Introduction
It is also a very expensive type of cyber-attack, with an average cost of $1.85 million per incident. This is a price most small businesses would not survive, as well as being an entirely avoidable cost.
But what exactly is ransomware, how does it work and how can you protect yourself from it?
What is ransomware?
Ransomware is a type of malicious software (malware) used by cybercriminals to hijack and encrypt files or data so that the owner cannot access them. Attackers using ransomware typically demand payment, usually in cryptocurrencies, in exchange for a decryption key to unlock the affected files.
Ransomware attacks usually begin when the victim unknowingly downloads the malware, often through email attachments or malicious websites. Once the malware is installed on the system and the files are encrypted, the victim receives a ransom note demanding payment, usually with a very tight deadline.
Paying the ransom is generally risky and not recommended, as it does not guarantee the recovery of files and may fund further criminal activity. However, making the payment may be tempting for organisations that want to regain access to their files as quickly as possible.
What is clear is that the best strategy against ransomware is prevention.
How can you protect yourself from ransomware?
To protect yourself from ransomware you must have good cyber security systems in place to ensure that malicious emails containing malware never reach any inboxes in your organisation. This requires a two-pronged approach.
On the one hand, you need to educate your employees on basic cyber security so that they can recognise suspicious activity when it occurs. At Centurio International we run fake phishing attacks against our clients to investigate whether employees open suspicious emails or click on malicious links.
This allows us to identify whether an organisation should invest in cyber security education initiatives. Most require it, especially with cyber attacks becoming more and more sophisticated every day.
Of course, dangerous emails should never reach your employees in the first place.
Your cybersecurity systems should be your first line of defence. This includes having a proper DMARC policy in place.
What is DMARC and how does it protect you from ransomware?
Since most ransomware attacks start with emails containing malicious links, protecting your email is a key part of preventing them.
With a Domain-based Message Authentication, Reporting and Compliance (DMARC) policy, you can control exactly which emails arrive in your organisation's inboxes.
DMARC can verify that all incoming emails are legitimate and come from an authenticated source. The DMARC policy is a kind of filter and any email that does not pass that filter requires further investigation or is rejected outright.
Want to know if you are safe from ransomware?
Run a quick DMARC test here and find out if you are adequately protected and what actions you should take if there are any gaps in your defences.
Together we can ensure that no organisation falls victim to ransomware.
Want to know if you are safe from ransomware?
Run a quick DMARC test here and find out if you are adequately protected and what actions you should take if there are any gaps in your defences.
Together we can ensure that no organisation falls victim to ransomware.
Conclusion
Although ransomware is a very common form of cyberattack, it is also very preventable if you have the right cybersecurity measures in place and your employees have been trained to be able to detect suspicious activity.
The cost of implementing proper cybersecurity measures may seem high, but the cost of a successful ransomware attack is much higher, both in terms of money and loss of confidence.
Just as you buy an alarm system for your home or business so that unwanted people can't get in, cybersecurity does the same for your online resources - you must implement it, have it ready to sound the alarm, should any unwanted person try to break in.
