Ransomware continues to plague businesses of all sizes and is not showing any signs of slowing down. Prolonged—or poorly managed—recovery efforts can lead to significant downtime that can have a devastating impact on the bottom line; and in some cases, can be company ending.
If your company is not secure, then it’s not a matter of if, it’s a matter of when you are going to be the next victim of Ransomware. All it takes is one single click, and your entire network can be infected. This could cost your company thousands of dollars in ransom payment, time wasted recovering data, and may even lead to lawsuits.
Ransomware is Continuously Evolving
Ransomware gangs are continuing to become more sophisticated in their attacks and methods and have developed the business model into a multi-billion-dollar industry. In the past, ransomware attacks were traditional automated with no real difference in the methods or ransom demands across companies of varying sizes and industries. However, with more advanced techniques, bad actors are able to get full control of a company’s systems and analyze the network to make more targeted demands. While they hide in a company’s system, they can learn enough to determine how much a company can afford and their likelihood of paying the ransom.
These more specialized and developed attacks have been enormously profitable for nation-states and cybercriminals, and extremely detrimental to those who are being attacked. With more and more attacks hitting critical infrastructure, the U.S. government is placing a high priority on investigations and alerts regarding ransomware, giving it the same level of priority as terrorism. On top of the ransom demand, companies are incurring severe downtime, loss of confidence and trust, and other costs associated with ransomware recovery efforts. To give an idea of how much it cost to recovery from a ransomware attack, check out our Ransomware Recovery Cost Calculator.
Best Practices to Reduce Your Risk of Attack
In the new era of cybercrime, doing the bare minimum is simply not enough. Cyber companies, government agencies, and other cyber experts are coming together to spread awareness and urgency for businesses to undergo a thorough review of their cybersecurity posture and take all the steps they can to mitigate their risks. Safeguarding your IT infrastructure requires implementation and management of numerous controls. Below are some crucial best practices you can start with.
- Segmenting your networks
- 24/7/365 monitoring of your network
- Requiring multi-factor authentication
- Limiting of access rights
- Filtering emails
- Patching your systems regularly
- Backing up and regularly testing your data
Click HERE to check out a larger list of actions you can take to reduce your risk of ransomware and other cyber attacks.
Executing these security measures will not make you 100% resistant to attack, but it will significantly reduce your risk. And in case you do get hit with a ransomware attack, it is vital that you have solid business continuity and disaster recovery plans in place.
How Alvaka Helps to Protect You
If you have a company, you need to protect it! You’d never leave your office without locking the doors, so why would you not defend your internal system and lock it up with cybersecurity protection that works?
- We monitor your networks to find any weakness or places where there is a danger of infection, and then apply the latest security measures to protect against them.
- We watch your systems and detect any threats of phishing that may try to infiltrate it.
- We educate your employees on the dangers of ransomware and how to take precautions to limit your risk of attack, and how to keep your network safe and protected.
- If your system is attacked, we have recovery solutions in place that will mitigate the damages you incur and reduce the time it takes to get your business back up and running.
Cyber Breach Insurance Response
Trends indicate that a company is more likely to experience a cyber attack than a fire. And yet, most companies have property and accident insurance, but no cyber liability coverage. The cyber insurance market has changed dramatically from what it once was and it is important for companies to stay informed on the current state of the market so that they can determine the type of coverage they need, and be in compliance with the requirements of insurers.
We have worked with leading underwriters such as Tokio Marine and NAS CyberNET. Contact us to get more information on our cyber breach insurance response.
For more resources on ransomware, visit our Ransomware Rescue page.
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