Ransomware usually starts as an email that has been designed to trick You, the target, into interacting with it. Once you download a file or click the link to the website, it infects your system and starts to take over.
Some scary facts about Ransomware.
1 in 5 Small Businesses will fall victim to a ransomware attack.
The FBI reported a 300% increase in cybercrimes like ransomware since the start of the Covid-19 pandemic.
In the last year 51% of businesses have been impacted by some form of ransomware.
A New Cyberattack is attempted every 39 seconds!!!
It is estimated that ransomware costs will reach $20 billion or more by the end of this year.
How it works.
Cybercriminals gather information to target your company by gathering information from many sources including the dark web to craft a phishing email.
Once this email is opened by an employee and the employee interacts by downloading a file or clicking a link, the malicious payload infects the computer with ransomware that takes control.
The cyber criminals now have access to your network and can encrypt your files.
Once this happens the cybercriminals contact you offering you the encryption key that unlocks your files- for a price that is payable in cryptocurrency.
You then have two choices, pay the Ransom or figure out another way to restore your data.
How can you avoid Ransomware attacks?
75% of companies infected with ransomware were running up to date end point protection.
The problem with ransomware is that it only takes a single click, one click of the mouse can cause a nightmare for your business.
Is there a solution? Although nothing can be 100% effective because threats change daily, there are steps to take to minimize your risk.
Step 1. Training, your first line of defense is yourself and your employees. Have quarterly training seminars.
Step 2. use 2FA also known as multi factor authentication. If the bad guys do trick an employee into unknowingly giving up their password, or they acquire your companies credentials on the dark web, it will not do them any good if you have 2FA setup. There are a few ways to set this up, one is a code that is text to a cell phone, the other is using an authenticator app, which is my preference.
Step 3. Utilize Single Sign On (SSO) If each user has a unique customized launchpad to connect to applications and files that the need for work, its easy for your IT Admin to isolate potentially infected accounts and trace the attacks.
Step 4. Have business grade virus and malware protection that also helps to protect against ransomware attacks.I like Trend Micro Worry Free Business Services for this.
Step 5. Have secure offsite backups of your data that is encrypted. Having a backup of your files and servers that is offsite is so important. What's more, finding a backup solution that has safeguards in place for things such as ransomware, and file versioning. Losing your work is never fun, but its better to only lose a days worth of work at most then potentially weeks, months or even years of work that could put you out of business.
Step 6. Have an External backup, Use an external hard drive that you can backup your files with weekly or monthly and then keep unplugged the rest of the time so its not constantly connected to your network. I know it can be a hassle but its worth the peace of mind to know that you have your data backed up and that it's not accessible via the internet.
Are there other steps I should be taking as a business owner?
As I mentioned above YOU are your first line of defense. Holding training seminars is important to protecting your data because cybercriminals are finding new ways to attack businesses and steal important data daily.
Use a Password Manager and do not, I repeat DO NOT save passwords to your web browsers. If you would like to learn more about the Do's and Donts of passwords, check out my blog.
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