Eyebrows raised (or not), it is a matter of fact in 2017 that Ransomware is an extremely lucrative business, evolving in an alarming rate and becoming more sophisticated day by day.
But, the question remains, what is Ransomware?
Ransomware is a malicious software – a form of malware – that either disables a target system or encrypts a user’s files and holds them ‘hostage’ until a ransom is paid. This malware generally operates indiscriminately with the ability to target any operating system, within any organisation. Once the malware has gained a foothold in an organisation, it can spread quickly infecting other systems, even backup systems and therefore can effectively disable an entire organisation. Data is the lifeblood of many organisations and without access to this data, businesses can literally grind to a halt. Attackers demand that the user pay a fee (often in Bitcoins) to decrypt their files and get them back.
On a global scale, more than 40% of ransomware victims pay the ransom, although there is no guarantee that you will actually get your data back and copies of your data will now be in the attacker’s hands. In the UK, 45% of organisations reported that a severe data breach caused systems to be down on average for more than eight hours. This makes it apparent that the cost is not only the ransom itself, but also the significant resources required to restore the systems and data. What is even more alarming, is that in the UK the number of threats and alerts is significantly higher than other countries (Cisco 2017 Annual Cybersecurity Report). Outdated systems and equipment are partially to blame, coupled with the belief that line managers are not sufficiently engaged with security. Modern and sophisticated attacks like ransomware require user awareness, effective processes and cutting edge security systems to prevent them from taking your organisation hostage!
How can you protect your company?
As one of the latest threats in cybersecurity, a lot has been written and said around ransomware and potential ways of preventing it. A successful mitigation strategy involving people, process and technology is the best way to minimise the risk of an attack and its impact. Your security program should consider the approach before, during and after an attack takes place giving due consideration to protecting the organisation from attack, detecting Ransomware and other malware attacks and how the organisation should respond following an attack. Given that Ransomware can penetrate organisations in multiple ways, reducing the risk of an infection requires a holistic approach, rather than a single point solution. It takes seconds to encrypt an entire hard disk and so IT security systems must provide the highest levels of protection, rapid detection and high containment and quarantine capability to limit damage. Paying the ransom should be viewed as an undesirable, unpredictable last resort and every organisation should therefore take effective measures to avoid this scenario.
Could your organisation be a target?
One would imagine that only large corporations would be at risk of a Ransomware attack, but this is far from the truth. Organisations of all industries and sizes report Ransomware attacks which lead to substantial financial loss, data exposure and potential brand damage. The reason is that all businesses rely on the availability of data, such as employee profiles, patents, customer lists, financial statements etc. to operate. Imagine the impact of Ransomware attacks in police departments, city councils, schools or hospitals. Whether an organisation operates in the public or private sector, banking or healthcare, it must have an agile security system in place to reduce the risk of a Ransomware attack.
Where to start?
The first step to shield your company against Ransomware is to perform an audit of your current security posture and identify areas of exposure. Do you have the systems and skills to identify an attack? Do you have the processes and resources to respond effectively? As Ransomware disguises itself and uses sophisticated hacking tactics to infiltrate your organisation’s network, it is important to constantly seek innovative ways to protect your data before any irreparable damage is done.
With our Security Consultancy, Managed Security Service offerings and threat-centric Security product portfolio, we are able to help our customers build the holistic security architecture needed in today’s threat landscape.
Contact us to discuss your cyber security needs and ensure you aren’t the next topic of a BBC news article.