Are you sure your IT network is safe from a ransomware attack or some other cyber incident? Do you have hidden gaps in your system that could be prime opportunities for malicious actors to infiltrate your network, possibly compromising your sensitive data? Are your employees aware of the latest cyber traps and how to avoid them?
If you’re not entirely sure about all or some of these issues, then you’re not alone.
After reading this article, you will have a thorough understanding of what ransomware is, how it works, and the six essential tools to implement to prevent production loss, reputational damage, and financial pain due to a ransomware attack.
In today’s digital landscape, a cyber attack is a matter of when, not if, one will strike. Such attacks can sometimes deliver a glancing blow; at other times a debilitating one.
This past June, for example, hackers launched a much-publicized ransomware attack against CDK Global, forcing the software company to temporarily shut down.
The breach left thousands of auto dealerships across North America that rely on the sales and management software scrambling to keep their doors open.
Some 15,000 dealerships in the U.S. and Canada were affected by the ransomware attack, believed to have been initiated through a phishing scheme.
Since most car dealerships rely on CDK Global’s Dealership Management Software (DMS) to handle their day-to-day operations, the data breach caused significant operational and financial hardship.
The financial damage from the CDK Global ransomware attack was catastrophic, costing dealerships upwards of $1 billion in combined losses.
Related Article: The CDK Global Cyberattack And How To Protect Your Dealership
In an unrelated ransomware attack that Ticketmaster disclosed last May, the personal and financial information of millions of its customers were compromised.
In that extortion attempt, cybercriminals were able to use malware to steal the login credentials of Ticketmaster customer accounts stored on its cloud service provider, Snowflake.
The cybercriminals behind that attack were able to use malicious software to access sensitive customer information, including names, email addresses, and encrypted payment information, then offer it for sale on the dark web.
While Ticketmaster took immediate action to stop the attack, the impact of the breach is undeniable. The financial and reputational damage to the company will have long-term ramifications.
Earlier this month, U.S. public utility American Water Works Company reported a cyber incident involving its operating systems. While the extent of the breach is as yet unknown, it is another example of how a cyber attack can strike any industry at any time.
What Is Ransomware And How Does It Work?
Ransomware can block access to your devices and encrypt files, then hold it “hostage” until a ransom is paid.
This type of malware is usually activated through some kind of phishing scheme that gets an unsuspecting user to click on a malicious link in an email, or download something from a website masquerading as a legitimate one.
Obviously, the methods of subterfuge may vary, but the results are the same: a cyber breach or other security incident that can result in data loss, reputational damage, and lost revenue, among other things.
Most ransomware is installed instantly without the user even realizing what happened. Many times, however, ransomware will remain dormant for days, weeks, or even months before launching an attack.
As we’ve shown, ransomware is one of the most disruptive and costly cybersecurity threats. Small and medium-sized businesses (SMBs) are not immune.
In fact, small businesses are three times more likely to become the target of a cyber attack, according to the U.S. Cybersecurity and Infrastructure Security Agency (CISA).
The federal cybersecurity watchdog agency reports that ransomware attacks have hurt thousands of SMBs, with the total cost of cybercrimes to small businesses climbing to $2.4 billion in 2021.
Small businesses remain prime targets for various reasons, including a lack of knowledge about different cybersecurity threats; outdated equipment, systems, and software; and limited budgets.
6 Essential Tools To Prevent Ransomware Attacks
With the rising tide of cybercrime, you need to take an offensive position to boost your cybersecurity resilience. Taking proactive steps now can help you safeguard your valuable devices, data, and systems against future cyber threats.
Your security controls could also help you meet some industry regulatory compliance rules as well as business insurance requirements.
Related Article: CMMC Timeline: What You Need To Know Before It’s Too Late
So, how do you get started?
1. Develop a cybersecurity plan
Establish a comprehensive cybersecurity plan that lays out your entire security plan and the personnel responsible for implementing and executing it.
This cybersecurity blueprint should detail what your physical and digital assets are and how they will be monitored, your incident response to suspected security threats, and the measures for your team to evaluate any cyber incidents to inform future behavior.
2. Implement a SIEM
The backbone of any organization’s cybersecurity plan should be a security information and event management solution (SIEM). A SIEM provides your IT managers an automated, centralized dashboard to constantly scan, collect, and analyze data across your network for malicious threats.
This tool can also satisfy certain NIST 800-171 compliance requirements and generate reports to ensure continued compliance.
3. Enable software updates and patches
Antivirus and anti-malware software updates, while not foolproof, provide significant protection against the latest cybersecurity threats when coupled with other security measures.
According to some estimates, a cyberattack happens every 39 seconds, on average. So, it makes sense to have the most up-to-date tools to give you the strongest defense against bad actors who could be trying to steal or compromise your data.
4. Implement a “verify first” system
Multi-factor authentication (MFA) requires more than one method of user identification. Another benefit is that it can also monitor and limit access to your devices and data depending on the user’s role and responsibilities within your organization.
With the continued popularity of remote work, an MFA adds another layer of data protection.
In addition, using password managers to store and secure your passwords and creating more complex passwords are other simple security measures to help keep your IT environment safe.
5. Provide Cybersecurity Awareness Training
Human error is the leading cause of cyber incidents. According to some estimates, as much as 95% of cyber attacks are attributed to mistakes made by individuals.
Malicious actors have evolved in their entrapment techniques, using increased resources and advanced technology to trick people into unknowingly revealing sensitive information.
To limit the human risk factor, foster a cyber awareness culture at your company that emphasizes employee ownership and accountability. By providing regular employee security awareness training, you help educate employees about the latest cyber threats as well as how to spot and avoid them.
Related Article: Why Employee Security Awareness Training Helps Prevent Cyber Incidents
6. Back up your data
Data backups are an essential part of your IT disaster recovery plan. It is important to know not only where your data is being stored (on prem, remotely, or in the cloud), but also how to access the most recent backup data in the event of a disaster.
Why Should You Care About Protecting Your Network Against A Ransomware Attack?
The examples we cited at the beginning of the article are just a few examples of the unpredictable nature of cyber attacks.
After reading this article, you understand that no company, large or small, is completely safe from cyber threats. You also now realize the importance of strengthening your IT network security against lurking cyber threats.
If you find that you do have some security gaps, you may be considering hiring an external IT support provider. Perhaps you're uncertain about the ability of your internal team (or maybe don’t have one) to implement the necessary cybersecurity controls to prevent a ransomware or other malware attack.
If you are considering working with an external IT provider, we encourage you to check out several providers to find one that is the right fit for you. We take this advice so seriously that we've even done some of the legwork for you.
Read this article for an honest comparison of CompassMSP and Kelser based on public information available on the internet. As consumers ourselves, we know the first thing we do when making an important purchase is to search the internet; so, we thought we'd save you a step.
If you still have questions about cybersecurity or other issues related to your IT systems and would prefer to talk directly with a person, click the button and one of our IT experts will reach out to learn more about your specific concerns and see if we might be a good fit to work with.
