At this point in 2021, ransomware has essentially cornered the market on cybercrime. This particular threat to company security efforts has dominated headlines and affected large-scale infrastructure across the globe. Company executives are so aware of the problem that it is causing a type of tunnel vision, concentrating on the external effort of stopping intruders, perhaps to the detriment of their overall security efforts internally. Experts say that companies must address the problem from the ground up, implementing best practices and working up to comprehensive threat protection.
The Cost of Ransomware
Ransomware attacks are estimated to have grown by as much as 485% in 2020. Ransomware outages resulted in East Cost fuel shortages, disruption to the meat supply chain, and chaos for thousands of MSP customers worldwide. G7 leaders and NATO reported ransomware as a severe threat and discussed it on their forums. Cybercrime groups were given safe harbor by Russia, prompting the White House to threaten sanctions and other actions.
Companies have witnessed the real damage that ransomware can inflict on their reputation – not to mention their bottom line. While the ransom payment may be financially devastating, the resulting downtime, lost sales, overtime, and legal costs may be worse. These problems are overt, sensational, and newsworthy – but as noted, companies can not ignore the internal issues they may have, such as:
- unpatched vulnerabilities in VPNs, exchange servers, and remote workers’ endpoints
- weak passwords without multi-factor authentication
- unaware employees that fall victim to phishing attacks via email
- unvetted third-party relationships
- digital supply chains that give attackers a foothold in corporate networks
Of course, ransomware is a real threat that needs attention, but companies can’t place so much emphasis on it that all other security efforts are neglected. One positive sign that C-level executives are paying more attention to the overall cyber-health of the organization is the discussion about the role cyber-insurance should play in preventing ransomware attacks. One global business insurance company has announced that they will stop reimbursing their clients for payments made to cyber-criminals. Another leading think tank in the UK said the government should consider banning these types of ransom payments. Increased premiums may force executives to reconsider how they view cyber and business insurance.
Technology Solutions and Security Efforts
Choosing the right technology approach is also critical to overall security efforts. If an organization layers protection by securing their endpoints, servers, cloud platforms, web and email gateways, and networks, they are on a more secure footing. But they must also conduct internal intelligence to identify their highest risk vulnerabilities. With open APIs and automation, companies can seamlessly integrate a best-of-class security environment. The right security threat intel can also help IT to search for weaknesses and proactively build more robust defenses against cyber threats.
In conclusion, ransomware is an active threat and will likely be our biggest external threat for many years. As long as companies continue to pay the ransom and cybercriminals are protected in safe-haven countries, ransomware will remain a serious concern. But with more intelligent internal measures, IT professionals can make it much more difficult for the criminals and force them to move on to more vulnerable targets. In the world of risk mitigation and business continuity, these strategies are equally important.
Alliance IT is a professional IT services company that provides outsourcing support and managed services for SMBs in the Sarasota area. Call us today if you need assistance with your IT infrastructure or are looking to strengthen your security efforts.
