Ransomware Resources: Information Victims Need to Know
Click on each of the questions below to see answers.
My company has been hit with ransomware. What can we expect during a ransomware recovery situation?
Ransomware attacks are becoming increasingly common, and whether you are a small, medium, or large company, you are a target.
If you have been an unfortunate victim of a ransomware attack, you are likely overwhelmed and wondering what the next steps are. We have been involved in many recovery efforts and have outlined what our clients experience as the most common and important steps when recovering from a ransomware attack.
The process will be lengthy, expensive, and stressful but putting together a well-rounded recovery and response team will be invaluable. In the initial stages, engage a lawyer and find out what insurance covers. Have your response team assess the current situation (identify type of ransomware and damages) and start collecting forensic data. Decide if you will pay the ransom and/or if you will hire a negotiator that specializes in ransomware. Keep the attack confidential while you lay out your plan…continue to review the plan with your team…and then execute with vigor. You will then need to develop and implement a cybersecurity strategy moving forward and make this a consistent part of your overall business strategy. To read a more detailed explanation of the steps, click HERE.
How long does it take to recover from a ransomware attack?
The time it takes to recover from a ransomware attack can vary widely. For most companies who are unprepared and unexperienced, recovery efforts will typically fall between the two to four week mark. However, recovery time can be cut in half (about one to two weeks) if you have a well-managed effort and experienced team.
Prolonged recovery efforts are a result of many factors, and often come at the expense of the company’s bottom line and reputation. In some cases, the company may never recover. It is therefore crucial to consider all of the variables that can impact the time it takes to recover from an attack. Below are five variables we find to have the most influence.
1. The most important is having a well-coordinated and experienced team of experts (includes ransomware recovery team, insurance company, incident response team, lawyers, ransomware negotiator, etc.)
2. Type of ransomware and the experience level of the attackers.
3. Size of your IT infrastructure.
4. Configuration of your It infrastructure before the attack.
5. The experience level, maturity, and size of your IT team.
If you would like to read the full blog, click HERE.
If I pay the ransomware demand, will I get my data back?
With any ransomware incident, you are dealing with criminals who will not hesitate to harm you further to receive payment out of you.
Additionally, the odds aren’t in your favor if your backups are outdated – like most ransomware victims. So, you are wondering, should I trust the word of these cybercriminals? No, you shouldn’t. However, these threat actors have a reputation they must maintain. If the cybercriminal industry is known for having individuals that don’t provide a decryption key when paid, well, then their leverage factor gets significantly reduced. No one would pay a ransom knowing that the most likely scenario will be they get scammed. These cybercriminals are making too much money, and they wouldn’t risk ruining that. Now, that doesn’t mean there have been zero instances where a cybercriminal didn’t provide a decryption key. Therefore, if you decide to pay a ransom, we recommend Coveware for the negotiation process.
If you would like to read the full blog, click HERE.
How much is the average ransomware demand?
Each ransom attack can vary significantly, so it quite difficult to pinpoint the exact amount of a typically demanded in ransomware cases. However, history shows a clear trend – an increasing ransom amount. In the early years, a $200M per year company would only expect a ransom of a few hundred dollars.
By 2018, threat actors became more efficient and created in-depth plans, allowing them to price a ransom proportionally with a company’s size. In 2020, a typical ransom for a company producing $20M annually would receive a ransom amount of $50-100k. By the end of the year, ransoms were pushing themselves into the millions, and in November, we saw our first $20M ransom.
Overall, the ransom amount depends on many factors, like what tools the threat actors are using, number of servers, number of files, total storage, and more. Additionally, according to a report by Coveware, ransom payments are increasing (see Ransomware will likely get worse in 2021), and findings show that the typical ransom amount has risen 31% to $233,817, as of late 2020.
If you would like to read a detailed explanation regarding this subject, click HERE.
Should I Invest in Cyber Breach Insurance? And Why?
Cyber breach insurance has grown to be a valuable asset over the last few years due to constantly changing trends in cybersecurity and threat actor tactics. So, should you invest in cyber breach insurance in 2021? Yes, and we’ll list out the top 5 reasons why you should.
1. The trends are against you. Each year, threat actors become more efficient and smarter in proportionally pricing a ransom to your company’s size. In the early years, a typical ransom would have cost only a few hundred dollars, but now threat actors can accurately estimate your revenue and price accordingly.
2. Unfortunately, it is harder to recover from ransomware than before. In 2018, a nasty habit among threat actors developed – deletion of backups. Now, you can expect cybercriminals to learn everything about your network, attack with a plan, delete backups, and encrypt all your data.
3. Not only will they delete and encrypt files, but they will also attempt to extort you by threatening to sell your confidential information.
4. This one is obvious. The transfer of risk to the insurance carrier. Also, ensure your cyber breach insurance covers the ransom, forensic, ransom negotiation, legal representation, ransomware recovery, public relations, fines and breach notification, and business interruption.
5. Following a sound ransomware recovery process with adequate resources is key.
If you would like to read a more detailed list, click HERE.
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