Ransomware incidents are becoming increasingly frequent and have garnered global attention due to recent high-profile attacks. If your organization prioritizes cybersecurity, it’s crucial to learn how to safeguard your business against ransomware.
What Is Ransomware?
Ransomware is a type of malware that cybercriminals use to block access to your data. They encrypt your data and hold it "hostage" until a ransom is paid for decryption. Initially, ransomware spreads like other viruses, moving from one network to connected servers or systems. Modern ransomware can be backed up with regular data, rendering backups or recovery efforts ineffective. If the ransom is not paid, the data may be erased, the decryption key destroyed, or the data stolen and leaked or sold on the dark web.
How Ransomware Differs from Other Malware
Unlike other malware that typically steals information for further crimes like identity theft, ransomware directly impacts the victim by holding devices and data hostage, threatening to erase or expose them unless a ransom is paid.
Ransomware Attack Process
- The malware infiltrates your device.
- Specific data or the entire hard drive is encrypted.
- Cybercriminals demand a ransom to unlock your data.
This guide will explore what ransomware is, why it’s a concern, who the main targets are, and how to prevent ransomware attacks.
Primary Targets of Ransomware
While it may seem that only large organizations are at risk, small and medium-sized businesses (SMBs) are also prime targets. According to the World Bank, SMBs account for 90% of businesses worldwide and employ half the global workforce, making them attractive targets for cybercriminals who know these companies often lack the robust IT defenses of larger corporations.
Challenges for Smaller Businesses
SMBs often struggle with insufficient personnel to manage cyber threats, making them more likely to pay ransoms to quickly regain access to their data. Reports indicate that ransomware is a significant issue for SMBs, with 20% having experienced attacks. In Q3 2020, the average ransom payment was $233,817, but the cost of downtime is 23 times higher, prompting many SMBs to pay the ransom quickly.
Preventing Ransomware Attacks
To prevent ransomware from affecting your business, consider these measures:
1. Educate Your Workforce
Train employees to recognize suspicious emails and practice cautious email behavior.
2. Plan for Ransomware Attacks
Develop and regularly practice a response plan for ransomware incidents, prioritizing critical systems.
3. Backup Your Data
Regularly back up all data, especially critical assets, offline and ensure backups are separate from the primary data.
4. Segment Your Network
Divide your network into segments with individual security controls to contain potential attacks.
5. Automate Patching
Keep all software up to date with the latest security patches and ensure employees use unique, secure passwords.
Examples of Ransomware Attacks
Several recent ransomware attacks highlight the severity of this threat:
- JBS Foods: The largest meat producer globally paid an $11 million ransom after an attack by the REvil group, which affected operations in multiple countries.
- Colonial Pipeline: An attack by the Darkside group caused significant fuel distribution disruptions in the US. The hackers exploited a weakly protected VPN account, leading to a $5 million ransom payment.
- Kaseya VSA: A supply chain attack by REvil affected over 1,000 companies. Kaseya chose not to pay the ransom and instead shut down its servers and data centers to mitigate the damage.
GIGAMiT Support
As the complexity of managing a distributed workforce increases, GIGAMiT offers support by helping you implement industry best practices for security across your organization. We focus on integrating security measures at the device, application, and network levels to protect your business from ransomware and other cyber threats.