Cyber Defense eMagazine March Edition for 2022

According to Cybereason’s “Ransomware: The true cost to Business” (Source:
https://www.cybereason.com/hubfs/dam/collateral/ebooks/Cybereason_Ransomware_Research_2021.
pdf), it is estimated that there is a ransomware attack on a business every 11 seconds on average, with
global ransomware damage losses projected to reach $20 billion in 2021. The FBI reported an increase
of more than 225% in total losses from ransomware in the U.S. in 2020 alone.
While the huge amount of ransom is already critically affecting companies, pressure is further increased
when sensitive data is threatened to be publicized. While, in theory, the ransom payment can be settled
rather inconspicuously, data protection laws like the European GDPR require very strict measures when
data of citizens of the European Union is breached. The company, whether American or European, must
notify all affected individuals or businesses about the data loss, which not only results in high
inconveniences but more importantly a loss in trust. According to Cybereason, 53% of all attacked
reported their brand suffered.
How Can Businesses Prevent Ransomware Attacks?
The likelihood of being affected by viruses or malware can be kept within limits if some internal company
rules are observed. Even smaller measures can protect companies and organizations from severe
consequences. Such measures can be comprehensive security software that detects unknown
vulnerabilities or so-called zero-day gaps and prevents their execution.
With a growing number of businesses allowing their employees to work from home, new security
challenges arise. Therefore, companies need to sensitize their staff to the issue of proper cyber-security.
This can include everything from a well-protected network to VPNs or data encryption solutions.
Furthermore, companies should offer regular training and conduct random tests to raise awareness of
ransomware and similar malware amongst employees.
If despite all security measures, a company still falls victim to a ransomware attack, it is advised to have
an emergency plan at hand. This way, those responsible in the company can act faster and keep the
damage caused by ransomware as low as possible. Companies can implement the following steps into
their data breach emergency plan:
1. Immediately disconnect or remove any potentially affected or suspicious devices from the
network.
2. Inspect the damage that has been caused.
3. Identify the ransomware to determine which relevant authorities or individuals need to be notified.
4. Inform all relevant authorities and affected persons.
How Can the Cloud and Encryption Help Against Ransomware Attacks?
Many companies have already shifted their work into the cloud to benefit from increased flexibility,
efficiency in team communication, and optimized workflows. Company data can be accessed at any time
and from any location. One cloud feature that comes in handy in case of a ransomware attack is
versioning. When your company data is encrypted by malicious software, you can simply switch back to
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