This type of cyber-attack can be more debilitating then any other cyber attack vector. The latest variants of ransomware can be especially insidious because they can delete your backups making backups alone ineffective protection against these criminals. Such new schemes illustrate why you need to have a professional security service that can keep you up to date on the latest criminal activities in the cyber world.

 

What is ransomware?

Ransomware is a type of malicious software (or malware) that, after taking over your computer, prevents users from accessing their system or files and demands ransom payment in order to regain access.  It literally holds your data, software, PC, or even the entire network hostage, promising (not always truthfully) to restore access to the data after paying the ransom.

Ransomware has wreaked havoc on businesses, invading systems and putting organizations’ reputation and stability at stake. Ransomware attacks are all too common these days. Major companies in North America and Europe alike have fallen victim to it. Cyber-criminals will attack any consumer or any business and victims come from all industries including law enforcement.

How ransomware works

Ransomware attacks are typically executed using a Trojan that is disguised as a legitimate file that the user is tricked into downloading or opening when it arrives as an innocent  looking email attachment. However, it is not the only way ransomware can spread and, one high-profile example, the “WannaCry worm“, traveled automatically between computers without any user interaction. Ransomware can be a major headache for companies of all sizes if vital files and documents (think spreadsheets and invoices) are suddenly encrypted and inaccessible.

There are several things the malware might do once it has taken over the victim’s computer, but the most common action is to encrypt some or all of the user’s files which cannot be decrypted without a mathematical key known only by the attacker. The first sign the user sees, is usually that you suddenly have no access to a program or file and a screen may appear announcing your files are encrypted, showing instructions for how to pay a fee to get the decryption key in order to regain access. The cost can range from a few hundred dollars to thousands, payable to the cyber-criminal attacker in an untraceable Bitcoin payment. There may even be a doomsday-style clock counting down the time you have to pay before losing everything.

Ransomware has been creatively defined by the U.S. Department of Justice as a new model of cybercrime with a potential to cause impacts on a global scale. A recent survey sponsored by IT security firm Malwarebytes revealed that nearly half of US businesses were the subject of ransomware attacks in the previous 12 months.

 

How ransomware can impact your business

The business impact of ransomware can be extremely worrisome. Ransomware can bring your business to a screeching halt causing tremendous impacts that can disrupt business operations and lead to major data loss. The impacts of ransomware attacks include:

  • Destruction or loss of critical information
  • Business downtime
  • Loss of productivity
  • Business disruption after the attack
  • Damage of infected systems, data, and files
  • Damage to the reputation of the victimized company

Besides the ransom, the cost of downtime due to restricted system access can have significant consequences. Losses resulting from downtime can cost thousands of dollars per day.

As ransomware continues to become even more widespread, companies must constantly revise their cybersecurity goals focusing on the proper implementation of ransomware protection and recovery plans while committing adequate funds for cybersecurity resources in their IT budgets.

How to prevent ransomware

Your anti-malware software alone will not protect you. Ransomware is perpetually being written and tweaked by its unscrupulous developers, therefore its signatures are frequently not caught by typical anti-virus programs. Statistics show that as many as 75 percent of companies that have fallen victim to ransomware were running up-to-date endpoint protection on the infected systems. There are a number of defensive steps you should take in order to prevent ransomware infection. These steps are excellent security practices in general and following them improves your defenses from all types of attacks:
 
  • Keep your operating system patched and up-to-date to ensure that you have less vulnerabilities to exploit.
  • Don’t install software or give it administrative privileges unless you know exactly what it is and what it does.
  • Install antivirus software, which detects malicious programs like ransomware as they arrive, and whitelisting software, which prevents unauthorized applications from executing in the first place.
  • Ensure all signatures are up to date on antivirus and anti-malware systems and network blocking technologies.
  • Ensure that all employees are trained on proper security procedures. For example not opening email attachments from unknown senders.
  • Monitor your network infrastructure and leverage deep security analytics to correlate disparate data and detect emerging threats.
  • Always back up your files, frequently and automatically! This will not stop a malware attack from happening, but it will make the damage caused by one tremendously less significant. Managed IT Professionals offers offsite cloud backup solutions which also check each file for ransomware encryption before backing up.
  • Develop an incident response plan and practice executing it. Instead of waiting for an attack to occur, educate your employees proactively to help them recognize ransomware threats and their various infection vectors, including email, macros and compromised websites.

Managed IT Professionals can help your business protect itself from ransomware attacks and to recover from them if they already happened. We offer a multi-pronged approach with managed services bundles specifically designed to protect against ransomware attacks and make recovery quick, simple and without loss of valuable company data. Contact us today to learn how we can help protect your company against the latest ransomware threats.

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