and data loss can significantly damage customer trust, leading to long-term consequences and ongoing losses
Different Types of Ransomware Threatening Businesses in 2024
- Lockbit 3.0: As its name implies, Lockbit 3.0 is a more recent version of the notorious Lockbit ransomware. This version mainly targets large corporations. It encrypts the data, and then the hackers threaten to disclose sensitive information unless a ransom is paid. It spreads rapidly thanks to its advanced evasion techniques.
- BlackCat/ALPHV: This ransomware is particularly dangerous and difficult to counter. It is written in Rust, making it hard to detect. Like all ransomware as a service (RaaS), it poses a risk of double extortion, as many groups of cyber criminals can use it simultaneously.
- Cl0p: Cl0p spreads through phishing emails campaigns and the exploitation of vulnerabilities to encrypt data and threaten its disclosure.
- WannaCry: WannaCry is a pervasive threat to organizations that fail to update their systems. Although its influence is waning, it still poses a risk to Windows operating systems that lack the latest security patch
Ever-Present Threats
Jigsaw: A particularly aggressive type of malware attack that forces its victims to pay the demanded ransom as quickly as possible. These ransomware systematically encrypt the files and deletes them hourly. The maximum time limit is usually set at around 72 hours. Otherwise, all encrypted files will be deleted. While Jigsaw has been quiet since fall 2021, it has been known for its comebacks, so it’s always best to be prepared.
Sodinokibi/REvil: Sodinokibi (Sodin or REvil, ransomware evil) is a group of hackers who rented out their malware to third parties. The software infects, and the pirates extort ransoms. Known for their cruelty, they threatened the publication or sale of personal data. They also targeted all types of victims, from individuals to large corporations, such as an Apple supplier. This group was dismantled in January 2022, but rumors of its return are circulating.
Cerber: Cerber is easy to use and targets cloud-based M365 users with phishing tactics. It also features a decryptor in 12 languages, making it convenient for cybercriminals anywhere.
Locky: The Locky ransomware also spreads via phishing attacks in which the malware is disguised as an email, an invoice, or any other email attachment. Once opened, the victim is prompted to run macros to read the details, and when the program activates, the ransomware quickly begins encrypting all files until the ransom is paid. It’s now easier to defend against Locky, as most anti-malware programs detect it.
Ransomware FAQ
01 - Defining Ransomware and How it Attacks
Ransomware is a type of malicious software. Ransomware attacks take many forms, from blocking access to computer systems to encrypting data and files.
02 - Top 3 Most Common Ransomware Attack Methods
What methods do hackers use to deliver ransomware to businesses?
- The most common way to become infected is through hacked or phishing emails, either by opening infected attachments or clicking on suspicious links.
- Ransomware can also spread through unsecured networks, such as vulnerabilities in Wi-Fi security or weak or missing VPN protections.
- Another method is the use of infected USB devices, which can introduce malware directly into a system.
03 - 6 signs Your Organization Is Infected by Ransomware
- You received a ransomware message (popup window, screen lock message, etc.)
- Company files are encrypted (unknown extensions, inaccessible or unreadable files, error messages)
- Your system is slow or unresponsive
- You receive notifications from antivirus or security software (alerts and quarantines of infected files)
- New programs or apps appear without your intervention
- Changes to your security settings
04 - Is It Possible to Counter-Attack Ransomware?
We do not recommend counter-attacking for legal reasons, technical skills, or the high risk of retaliation.
05 - What to Do in the Event of a Ransomware Attack, and What Evidence to Keep?
- The first step is to isolate the infected system before the infection spreads.
- Take screenshots of any ransomware message or encrypted files. Keep event logs and security alerts.
- Report your cyber attack to the Canadian Centre for Cyber Security.
- Contact a cybersecurity company that can help assess recovery options and whether decryption is possible or if payment should be avoided.
Stopping ransomware can be tricky. To reduce impact, use a cybersecurity solution, keep backups, and maintain regular updates.
06 - Should I Take Out a Corporate Cyber-Attack Insurance Policy?
Although there is no legal obligation, cyberattack insurance is an excellent way to protect your business. It can help:
- Cover repair costs
- Reimburse financial losses
- Support crisis management
- Protect your organization against liability
The cost of cybersecurity insurance varies depending on several factors such as company size, business sector, and risk level.
ited, Your Strategic Cybersecurity Partner to Prevent Ransomware Attacks
Don’t wait until you’re the victim of a cyberattack. Stay vigilant and protect your data with services and solutions tailored to your needs. The cybersecurity experts at ited help you implement effective IT security measures. Trust our team to protect your sensitive data and information systems from ransomware.
Need help reinforcing your protection against ransomware? Contact our experts today.
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