Ransomware: The Growing Threat to Your Business

Have you heard about ransomware? It’s a growing threat to individuals and businesses across the world, and your business could be next.

How serious is the threat? On June 27, a ransomware attack affected hundreds of thousands of users in Ukraine and Russia, targeting some of those two countries’ biggest businesses and organizations, including Rosneft and the organization that manages the Chernobyl nuclear accident site.

The attack, called the WannaCry virus, exploited a previously unknown security backdoor to spread between Windows-based PCs. WannaCry was originally developed by NSA and was leaked into the dark web. There, it was obtained by cybercriminals who used it to deny access to software and systems used by more than 200,000 PCs around the world. Victims of the attack, including FedEx, Renault, Nissan and a number of American universities, were denied access to their applications and systems unless a ransom was paid in BitCoin (a type of untraceable virtual currency) to the hackers behind the virus.

So, what is ransomware, and how can you protect your business?

What is Ransomware?

Ransomware is malicious software that can deny you access to your computer by locking your keyboard, computer,applications or files unless you pay a ransom to unlock them. The ransom is usually demanded to be paid using Bitcoin, a type of digital currency that makes it nearly impossible to trace where the payment is going. This makes it very difficult to catch these cyberattackers.

These types of attacks are not new, but they’ve become more sophisticated in recent years. In no small part this is due to the fact that they’re being developed by governments (including the United States) as cyberweapons.

These types of cyberweapons were intended to be used against other governments rather than private individuals or businesses. But the WannaCry attack demonstrates the widespread damage that these kinds of applications can do when they are released into the wrong hands. It also underscores a conflict between governments and others who seek to exploit weaknesses that might allow technology to be used as a weapon, and software makers whose job it is to patch those vulnerabilities.

How Can I Protect my Business from Ransomware?

To understand how to protect your business from ransomware, it’s helpful to understand how it spreads. Usually, it spreads like other types of malware, through opening an infected attachment from email or downloading an infected file from a compromised website. Once this file has been opened, it can begin downloading files that will block you from using your computer or accessing files.

Because it spreads in this way, one of the first lines of defense against ransomware should be training users to avoid clickbait and avoid opening files from people they don’t know. But, hackers are devious and have developed sophisticated methods to work around these defenses.

Another important defense against ransomware is monitoring your network to detect malware, and using applicationsthat prevent opening infected files. Frequent updates to your network security is also crucial to ensure that your network and devices are protected against ransomware attacks.

The third and equally critical defense against ransomware is to ensure that your systems receive regular backups. If a ransomware attack does hit your business, good backup protocols will ensure that you do not have to pay the ransom. You can simply reinstall the most recent uninfected backup of your system files. To prevent data loss, these backups must be done at least daily or weekly; depending on the amount of data your business processes, even more frequent backups may be necessary.

Ransomware is a growing threat. A managed services provider like Tolar Systems can provide the training, monitoring, prevention, and backups you need to protect your business against ransomware.