Protect your business from a Ransomware Attack

Crypto-ransomware, also known as cryptors, is a specific type of ransomware where the files and data that are stored on the infected device are encrypted into an unreadable form. This means the data can only be decrypted by using the necessary decryption key, which is only released by the criminal after the victim has paid the ransom demand.

Consumers affected by crypto-ransomware are generally faced with demands of £250 to £500, however ransom charges for businesses remain substantially higher as cybercriminals understand just how valuable data can be. If the ransom goes unpaid, the price will steadily increase until the decryption key is deleted, consequently making it virtually impossible to recover the files. Nevertheless, even if a ransom is paid, there is no guarantee the data will be decrypted.

Although any company can be affected by ransomware, professional and financial services are particularly attractive targets.

A recent report from Chubb has revealed that ransomware attacks in 2019 had significantly outpaced the total number of incidents in 2018. With the UK experiencing an 80% increase in ransomware attacks over the past 3 months of 2020.

“Some ransom demands have grown to the six- and seven-figure range", said Michael Tanenbaum, Head of Chubb Cyber North America. "It is critical for businesses to understand the increased sophistication of ransomware, what procedures and systems need to be in place to mitigate the risk, and what solutions they need to protect themselves should they experience an attack".

A temporary loss of data can disrupt business-critical processes, and could lead to lost sales, reduced productivity and significant costs for system recovery. However, the permanent loss data can have much more severe consequences, from damaging the company's competitive position to preventing access to intellectual property and design data.

Similar to most other types of malware, there are many ways in which a cryptor can find its way onto business computers and other devices. Here are some easy to apply rules to help keep your data and your business operations safe.

Educate users:

• People are often the most vulnerable element in any business and the last line of defence. You can teach employees about IT security basics, including raising awareness of phishing and spear-phishing attacks.

• Emphasise the security implications of opening suspicious-looking email attachments, even if it appears to be from a trusted source.

• Security awareness training programmes can be a good way of ensuring employees are aware of the latest threats and helps keep security front of mind for staff.

Regularly back up data:

The best way to keep business data safe from crypto-ransomware is by backing up systems regularly. With a good backup system, a ransomware attack won't have a catastrophic effect on business continuity.

Almost all businesses will already have a data backup policy. However, it's also essential to back up data to an offline backup system, rather than just copying files to another live system on a corporate network.

Establishing a robust backup policy will help keep backup files safe from cryptors.

Protect all devices and systems:

Cryptors don't just attack Windows computers. Business security software must also be able to protect MAC computers, virtual machines and mobile devices. It is also worth ensuring there is adequate protection installed for the organisation's email system.

Furthermore, it is important to make sure that third-party applications are updated as well.

Hackers can easily leverage a vulnerability in a popular application to breach your network and start infiltrating other systems.

Deploy and maintain security software:

As with all malware prevention, updating and patching early and often is a valuable policy to follow. Updating all applications and operating systems will allow elimination of newly discovered vulnerabilities. Ensuring security applications and anti-malware databases are up to date will enable the business to benefit from the latest protection.

Run Vulnerability Scans

Running a Vulnerability Scan can identify potential security holes in your IT systems and web site before a cybercriminal does. Taking this proactive and penetrative step can allow your organisation to maintain strong cyber security posture.