Technology has managed to make a large number of business operations easier, but it’s also introduced its own unique set of challenges and complications. It’s hard not to go on to any news site or turn on any news channel without hearing a story about a business being subject to a massive data breach. For example, most recently, a business that owns a large number of local newspapers within the U.S. was subject to a ransomware attack that led to 40,000 Social Security numbers being leaked. As a business owner, regardless of how big your business is, seeing these kinds of headlines and hearing these types of stories is bound to create a little bit of stress. It can feel like keeping your business protected from these types of threats is almost impossible, and finding good resources on how to prepare for something like this can be hard.
At Payday HCM, we understand this struggle. Not only are we a business that must stay prepared for any sort of possible digital threat that may come our way, but we also service plenty of clients who ask us questions about how they can better protect themselves from things like ransomware attacks. Without access to the proper knowledge and technical expertise required to understand these types of threats and how to protect yourself from them, you may find yourself at a loss.
That’s why, in this article, we’ll be going over how small businesses can protect themselves from a ransomware attack. We’ll first start by going over what exactly ransomware is and the potential danger it presents for small businesses before breaking down some strategies and procedures for protecting your business. Finally, we’ll cover what you can do in the event of a ransomware attack. By the end of this article, you’ll be better equipped to help your business defend itself from any possible cyber threats that may be lurking out on the World Wide Web.
In this article, you will learn:
- What Is Ransomware?
- How To Protect Your Business From A Ransomware Attack
- How To Recover From A Ransomware Attack
What Is Ransomware?
Before we dive into how you can better protect your business from a ransomware attack, we first need to understand what ransomware is and how it works.
Understanding The Mechanics Of Ransomware
Ransomware is a form of malicious software designed to block access to a computer system or encrypt data until the party who was hacked pays the hackers a certain amount of money, or a ransom, to get their data back. The ransom is often requested in cryptocurrency and is accompanied by threats of destroying data or exposing sensitive information if payment isn’t made.
Now, ransomware isn’t exactly a one-size-fits-all kind of cyber attack—there are a whole host of different types of ransomware. They range from the more common forms of locker ransomware (where you are locked out of a device or network) and crypto ransomware (where you must pay a ransom to receive a decryption key), to things like scareware that make you believe your computer is infected only leading you to click a malicious download link and infect your computer.
Ransomware typically spreads through phishing emails, malicious attachments, compromised websites, or vulnerabilities in a business’s software. Once activated, the malware encrypts essential files or locks users out of entire systems. The attacker will then issue a ransom demand, promising a decryption key in exchange for payment.
This process often occurs silently in the background before users are aware. Attackers may spend days or weeks inside a system, gathering data and expanding their privileges before launching the attack. According to the Federal Trade Commission, ransomware can strike through seemingly innocuous actions like clicking a link or opening an infected PDF.
Why Small Businesses Are Targeted
Small businesses are frequently targeted because they typically don’t have comprehensive cybersecurity systems in place. Due to a lack of extensive resources at their disposal, attackers often see small businesses as “low-hanging fruit” that are easy to exploit for quick payouts. 82 percent of ransomware attacks are actually committed against small businesses.
A successful ransomware attack can result in financial losses from both the ransom and recovery efforts. A ransomware attack can cost a business, on average, around $200,000, regardless of business size. Not only that, but ransomware attacks can be devastating for a business’s reputation, leading to distrust from clients and a possible drop in business.
How To Protect Your Business From A Ransomware Attack
Now that we understand what ransomware is, we can dive deeper into how you can better equip your business for preventing a possible attack.
Create And Enforce A Cybersecurity Policy
A formal cybersecurity policy that outlines how people within your organization use their technology and interact with software is a great, simple first step in preventing possible attacks. This document should cover areas like:
- Password complexity and rotation requirements
- Acceptable use of email and internet resources
- Remote work protocols
- Reporting procedures for suspicious activity
Now, the policy is only as good as its training. Ensuring members of your organization are trained to spot phishing emails and suspicious attachments is crucial. Not only that, but adequate training can also help employees to know what steps to take if they suspect a breach.
Create A Multi-Layered Defense Strategy
Seeing as a ransomware attack can occur in many different ways and can come from a variety of different sources, it’s crucial to create a defense strategy that covers as many vulnerabilities as possible. This includes not only regular training, but ensuring that any software or operating systems are up-to-date.
Equally important is software maintenance. Cybercriminals often exploit known vulnerabilities in outdated systems. Set automatic updates for operating systems, browsers, plugins, and any third-party applications. You’ll want to frequently monitor any software for known vulnerabilities to ensure any possible areas of exposure are accounted for.
Protect and Manage Access to Data
If ransomware strikes, having secure, recoverable backups is essential. Follow the 3-2-1 backup strategy:
- Keep three copies of your data
- Use two different types of media
- Store one copy off-site or in the cloud
Having an offline backup of your business’s data can help to alleviate the potential damage of a ransomware attack, as paying to access any data becomes less crucial. It can also be helpful to segment your different departments, ensuring that if one part of your business is affected, the others can still operate without any issues.
Limit user access to only what’s necessary for their roles. This “least privilege” approach ensures that even if an employee account is compromised, the damage is limited. Additionally, use multi-factor authentication for email, administrative logins, and any remote access points.
How To Recover From A Ransomware Attack
Unfortunately, even the best defenses may be breached. It’s vital that your business knows how to respond quickly and effectively.
Develop And Test An Incident Response Plan
When it comes to ransomware, it’s best to not only take steps to prevent a possible attack, but also prepare for the possibility of an attack. Creating an incident response plan can mean that your business is well-prepared in the event of a ransomware attack.
The crucial steps in creating an incident response plan include:
- Establishing an incident response team
- Creating a business continuity plan
- Assessing any weak points or possible network failures
- A list of tools and resources to use in the event of a ransomware attack
Tabletop exercises and simulations can help staff become familiar with their roles during a cyber attack. This preparation limits confusion and ensures continuity of operations under pressure.
Work With Experts And Find Resources
If you experience an attack, disconnect affected systems from your network immediately. Then, contact a cybersecurity professional or managed IT provider to assess the damage and start remediation.
Notify law enforcement through the FBI’s Internet Crime Complaint Center (IC3) or local authorities. Reporting can help track cybercrime trends and may even assist in recovery. Generally, paying the ransom is discouraged, as it doesn’t guarantee access will be restored and can fund future attacks.
Organizations like the FBI and the Cybersecurity and Infrastructure Security Agency have a number of resources available to help businesses that have been affected by ransomware. The Federal Trade Commission also offers free resources to help businesses better prepare for the possibility of a ransomware attack.
Help Keep Your Business’s Data Safe
Running a business means keeping things safe. This includes not only the actual physical space of your business, as well as those who work for you, but also your business’s digital space. Nowadays, ensuring your business’s data is safe is not only more crucial than ever, but also even more difficult. New methods for stealing data and gaining access to systems are constantly being developed, and methods that were tried and tested may become obsolete within a matter of a few months or weeks. It can be hard to keep up, and the stress of thinking about your business falling victim to something like a ransomware attack can lead to a lot of stress. Luckily, with the information provided in this article, you’ll be better prepared to handle these kinds of situations and keep your business safe and protected.
Much like other components of your business, ensuring your business is protected from potential cyber attacks isn’t something easily done alone. It requires not only the right partner, but the right mix of software and expertise as well. The same goes for payroll processing and HR services—but with so many options to choose from, how do you make the right choice? Well, you start by narrowing down your options. Learn more about the differences between an HCM software partner provider and an in-house proprietary software provider to find the solution best suited for your business.
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