Ransomware is a particularly virulent form of malware that poses a substantial danger to businesses of all sizes. A ransomware attack targets one of a company’s most valuable resources: its data. The FBI’s Internet Crime Report of 2024 describes over $16 billion in losses during the year. Organizations that fail to take the hazards of ransomware seriously risk long-term damage to their businesses.
Why is Ransomware so Dangerous?
Ransomware’s danger comes from the combined effects an attack has on a victimized organization. The following are multiple potential impacts of a successful attack that can be very expensive and result in long-term operational disruptions.
Inaccessible data – A ransomware attack encrypts files or systems, making them inaccessible to authorized users. Threat actors typically selectively target valuable information, including sensitive customer and corporate data. The criminals behind the attack demand payment for the decryption keys, often using cryptocurrency to remain anonymous. Some ransomware variants also encrypt or compromise backup systems and media, making recovery dependent on paying the ransom to obtain the decryption keys.
Operational disruptions – Inaccessible data disrupts company operations. Loss of the affected system can make it impossible to maintain internal or customer-facing processes. Critical infrastructure components, such as hospitals, power plants, and airports, are prime targets for ransomware attacks due to their vital importance to the community and the public’s health and safety.
Financial repercussions – The cost of acquiring the keys can be devastating and strain an organization’s finances. Unfortunately, there are no guarantees that the criminals will provide the decryption keys if ransom is paid. Companies face additional losses if customers are unable to access systems and must search for alternative solutions. Threat actors may steal data before encrypting it and threaten to release it, providing further pressure to pay the ransom.
How Should You Prepare for a Ransomware Attack?
Companies must address the following two principles to prepare for a successful response to a ransomware attack. We will discuss preventive measures in the next section.
Backup strategy
A company’s most effective defense against a ransomware attack is its backup strategy. Teams can utilize reliable backups to restore systems impacted by ransomware and avoid negotiating with cybercriminals. Without backups, a company is open to extortion and may have no option but to pay the ransom in the hope of regaining access to the affected data.
Organizations should incorporate the following elements into a comprehensive backup strategy to safeguard their data from ransomware.
- Regularly scheduled backups – Teams must implement backup schedules that align with business objectives. Critical information may need to be backed up more frequently to allow recovery with fresh data.
- Secure and immutable backups – Companies should store backups in a secure off-site location so they are not accessible to the threat actors who launched the ransomware. Backups must be encrypted for enhanced security. Decision-makers may consider immutable backup solutions where data cannot be altered by malware to hinder recovery.
- Recovery tests – Organizations should regularly test recovery procedures, especially on mission-critical systems and data resources. Teams can leverage testing to build confidence and speed for when an actual recovery is required. Companies should consider implementing a disaster recovery solution to enhance their resilience in the event of an attack.
Ransomware response plan
Organizations must develop a comprehensive plan to respond to a ransomware attack that includes the following components.
- Decision-makers must define the roles and responsibilities that employees will assume in case of an attack to address technical, legal, and public relations issues.
- Teams should document recovery procedures and steps to contain and eliminate the malware from the IT environment.
- The company should simulate a ransomware attack, including recovering the targeted system, to evaluate and optimize the plan’s activities.
What Measures Help Prevent a Ransomware Infection?
Ideally, your company can prevent ransomware from impacting your IT environment. While it is virtually impossible to protect your infrastructure fully, multiple measures can strengthen your defenses.
- Strong cyber hygiene – Companies should prioritize and promptly install security patches and updates to address known vulnerabilities. Organizations should implement a robust password policy and multi-factor authentication to restrict unauthorized access to their environment.
- Leverage security tools – Businesses should run a reputable antivirus and anti-malware solution. Firewalls and email filtering can keep intruders out of the environment. Companies can implement endpoint detection and response (EDR) solutions for advanced threat detection.
- Network segmentation – Organizations should create segmented networks to control the spread of a malware infection. Teams can utilize enhanced security measures to protect their vital systems.
- Monitoring – IT environments should be continuously monitored to detect anomalous behavior that may indicate the presence of threat actors. Security teams must quickly address these anomalies to protect data resources.
- User education – Everyone in the company must be trained to recognize phishing emails that threat actors can use to introduce ransomware into the environment. Organizations should have an incident reporting process in place to track issues and share information.
Can You Recover After a Ransomware Attack?
Yes, you can recover after a ransomware attack if you have prepared effectively. The fact that you need to recover indicates that cybercriminals have breached your defenses, and you should investigate that issue to prevent its recurrence. However, in the immediate aftermath of the attack, you must rely on your response plan and backup strategy.
This reliance highlights the importance of being prepared. Your company should implement its recovery strategies and restore the affected systems quickly. The speed of the recovery may directly affect the degree of operational and business disruptions caused by the attack. Teams with well-tested recovery plans and reliable tools will fare well when recovering from ransomware.
How Do VAST’s Services Help You Survive a Ransomware Attack?
We understand your need to be prepared for a ransomware attack. VAST has your back with backup and recovery services that streamline your recovery and get your business up and running quickly, without giving in to ransom demands.
Cloud Backup-as-a-Service (CBaaS) – Our CBaaS service protects data stored in on-premises, hybrid, and cloud environments, making it available to your team for ransomware recovery.
Disaster Recovery-as-a-Service (DRaaS) – Organizations can protect themselves with a scalable and cost-effective application recovery solution leveraging Amazon’s Elastic Disaster Recovery technology.
Scalable, Cost-Effective Application Recovery to Amazon Web Services
We can also help you strengthen your defenses with our security lifecycle and cloud access security services.
Get in touch with our experts today and let us help you develop a plan that enables your business to survive a ransomware attack.
