Ransomware is growing to be one of the most prominent threats to organizational security - making the cyber landscape more complex and hostile. A ransomware attack on your business can result in complications such as business disruptions, data breaches, blackmailing, reputation damage, and so on. Since ransomware attacks impact almost all businesses of all sectors and sizes, knowing and implementing the best practices to prevent your business from ransomware is critical. This article will share the top 5 security tips to protect your business from ransomware attacks.

What is Ransomware? How Does it Work?

Ransomware is a type of malware that works by infiltrating the systems and networks of an organization and encrypting all of the data present in the devices and networks. Ransomware uses encryption that makes it extremely hard for victims to recover the compromised data. Cybercriminals then demand a ransom in exchange for a unique key to decrypt or unlock the files. The most common tactics hackers use to carry out ransomware attacks are email phishing campaigns, RDP vulnerabilities, and exploiting software vulnerabilities exploitation. The consequences of ransomware attacks can include:

• Data loss/corruption/theft
• Reputation loss
• Hardware damage
• Blackmailing
• Revenue loss
• Indefinite business interruptions
• Cybercriminals misusing the compromised data
• Legal complications and the list goes on.

Protecting your business from ransomware

Experts predict that a ransomware attack will occur every 11 seconds this year, causing on average a business downtime of 21 days. According to the FBI, there are on average more than 4000 attempts of ransomware assaults every single day. Experts have also reported an estimated 20 Billion global loss due to ransomware attacks. These are nothing but some of the statistics that indicate the gravity of the dangers that ransomware malware presents. Luckily, just like many other cybersecurity threats, ransomware is also preventable. Here are the top 5 security tips to help you prevent your business from ransomware attacks.

1- Use encryption

Your business is exposed to a host of security threats if your organizational data and network connections are not encrypted. Encryption provides a solid defense against security intrusions and unauthorized access to sensitive data. Encrypting your organizational data will not allow unauthorized entities to access or misuse your data - providing your critical data/information highest immunity against cyber threats.

2- Create regular data backups

Developing and implementing compact data backup and disaster recovery plans (DRP) can help you safeguard all of your organizational data from both internal and external security threats. Data backups and disaster recovery plans help in recovering valuable data in cases such as accidental data loss, data corruption due to malware, data loss as a result of technical or equipment failures, data loss due to disasters like fire, flood, earthquake, and data breaches as a result of cyberattacks. Encrypting data and then backing up the encrypted data offers impenetrable protection against even the most powerful cyber attacks and threat actors.

3- Strengthen your endpoint security defenses

Security vulnerabilities residing in your organizational endpoints can provide cybercriminals an entry point to your organizational systems, networks, and data. Ensure to use next-generation endpoint security solutions to protect your endpoints from being exploited. Likewise, regularly conducting vulnerability and risk assessments can allow you to identify security vulnerabilities present in your organizational infrastructure. Patching the identified security weaknesses will enable you to strengthen your security defense parameters can lower security risks like ransomware.

4- Develop a cybersecurity workplace culture

Employees play a vital role in exposing or defending a business from security threats. Reportedly, as high as 95% of cybersecurity breaches are caused by human mistakes. Employees that lack the required cybersecurity education and training are more prone to security threats and scams of cybercriminals as compared to the employees who think from a security perspective and follow proper security policies and protocols. As a business, you must provide your employees essential cybersecurity education and training. It will help your employees to make security-conscious decisions and identify potential threats while dealing with personal or organizational data/information.

5- Use next-generation cybersecurity solutions

Traditional security solutions are becoming increasingly inefficient and incapable of coping with modern cybersecurity threats. As a business owner, it is important that you invest in next-generation cybersecurity solutions that include next-gen antivirus, firewalls, ransomware malware detection tools, and intrusion detection systems equipped with artificial intelligence and machine learning. Such next-gen security solutions leverage cloud and Ai technologies to offer real-time threat and anomaly detection capabilities - providing reliable protection against traditional and modern security risks.

Ransomware malware is undoubtedly one of the most prominent security threats to businesses today. However, there are also a host of other cybersecurity threats facing businesses that are equally, if not more dangerous as compared to ransomware. The key to effective organization cybersecurity is to regularly test and innovate current security defenses while investing in new security technologies.

Need help? We are here to help! Our Security Operations Center offers the most reliable and continuous protection against advanced threats like ransomware, botnets, DDoS, Network intrusions, data theft, identity theft, and so on. NGN’s SOC subscription will enable you to detect, respond, prevent, predict and mitigate even the most advanced threats in real-time. For more information talk to one of our experts today by booking your free consultation.