Ransomware continues to be a huge global problem for small, medium, and enterprise businesses alike. As Garmin recently found out Ransomware can be a deadly advisory taking down critical systems for multiple days. In fact, at the time of writing Garmin has been down for over three days now.
You Have Ransomware
Hopefully, your organization has a better plan than “Just calling the IT guy” – whoever that is. Or that your internal team will simply take care of it. Simply put you need to starting planning now what that response might look like. In many cases, you are reaching out to your cyber insurance provider to establish suitable resources whilst engaging your technology team. Many organizations simply do not have cyber insurance currently or really understand what it covers. Would your current cyber liability policy for example cover forensics costs? If your organization needed to replace every single PC in the building and the server, would it cover that for example?
Best Practices To Reduce Exposure
Technology is always changing, in fact, cybercriminals constantly change tactics to steal your data. However, as a business leader are you changing with the times? Do you know what threats exist and how best to mitigate against them? Aligning your business with best practices together with discipline around reviewing results will drastically reduce your risk of ransomware impacting your business.
“Ransomware is unique among cybercrime because in order for the attack to be successful, it requires the victim to become a willing accomplice after the fact.” – James Scott
Most business owners for example have no idea how to obtain cryptocurrency to even pay the criminals who hacked your system. If you work with a trusted cyber insurance professional they will handle that on your behalf, even negotiating with the criminals to reduce the payout. Your best defense is an amazing offense and it begins with understanding your risk and always adapting to new threat actors.
Build A Plan
You only need to look toward Benjamin Franklin to understand the importance of being organized vs hoping it will all work out.
“If you fail to plan, you are planning to fail!” – Benjamin Franklin
Work with your provider to understand your organizations true security risks, simply reviewing tickets is not enough. If you only see them once a year when they are selling you something then that is another huge hole you need to fix. In simple terms they should be working with you constantly to ensure your business is following best practices, together with understanding what appropriate measures are in place should ransomware impact your business.
Understand The Data
In 2019 alone there were 187 million ransomware attacks, On average 45% of all people impacted by ransomware paid the criminals. Daily averages of ransomware attacks are well over 4000 per day at the time of writing this article. And finally, the amount the criminals asked for to unlock data increased to $84,000 – though the true cost to your business is well likely to be six figures to in excess of $2 million dollars for a small business.
Understand the risk, understand the data, and make smart business decisions and you might just not find yourself having to deal with a ransomware attack that closes your business for good.
Do you need help preparing your technology for the future? Our vCIO team is ready to tackle your challenges. Contact us today to find out what a vCIO can do for your business.