Ransomware attacks are no longer a distant threat; they are on the rise and affecting businesses worldwide. In 2020 alone, there were nearly 300 million ransomware attacks globally, and the cost of ransom payments demanded by hackers continues to escalate. It’s projected that the annual cost of ransomware attacks will reach a staggering $20 billion by the end of 2021.
The landscape of cyber threats is changing, and criminals with limited technical skills can now become threat actors thanks to offerings like ransomware-as-a-service. These attackers are unpredictable and often lack a code of ethics, targeting a wide range of organizations, even those previously considered off-limits, such as healthcare facilities.
Ransomware knows no bounds when it comes to the size or industry of an organization. Small and medium-sized businesses (SMBs) are particularly vulnerable, as cybercriminals assume they lack the resources and IT expertise to combat such attacks. Unfortunately, unless a major corporation experiences a breach, attacks on SMBs rarely make headlines.
With ransomware attacks expected to occur every 11 seconds, it’s not a matter of if but when your business will be targeted. The good news is that with the right security solutions and proactive measures in place, you can protect your business from a devastating breach. But if you do find yourself facing a ransomware attack, here’s what you should know.
Before Reacting to a Ransomware Attack, Remember:
- Do Not Pay the Ransom: The FBI advises against paying a ransom, emphasizing that there is no guarantee hackers will provide decryption keys. Paying a ransom only encourages criminals to continue their attacks. Instead, focus on improving your security, backup, and compliance measures to prevent future incidents.
- Consider Ransomware Negotiators: If you have no option but to pay, consider hiring “ransomware negotiators.” Negotiations are critical, and the sooner you engage with professionals in this field, the better your chances of reducing the ransom demand.
- Expect the Worst: When dealing with ransomware, it’s essential to anticipate that the stolen data may not be handled securely. Multiple parties might have access to your data, and there’s no guarantee the threat actor will honor any promises. Data breaches are often sold or used for extortion attempts.
Protecting Your Business:
The key to defending against ransomware is layered security. No single security measure is foolproof, so having multiple layers of protection is crucial. This approach assumes that attackers may breach one layer but will encounter other security measures to thwart their efforts.
If the thought of safeguarding your business from ransomware is overwhelming, remember, you don’t have to do it alone. Partner with experienced professionals to navigate the complex world of cybersecurity. Our expertise can help you secure your business’s future, so don’t hesitate to reach out for a consultation.
Additionally, we invite you to join our layered security webinar to learn more about enhancing your security posture and protecting your valuable data. Stay informed, stay secure!