Earlier this week, Belgium based company Picanol was struck with the news of a ransomware attack on their IT systems. It is a malware that locks a company out of its own IT systems with cybercriminals demanding a ransom.
Relying heavily on computers for operating, their production segments in Romania, China, and Belgium came to a standstill.
This isn’t the only ransomware attack that happened in the year. As 2020 came into being, a ransomware attack was already waiting on a US maritime facility. After an offline period of more than 30 hours, they were back online. Facilities that were affected were cameras, door access control systems, and critical monitoring systems.
The ransomware was believed to be sent via a malicious email link that an employee clicked on. This isn’t surprising news especially since 2019 saw major ransomware attacks on big enterprises. As per statistics, $1 billion is a ransomware’s minimum annual global revenue and to recover from it is 8 times higher cost for businesses.
Read: Ransomware-As-A-Service, IoT Attacks And Cryptojacking On A Rise: Report
What exactly is ransomware and how can organizations prepare for it?
What is ransomware?
If your laptop screen displays “Windows can’t open this file” or you are completely locked out of your system, there is a high chance you have been attacked by ransomware. If you find that one by one all your colleagues have lost access to their computers, then the attack has been targeted to your entire organization.
A ransomware is a malware that typically locks a person’s access to their computer through a malicious link. The ‘ransom’ in the name is actually a ransom that is demanded by the cybercriminal to give you back access.
The laptop or computer screen shows ‘how to pay the fee to decrypt’ guide for you to go ahead.
How does ransomware work?
Most commonly the attack is pursued through a phishing spam i.e baiting the victim with malware attachments in emails for download. You can predict what happens next. Once downloaded, these files take over the computer, leaving no control to the victim. There are more frightening ransomware types too that don’t even need to trick the user into accessing their systems.
Read: New Ransomware Variants Double In Q2: Kaspersky
How can an organization prevent itself from a ransomware attack?
These are routine procedures that cannot be taken for granted. It will save you a lot of time and money (ransom, in this case) to stay careful with your systems.
This is how an organization can prevent itself from a ransomware attack:
- Installation of antivirus and security software
An antivirus software would be extremely helpful in detecting any malicious programs or files that accidentally got onto your system. You can also opt for internet security solutions that are on the watch-out when you are streaming videos or downloading files.
- Always have updated software
It is highly recommended that you should keep your software updated to their newest versions. Why? Older software is more vulnerable to cyber-attacks. With new updates, there are always the latest updates on the security patches.
- Back up your data at regular intervals
Having a back up of your data is the best thing even in small scenarios of human error deleting or big scenarios like ransomware attacks. However, you must do it at regular intervals of time so you don’t fall victim to an attack. An external hard drive and cloud storage are good options that you can consider for backing up your data.
How should an organization respond to a ransomware attack?
First thing: Never agree to pay to the ransom. A cyber attack situation is similar to real-life attack situations. There is absolutely no guarantee that you will retrieve all your data if you pay the ransom and hence, don’t take up a negotiation with the cybercriminal.
Another thing you must remember to do is to disconnect from the internet or any other network you are connected to. This will minimize the level of damage that the ransomware attack would otherwise achieve.
Read: Can Ransomware Attacks Be Fought By Adding ‘Time Travel’ Feature To Drives?
Concluding…
Ransomware attacks are growing with companies’ growing dependence on computer systems and data. To be vigilant of cyber threats and take learnings from misfortunes of other companies would be a smart way forward. The magnitude of a ransomware attack is capable of bringing an entire city on a standstill, so caution is advised to companies.