How to Protect Your Business From Ransomware
The international health crisis triggered by the COVID-19 pandemic has brought people together across the globe for the greater humanitarian good, but it has also given rise to new foes and increased threat levels. Hacking gangs, for example, have turned the crisis into a lucrative opportunity to exploit victims with ransomware.
Ransomware is a type of malware that locks and blocks access to data, typically with a demand for an untraceable cryptocurrency payment to restore access. This attack can cause massive disruption, leading to loss of productivity, revenue, and even a shutdown of critical infrastructure. In the case of a hospital, ransomware can lead to loss of patient care and even death.
Once a business pays a ransom, attackers may or may not release the decryption key. In fact, a study shows that 92% of businesses that pay a ransom don’t recover all of their data. Additionally, the encryption process itself can corrupt files beyond repair, rendering any decryption keys useless.
The best option for a business to mitigate against ransomware is to have well-developed incident response plans. This includes maintaining offline, encrypted backups and regularly testing them. In addition, a robust patch management program that regularly updates software and Operating Systems to prevent vulnerabilities is essential. Finally, a comprehensive and collaborative cybersecurity team is critical, including employees, external partners, public policy organizations and law enforcement agencies.