Ransomware Attacks Are On The Rise: Without Protection, You May Be Next

Don’t fall victim to a data hostage. Ransomware attacks are on the rise in the U.S. According to the 2021 edition of the “Cost of Data Breach.” On average, a single data breach increased by nearly 10% from 2020 to $4.24 million, the high ever recorded. Ransomware attacks cost an average of $4.62million. That’s more expensive than the average data breach ($4.24 million). Despite the increasing costs, the new report also shows that Security AI – Artificial Intelligence and automation and Zero Trust technologies, when fully deployed, provided the most significant cost mitigation for companies in the report.

What is Ransomware?

A ransomware attack is where cybercriminals hold your data hostage and only release access if you pay the ransom. Ransomware is malicious software. Attackers use ransomware to extort money from victims by encrypting your files (e.g., documents, photos, databases and other important files) on your computer. The ransomware can infect your computer or spread to the network. This attack exploits software vulnerabilities and security holes. The most common attack vector is a social engineering technique, usually via a phishing attack that tricks the victim into clicking a link or malicious attachment in an email. 

It’s Decision time. Do you pay or not?

Companies often learn about their cyber-attack when they receive a “ransom note” from an infected machine informing them that their data is hostage. If the victim chooses to submit the ransom payment, the attacker typically provides special decryption software to restore access to your data, but it’s not on your time. The attacker forces you to pay for the decryption or “decryptor software” under duress; you have a deadline to pay, and the countdown begins. 

Below is the actual screenshot of a “ransom note” from an infected machine with the WannaCry ransomware attack:

The victim doesn’t pay the ransom in rare cases, but that still comes with a price. The attacker often threatens to destroy, withhold or leak the data. Ransomware attacks can cost an organization millions of dollars and require countless hours to rebuild the devices and safely restore data destroyed during an attack.

Combating Ransomware

Organizations discover that the attacker had been in their network for long periods, in most cases. The recovery from a ransomware attack and back to a normal business may take weeks and cost millions over time. These attacks have long tormented businesses small and large. Ransomware can be challenging to fight, but a combination of user security awareness, security controls, security hygiene, and a robust incident response process can help. Organizations need to minimize the time, costs, and exposure associated with ransomware attacks.

Consider these top focus areas:

• Having a comprehensive data backup & speedy recovery plan is essential.
• Have incident response plan ready to go.
• Regularly test your incident response plan.  

Getting prepared for protection

Here are a few recommendations:

• The first step is to assess your organization’s readiness to respond to and recover from a ransomware attack
• Based on assessment findings, identify control gaps (e.g., data security, data backup, restoration procedures, etc.).
• Develop a Risk Management strategy to improve incident response
• Create security operational procedures and processes to identify, protect, detect, respond, and recover.
• Incorporate a Zero Trust approach to wrap security around every entity (e.g., user, node, and connection).

Don’t fall victim to a data hostage. Protect your organization from a significant business impact. Protect your sensitive data. Train your user environment to watch out for social engineering attacks. Bring in a consultant service to assess your preparedness. Develop a ransomware protection plan.