Cybercrime continues to be one of the greatest threats to businesses. And the COVID-19 crisis has just made that risk spike, as cybercriminals are taking advantage of the pandemic.
There are many different strategies that cybercriminals us. One of the most popular forms of cyberattack is ransomware, and it is fast becoming one of the most dangerous methods too.
What is ransomware?
Ransomware is a type of malware. Most often, ransomware encrypts and denies you access to your own critical data, unless you pay a ‘ransom’ to get it back.
The ransomware often infects systems through subtle social engineering scams, designed to get users to click on links in emails believing they are from a legitimate source.
It is estimated that by 2021, ransomware attacks will cost businesses an estimated $6 trillion annually. The average cost of a ransomware attack on a business is $133K.
One thing is clear: you need to be prepared for a potential ransomware attack. Work with your IT team or managed IT provider to design and implement an IT infrastructure to protect your data.
Adopt Layered Security Architecture
In its simplest form, layered security architecture identifies the permissions of users accessing the system. Unauthorized users will be unable to gain access to any business-critical data.
Introduce An Incident Reporting Procedure
If an incident does occur, you need to be able to handle it quickly. Having an approved method of reporting, reacting, and analyzing attacks will save valuable time and money. You then have all the information you need to be able to resolve any gaps in your network and provide further training to employees.
Buffer Your Systems With A Proxy Server
Proxy servers give you an extra layer of protection by acting as an additional buffer or firewall between your systems and the outside world.
A proxy will disable the ability to connect to potentially harmful sites and hide sensitive information and web history.
Use A Managed IT Provider
Implementing cybersecurity systems within your organization can be a complicated task. Many choose to engage with a managed IT provider. They can be used to supplement your existing IT team or handle all of your IT needs on an outsourced basis.
Whatever your setup, they can perform an audit on your systems and work to keep them resilient to any ransomware attack. They’ll also implement remote monitoring and off-site backups so that if any of your data is stolen or encrypted, you still have access to it and won’t be forced to pay the ransom that the hackers are looking for.
The frequency of ransomware attacks is expected to increase markedly over the next few years. As cybercriminals become more sophisticated, you need to stay one step ahead of them. Your IT security should be robust and reassess regularly in order to be able to withstand new forms of cyberattacks.
It’s best to use a professional cybersecurity company or managed IT company in order to ensure that you have the very best systems in place. Ransomware targets companies of all sizes, so don’t be under the impression that because you are a small company, you are immune.