This guest blog was contributed by Nazy Fouladirad, President and COO of Tevora
Today, ransomware represents a significant obstacle in cybersecurity. These attacks can paralyze various operations within your business, sapping off vital resources and destroying crucial information. It can also lead to considerable economic losses and issues with adherence to regulatory standards.
This is why it's critical for businesses to adopt protective measures now while creating proactive ransomware recovery plans.
Why Businesses Need to Take Ransomware Seriously in 2024
As 2024 goes by, it has become vital for organizations to understand the rising danger that ransomware presents.
Globally ransomware attacks increased by 95% in 2023. This pattern didn't take place only in one quarter but was displayed during the year, with an 11% increase in attack frequency rates between Q2 and Q3 alone.
Though the average ransom of businesses was nearly $100,000, some victims were demanded high prices up to $5.3 million. With these numbers, it is no wonder that ransomware has become one of the biggest challenges faced by companies today.
Steps to Keeping Your Organization Safe
Ransomware poses a growing threat and organizations must deploy preventative measures to safeguard themselves. Below are some efficient ways your organization can protect itself.
Become Aware of the Risks and Create a Cybersecurity-Focused Culture
The first priority in developing an efficient defense is to establish what threats your organization faces. Identify potential gaps that are associated with your industry, the company’s size, and the type of data you possess. ISO audits and SOC Auditsare a great way to assist in this area. Based on any risks identified, work to develop a strong cybersecurity culture in your organization around them.
Provide education for employees on the threats of ransomware and offer training like Tabletop Exercises to help detect them before they can cause harm. This should also contain advice on identifying phishing emails, safe internet browsing behaviors, and instilling the importance of updating software and systems frequently.
Maintain Regular Data Backups
A reliable way to minimize the likelihood of a ransomware attack is constant data backups. These backups should be updated on a regular basis and be stored in both internal and external database systems so that your information can be recovered even if one is compromised. It is also very important to continue testing these backups and make sure all data will be recoverable in the case of an attack.
Harden Your Systems and Processes
To reduce the number of entry portals that attackers can use, ensure you establish access restrictions across all your systems. As much as possible, multi-factor authentication should be used to increase the security layer.
All of your sensitive information should also be encrypted. This not only helps to secure your data in case of a breach but can even help prevent outside parties from attempting an attack on your organization in the first place.
Review Your Security Policies and Your Vendors’
Security policies should be reviewed and updated regularly to ensure that they conform to the current level of best practices in response to new threats. It is also important to assess the security practices of any vendors or third-party partners that your organization uses. You should specify clear vendor security requirements and include these terms in all of your contracts.
Design a Detailed Incident Response Plan
While strong preventative measures are in place, it is still always wise to be prepared for a successful attack. Design a wide-ranging incident response plan with all the actions to be taken in case of any cybersecurity event. This should also involve communication plans, role identification, and well-documented recovery procedures. Practice this strategy with the entire organization regularly and ensure that it is constantly updated.
Don't Minimize the Threat of Ransomware
Today, cybersecurity dangers are not lacking, but ransomware can be especially hazardous for companies that do not prepare. But if you recognize the danger posed by ransomware to your business now and take appropriate precautions, the risks of a successful attack can be greatly reduced, along with minimizing the possible consequences.
About the author:
Nazy Fouladirad is President and COO of Tevora, a global leading cybersecurity consultancy. She has dedicated her career to creating a more secure business and online environment for organizations across the country and world. She is passionate about serving her community and acts as a board member for a local nonprofit organization.