Ransomware is rapidly evolving, and it is now one of the most popular forms of digital attack. To ensure that the company is secured from cyber extortion now and in the future, systems and processes must evolve as well.
For many enterprises and government agencies, ransomware has taken on a new meaning over the years. Once considered a very new and emerging type of malware, attackers have now turned it into a more sophisticated and aggressive kind of cyber extortion. Ransomware has a global impact on businesses, and leaders must be prepared for how cybercrime will undoubtedly advance in the coming year.
Understanding the Risks of Cyber Extortion
There are numerous risks to consider while safeguarding against cyber extortion as organizations continue to adapt their networks to enable remote working arrangements and higher levels of growth potential for the workforce. Here are some risk factors to consider:
Using Legacy Systems
To manage specific business areas, many organizations still rely on unsupported and legacy systems. However, because these systems are no longer receiving necessary patches from their developers, threat attackers can deploy open back doors to access and change company data for cyber extortion attackers.
No Access Control for Users
More businesses had moved to remote workforces than ever before since the COVID-19 pandemic began. While some businesses have benefited from lower overhead costs due to this move, it can also be dangerous. A lack of safe access control methods can lead to various threats, including ransomware attacks, as more remote employees access cloud-based corporate services and connect to corporate networks.
Lack of Incident Response Plan
Ransomware attacks almost always strike when victims are least prepared. However, most of the harm happens in the days following an attack when company services are unavailable for a lengthy period. Businesses without an incident response plan may be forced to pay a hefty ransom or entirely rebuild their corporate infrastructure from the ground up. Both of these possibilities can have a significant impact on a company.
Defending the Company from Cyber-Extortion
Most companies invest in some type of cybersecurity program, but they don’t implement it until they’ve taken a closer look at their digital attack surface. Risk assessments for ransomware are essential for ensuring that the company is ready to deal with the latest threats. Risk assessments include a combination of database and network analysis, client and server evaluations, and phishing resistance testing to identify critical security holes and provide a path for security enhancement.
Raising employee awareness through professional security training programs is the most effective way to safeguard against cyber extortion. All employees use emails, and it is the most common way for ransomware to infiltrate a business. As a result, it’s critical to ensure that the workforce is trained to spot suspicious emails.
While it is critical to take proactive efforts with the workforce and systems to avoid a ransomware attack, businesses should also prepare for the potential of being hacked. They can ensure that they have enough threat repair systems in place and effective incident response systems to recover fast from any attacks.
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