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Ransomware is a type of malware that blocks access to data until a ransom payment is made. It is distributed through malicious code that users unwittingly download and execute. Ransomware typically encrypts a user’s files, deletes backup copies, and disables security defenses. Its unfortunate victims typically receive a ransom note demanding payment in the form of cryptocurrency along with threats for non-compliance with their demands.
Phishing: Ransomware is often delivered through phishing emails containing links or attachments. Attackers use social engineering techniques to convince users to click on malicious links and attachments to download and execute malware.
Compromised Websites / Advertisement Downloads: Downloads from illegitimate websites contain fake software or application updates that carry ransomware. Advertisements on legitimate sites can redirect users to these malicious websites.
Unsuspecting Employees: Employees may unintentionally download ransomware from phishing emails or illegitimate websites.
Outdated Software: Attackers can exploit vulnerabilities in outdated software, devices, and applications to push ransomware to victims.
Financial Impact: Ransomware impacts organizations financially through the substantial costs of restoring systems and files, hiring cybersecurity experts, or paying the ransom.
Reputational Damage: Data breaches compromise an organization’s reputation. Customers lose trust in companies that fail to protect their sensitive information.
Business Operation Disruptions: Ransomware can disrupt normal business operations and cause significant downtime by locking access to critical business systems and data.
Data Loss: Permanent loss of critical information can occur if an organization does not maintain proper backups of it or those backups cannot be restored.
Legal Consequences: Legal repercussions and penalties may accrue if data protected under privacy laws is leaked.
Isolate the Infected Systems: Infected devices should be disconnected and isolated from the rest of the organization’s systems to prevent the spread of the ransomware.
Assess the Damage: Systems, devices, and files potentially affected by the ransomware should be examined and the damage evaluated.
Do Not Pay the Ransom: It is best to avoid paying ransom as it doesn’t guarantee file recovery. Attackers may leave backdoors to strike again and may use the ransom payment to fund other criminal activities.
Report to the Authorities and Seek Professional Help: Report the incident to law authorities. Consider bringing in cybersecurity professionals to provide a recovery strategy and guidance on how to secure your business operations.
Restore Systems: If data backups are available, use them to restore encrypted files once the ransomware has been removed.
Strengthen Security Posture: Assess your organization’s current security posture by identifying and prioritizing any vulnerabilities in your systems. Implement the highest value updates to safeguard your business going forward.
Incident Response Plans: Organizations should implement a clear incident response plan that pairs with their business continuity and post-incident recovery plans.
Training: Implementing employee training on ransomware can help safeguard the organization. Ensuring employees are cautious and aware when online gives you an extra layer of protection.
Monitor Logs: Keep a lookout for anything abnormal in your logs. Time is crucial; the sooner you identify a problem, the faster you can respond.
Security Measures: Install the patches needed to protect your organization’s systems. This includes ensuring all operating systems, software, and applications are up-to-date with their latest security fixes.
Data Backups and Recovery: Regularly back up your systems and test restoration to ensure that you can successfully recover a malware-free version of your data. Backups should be encrypted to protect against potential data theft.
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Host Geoff Hancock was joined by guests Mike Rush, Director of Threat Intelligence at Access Point Consulting; and Evie Manning, Senior Director of Threat Hunting and Intelligence at Access Point Consulting. Together, they talked about cyber threat intelligence and the applications that can make it work for small and medium-sized businesses.
