How are You Minimizing Your Ransomware Exposure?
Ransomware is always in the news and this week is no different. Boeing just confirmed an attempted $200 million ransom extortion attempt by the notorious group, LockBit. It was also unveiled that Russian Hacker Dmitry Khoroshev is the administrator and developer behind the LockBit ransomware operation. Europol recently issued a statement they were in possession of over 2,500 decryption keys. It will be interesting to watch this news unfold.
The emergence of ransomware as a highly profitable enterprise is a concerning trend. Ransomware attacks can cripple organizations, rendering them unable to access critical data and conduct business swiftly. Threat actors have evolved beyond system infection, employing tactics like publicly naming victims, exfiltrating data, and threatening disclosure or sale. Although organizations may try to reduce their vulnerability to extortion schemes through cybersecurity insurance policies, this strategy might no longer yield the same effectiveness. Taking steps to minimize ransomware exposure is more important now than ever.
Organizations frequently prioritize prevention tools without adequately readying themselves for the worst-case scenario: becoming a victim of a ransomware attack. To mitigate the risk of an attack, organizations should consider the following steps
- Strategic readiness: This includes cyber risk assessment, tabletop exercises, security awareness training, secure data backups, and penetration testing.
- Prevention: To enhance security, organizations should implement measures like patch management application whitelisting, spam filters, least privilege, and deployment of anti-malware and endpoint security software.
- Incident Response: Must include all four- investigate, remediation, eradication, and recovery.
Organizations must go beyond preventive measures when addressing today’s ransomware threats and invest in ransomware response capabilities to enhance their preparedness and rapid recovery from attacks. Another crucial step you can take for your business is to partner with a Managed Service Provider that specializes in security solutions. That is where 2W Tech comes in. Give our team a call today and let us help make sure your organization is best protected from ransomware and other cybersecurity threats.
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