Mar 19, 2024 - How to Reduce the Risk (and Cost) of Ransomware Attacks

Ransomware breaches, on average, take the longest of any kind of cyber-attack to detect. It is essential for companies of all sizes to understand the seriousness of this growing threat, as well as how to implement robust cybersecurity measures to protect against them. 

What is Ransomware?
Ransomware is a type of malicious software that, when downloaded, encrypts files or locks computer systems, rendering them inaccessible to users. With the increasing prevalence of social engineering cyberattacks, ransomware is oftentimes mistakenly downloaded by employees directly to their devices, thereby giving access to the company network. Attackers then demand a ransom payment in exchange for decrypting the files or restoring access to the systems.

Consequences of Ransomware:
Ransomware breaches, as highlighted by UpGuard, can be particularly elusive, often taking about 49 days longer to detect compared to other cyberattacks. This prolonged detection period can lead to significant financial losses and operational disruptions for your business. IBM's 2024 Cost of Data Breach report further emphasizes the severity of cyberattacks, revealing an average loss of 4.45 million USD. 

Incorporating Best Practices:
In addition to partnering with a strategic MSP partner such as CompassMSP, here are some best practices you can adopt to help keep your business running and reduce the risk of ransomware attacks:

• Employee Training and Awareness: Educate employees about the dangers of ransomware and how it can infiltrate the organization through phishing emails, malicious links, or attachments. Train them to recognize suspicious emails and to report them promptly.
• Regular Data Backups: Maintain regular backups of all critical data, including customer information, financial records, and intellectual property. Ensure that backups are stored securely and regularly tested to verify their integrity and accessibility in case of an attack.
• Update and Patch Systems: Regularly update operating systems, software applications, and security patches to address known vulnerabilities. Outdated systems are more susceptible to ransomware attacks.
• Use Antivirus Software: Install and maintain robust antivirus software across all endpoints to detect and block ransomware threats. Ensure that these security solutions are updated regularly to guard against new strains of ransomware.

With ransomware, time is of the essence. Don't wait until it's too late to secure your business against cyber-attacks. Contact us for more information today about how to safeguard your organization's IT infrastructure and gain a competitive edge in today's digital landscape. For your business’s well-being and protection, time is of the essence.