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WHITE PAPER

Ransomware: Don’t Let Your Data Be Held Hostage

Ransomware occurrences are skyrocketing. Learn how to prevent them and what to do if you are attacked.

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Cyberattacks and security breaches are on the rise

Ransomware is one of the hottest white-collar crimes of the 21st century. Incidences are skyrocketing and cybercriminals have set their sights on more vulnerable small- and medium-sized businesses, as they usually have less resources to ward off an attack and are more likely to pay a ransom to retrieve encrypted files.

Unlike other types of malware that simply destroys data, ransomware is different in that there is an out: the criminals want to get paid and you may be able to recover your data. But is that the best course of action?

This White Paper is intended to educate SMBs about ransomware attacks and to provide simple action steps that every business can take to avoid falling victim in the first place, as well as recommendations for recovering if an attack should occur.

Ransomware

How does ransomware happen?

Ransomware can get into a network simply by a user opening an infected email or through flaws in website design. 90% of reported ransomware attacks are the result of unintentional employee errors, with malware enticing unwitting end users to click on a link or open an email. The remainder is comprised of angry employees or ex-employees who deliberately seek to sabotage the business or attacks at a specifically identified high-profile enterprise in hopes of a big payday.

Some sources put the cost estimate of hundreds of thousands of dollars per incident at a major enterprise. In addition to hard costs such as the income lost due to a stoppage in business operations and the cost of replacing damaged computing hardware, companies must deal with potential compliance fines and legal fees if customer privacy was breached.

There are also virtual costs including permanent loss of data and the time it takes to rebuild databases and restore infected systems. Then there are soft costs like reputation damage, loss of potential business and diminished trust among supply chain partners.

Finally, there’s the cost of paying the actual ransom demand if you decide to go that route.

First, immediately disconnect the device(s) from the network. Not just the hardwired connection, but also deactivate any wireless or Bluetooth connectivity. Do not turn off power to the device. Shutting down the device may do more damage to data and/or destroy potential evidence.

Then you can consider your options:

  • Wipe your system clean and restore the data from a recent backup prior to the attack. This should always be your first option as the business should have data backup policies and capabilities in place.
  • Try to decrypt the system yourself. There are many ciphers available on the web and if you know where to look and have the expertise, you might find a key to unlock your data without paying the ransom.
  • Take the hit and start over. Maybe you can’t find the decryption tool, you didn’t have much data to lose, or it can be easily reconstructed. Wipe the system and start rekeying.
  • Pay the ransom. If your business is bleeding money by the second or you do not have backup systems in place and the data is irreplaceable, this may be your best option.
  • Install firewall management and security/malware detection software with real-time network scanning and keep it up to date.
  • Implement rigorous and strict data backup procedures or consider cloud resources or outsourcing data backup to security service providers.
  • Emphasize good password hygiene and the use of complex sequences.
  • Train employees to recognize phishing scams and malware traps and test your employees with regular fake phishing scams.
  • Establish an out-of-loop emergency contact system with other key members for safe communications during an outage.
  • Update user network credentials and permissions, especially after dismissing a disgruntled employee.
  • Have an incident response procedure in place. When an employee’s device is targeted, they should know who to call and next steps.
  • Hire a Data Protection Officer (DPO) whose primary responsibility is to identify and exterminate threats before they cause damage.
  • Do not insert a USB drive to try to copy the data, you will only infect the USB drive.
  • Do not contact the attackers unless you intend to pay the ransom.
  • Immediately alert your company IT department or service provider.
  • Update your firewall management and security/malware detection software.
  • Consider a third party or cloud service for assistance with data backup and threat detection.
  • Implement the employee education and prevention steps listed in the “before” section to make sure it doesn’t happen again.
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