Ransomware poses an escalating threat, with staggering numbers indicating a concerning surge. In 2020 alone, nearly 300 million ransomware attacks occurred globally1, revealing the severity of the issue. The demanded ransom payments are not only rising but are expected to reach a staggering $20 billion by the end of 20212, according to recent projections.
The evolution of ransomware-as-a-service has lowered the entry barrier for criminals, enabling those with minimal technical expertise to become threat actors. These individuals operate with less predictability and often lack a defined code of ethics. Unlike the past, where certain organizations were off-limits, recent trends suggest a more indiscriminate targeting approach.
All organizations, irrespective of size or industry, are susceptible to ransomware attacks. Small and medium-sized businesses (SMBs) are particularly vulnerable due to limited resources and less frequent cybersecurity evaluations. Despite SMBs bearing a disproportionate impact, such incidents rarely gain attention unless a major corporation experiences a breach.
With ransomware expected to hit businesses every 11 seconds2, always remember that it isn’t a question of IF but rather WHEN your business will come under attack. Keep in mind that with the right security solutions and measures in place, your business won’t have to experience a devastating breach. But first, there are a few things you should know if you experience a ransomware attack.
Before Reacting to a Ransomware Attack, Remember:
- The FBI advises against paying a ransom because spending money does not guarantee the hackers will share the keys to decrypt your data. While the FBI is an American organization, they raise a good point for businesses all across the globe.
It doesn’t make any sense to place your trust in cybercriminals who have already demonstrated that they aren’t afraid to break the law and take advantage of you for financial gain. However, many businesses find themselves in this situation because they don’t have sufficient security, backup or compliance measures, and are desperate to get their data back.
Keep in mind that another reason the FBI advises against giving in to ransomware demands is that you are encouraging criminals to conduct further attacks. If nobody ever paid ransom, it’s likely there wouldn’t be as many ransomware attacks. Criminals would have to find new ways to make money and would disregard ransomware as a viable venture.
- In case you fall victim to a ransomware attack and have no option other than paying, “ransomware negotiators” are available for hire.
In ransomware negotiations, the most crucial moment occurs long before the victim and hackers discuss the ransom. This is because by the time both sides start to discuss, hackers have already gained considerable control over the organization’s network by encrypting access to sensitive business data and other digital assets. The more data they encrypt, the greater the negotiating power they have.
So, even before you begin negotiations, you need to know how much data has been compromised and what negotiating methods have been employed in the past by the criminals. Professional ransomware negotiators can help at this stage. Although a ransomware negotiation rarely results in a ransom demand being totally withdrawn, it can significantly bring down the asking price.
- Victims of ransomware should expect the following:
- Data may not be erased securely, leading to potential misuse.
- Exfiltrated data handled by multiple parties may compromise its security.
- Even after payment, data leaks or duplications may occur.
- Promises made by threat actors to release data after payment may be untrustworthy.
Make Your Move Before It’s Too Late
You’re probably wondering what steps you can take right now to combat the menace of ransomware targeting vulnerable systems. Our best recommendation is layered security.
To fortify against ransomware, adopt a proactive stance with layered security. Acknowledge that no single security measure is foolproof, and a multi-layered approach enhances protection against infiltrations.
For businesses overwhelmed by the complexity of cybersecurity, collaboration with experienced partners can provide the necessary expertise to secure a resilient future. Reach out to us for a consultation and take the first step toward a more secure business environment.
Sources:
1. Statista
2. Cybersecurity Ventures