What is Ransomware?
Ransomware is a type of malicious software used to encrypt critical data or lock access to the targeted server’s system. Based on the stolen information and data, hackers demand a ransom from the victim to regain access and restore important data.
Ransomware works by infiltrating a system through channels such as phishing emails, security vulnerabilities, or downloads from unsafe sources. Once it infiltrates, the malware encrypts the data and attempts to spread to other devices within the internal network. After taking control of the system, ransomware displays a ransom note, usually requesting payment in cryptocurrency, and threatens to delete or publicly release data if not met. Even if the ransom is paid, businesses still face the risk of not retrieving their data and becoming targets for future attacks.
How does Ransomware affect businesses?
Severe financial damage
Ransomware forces businesses to pay a ransom, usually in cryptocurrency like Bitcoin, to regain access to their data. However, this cost is just the tip of the iceberg. Businesses also suffer from operational disruptions, the cost of remediation, and dealing with the aftermath.
Data loss and operational disruption
Without a good backup plan, important data can be lost permanently. Even when data is restored, the system downtime can cause businesses to be offline for weeks or even months, impacting work quality and revenue.
Reputation damage
Ransomware attacks often come with the risk of leaking customer, partner, and especially sensitive internal information that was not meant to be disclosed. This not only erodes trust but also leads to legal issues and compensation claims, damaging the company's reputation.
Threat to business sustainability
According to reports, nearly 60% of small and medium-sized businesses are forced to shut down within six months after a major cyberattack. This highlights that ransomware is not just an immediate threat but can also jeopardize the very existence of a business.
Causes of Ransomware attacks on businesses
Ransomware attacks users through various sophisticated methods, with up to 80% of attacks being caused by phishing emails, malware infections via fake software, malicious ads prompting users to click, and other tactics for installing ransomware onto servers. Below are some of the reasons why businesses fall victim to ransomware attacks:
- Lack of security measures: Businesses fail to implement robust security solutions to protect their systems and do not have adequate information security monitoring systems in place.
- Employees lack cybersecurity knowledge: Phishing emails are often used to deceive employees into downloading or activating malware.
- Unpatched security vulnerabilities: Software or operating systems that are not regularly and consistently updated create security vulnerabilities that are easy targets for exploitation and attacks.
- Inadequate data backup and recovery: Many businesses do not have regular data backup policies or efficient recovery systems in place, making it more difficult to recover from a ransomware attack.
How to protect your business from Ransomware
Information security monitoring (SOC)
SOC is a comprehensive network security monitoring system that helps businesses protect their systems from cyberattacks. With continuous 24/7 monitoring, it detects and monitors unusual behaviors in the system and has the capability to isolate and address threats before they cause significant damage.
Strengthen security with YubiKey physical authentication
YubiKey is a robust hardware authentication solution that prevents unauthorized access to accounts, especially phishing attacks. YubiKey supports multi-platform authentication and is easy to use without requiring a password. Physical authentication, which does not require a password, is highly resistant to theft, adding an extra layer of security to prevent ransomware attacks.
Regular data backup
Perform regular data backups with copies stored securely outside of the main system. This ensures that data can be quickly restored if encrypted during a ransomware attack.
Employee training
Organize regular training sessions to help employees recognize phishing emails, malicious ads, and how to handle suspicious files effectively.
Develop an incident response plan
usinesses should have a clear incident response plan in place to handle ransomware attacks. This plan should include steps for system checks, isolating malware, and restoring data to minimize the negative impact.