Fortify and Comply

Ransomware protection is one of the most common cyberattack concerns. It’s also, unfortunately, one of the most financially devastating. Like many attacks, ransomware often starts with “phishing.” Phishing is a fraudulent email to trick employees into granting the attacker access to the system. Hackers design phishing emails to look like correspondence from within the company or from a vendor, partner, client, or other associate. Because the email appears trustworthy, an employee may unknowingly click on the included links or follow damaging instructions. 

Once the attacker has access, the ransomware downloads to the system and encrypts files, preventing anyone else from opening them. This dangerous software spreads quickly to other devices connected to the infected machine, locking the entire system behind encryption. The attacker then demands a ransom from the company in return for removing the encryption and returning the data. 

The sophistication of ransomware attacks has become so profound that even major tech companies like Nvidia and Cisco have fallen victim. In the past year, ransomware attacks crippled the British Royal Mail Service for days, successfully stole sensitive law enforcement data from US Marshals, leaked sensitive employee and resident data in Oakland, and shut down the system in a hospital in Tallahassee for nearly a week. Most shockingly, a 2022 attack on the Costa Rican government forced the country to declare a state of national emergency while they worked to resolve the issue.

Here are some great ways to help ensure ransomware protection: 

• Employee Training. The best course of action in ransomware protection is to ensure that all employees are trained in how phishing works and how to spot phishing emails. Phishing simulations are a pervasive and effective way to enforce email security compliance and avoid ransomware.
• Next-Generation Antivirus (NGAV). NGAV continuously monitors system data, and can swiftly flag and block ransomware. It is a proactive approach that goes beyond traditional methods. 
• Ransomware protection is one of the most common cyberattack concerns. It’s also, unfortunately, one of the most financially devastating. Like many attacks, ransomware often starts with “phishing.” Phishing is a fraudulent email to trick employees into granting the attacker access to the system. Hackers design phishing emails to look like correspondence from within the company or from a vendor, partner, client, or other associate. Because the email appears trustworthy, an employee may unknowingly click on the included links or follow damaging instructions. 
• Once the attacker has access, the ransomware downloads to the system and encrypts files, preventing anyone else from opening them. This dangerous software spreads quickly to other devices connected to the infected machine, locking the entire system behind encryption. The attacker then demands a ransom from the company in return for removing the encryption and returning the data. 
• The sophistication of ransomware attacks has become so profound that even major tech companies like Nvidia and Cisco have fallen victim. In the past year, ransomware attacks crippled the British Royal Mail Service for days, successfully stole sensitive law enforcement data from US Marshals, leaked sensitive employee and resident data in Oakland, and shut down the system in a hospital in Tallahassee for nearly a week. Most shockingly, a 2022 attack on the Costa Rican government forced the country to declare a state of national emergency while they worked to resolve the issue.
• OS & Application Patching. Updates address known vulnerabilities in systems and applications. By updating frequently, you minimize the risk of ransomware getting through unpatched security gaps. 

It’s essential to follow an organization’s standard operating procedures regarding cybersecurity. If your organization doesn’t have a written policy for cybersecurity, you are woefully behind the times and must act now before you become a victim. Prevention is always the best step to avoiding ransomware attacks. Always be proactive. 

Ramifications of Successful Ransomware Attacks

The effects of a ransomware attack are devastating. The ransom will often be outrageously high, but the real damage is in the fallout. Repairing the damage caused by ransomware can take days, weeks, or even months away from regular business operations. 

A painful reality is that you may be unable to retrieve the stolen data after payment. A recent poll found that only 16% of companies recover all their data after paying the ransom demand.

Reputational damage is often another unfortunate side-effect after a hacker leaks confidential data. Trade secrets, proprietary information, and even personal data risk exposure with a ransomware attack. It may take years to recover from a ransomware attack.

Besides the immediate costs of lost data or ransom payments, the financial burden can linger for months or years after the attack. Your insurance premiums will skyrocket. And publicly-traded companies suffered around a 7.5% decline in stock prices after a breach, with a mean market-cap loss of about $5 billion. The average cost of a data breach in the US is close to $10 million. That includes the cost of ransoms, lost data, disruptions to operations, and increased audit costs. Finally, Moody’s announced in 2018 that cybersecurity practices would be a factor in assigning credit ratings, so your credit could suffer if you’re not staying compliant and up-to-date on your security.

Security breaches are among the most significant business risks in the modern age. These risks can lead to devastating consequences for any organization. The best defense is a proactive one. Our experts at TenisiTech can provide valuable insights into minimizing these threats. 

The most common security breach dangers faced by companies today are: 

• Phishing Emails. As mentioned earlier, cybercriminals use deceptive emails, messages, or websites to trick users into revealing information such as financial details or login credentials, among other sensitive data. 
• Ransomware. We have discussed ransomware in the previous section, but to recap, ransomware is when a malicious actor encrypts a victim’s data and demands a ransom. 
• Insider Threats. An employee within the organization may intentionally or accidentally compromise security by stealing data, deploying malicious code, or leaking sensitive information. 
• Weak Passwords. Many people still use weak passwords or reuse the same password across multiple platforms, both professionally and personally. A weak, overused password can be easily stolen or exploited during a brute-force attack. 
• Outdated Software. Failure to regularly update software and apply security patches leaves systems open for exploitation by bad actors. 
• Unsecured Internet of Things (IoT) Devices. IoT devices include webcams, smartwatches, routers, and medical devices, and they’re all vulnerable to attacks. Because IoT devices often lack strong security measures, attackers can exploit weak passwords, unpatched vulnerabilities, or lackluster protocols to compromise these devices.
• Denial of Service (DoS) or Distributed Denial of Service (DDoS) Attacks. These attacks happen when a cybercriminal attempts to overwhelm services, networks, or systems. Legitimate users are no longer able to gain access because of the disruption. 
• Social Engineering Attacks. Phishing isn’t the only social engineering attack out there. Pretexting, baiting, and piggybacking are all common methods for criminals to access information. 
• Malware and Spyware. There’s a wide variety of malware causing damage in the digital age. Some malware (or spyware) can steal your data, disrupt systems, or monitor usage. 
• Third Party Attacks. Malicious actors target third-party suppliers to gain access to a more extensive network and open-port network attacks, which use open TCP/UDP ports to access the system. A good example is Amazon-owned Ring cameras, which several cybercriminals infamously hacked. 

Some common ways employees can avoid these attacks are by following best practices. Strong passwords, with the aid of a good password manager, should always be used. A solid encryption method for Wi-Fi access and Multi-Factor Authentication are also helpful tools. 

Organizations should set a clear Bring Your Own Device (BYOD) policy, as personal devices can pose significant risks to any business. Ensuring that employees and users are well-educated in internal and cybersecurity policies and procedures is always the best way to ensure safety!  

There are many ways to protect your data from breaches, but the essential takeaway is that organizations need a robust long-term cybersecurity strategy. Cybersecurity must be a point of focus and a significant part of the culture within your company. This is not an area where an organization can afford to cut corners. Closing security gaps is not nearly as costly as recovering from an attack or data breach. The very safety and security of your company could be at risk if you’re not prepared for these all-too-common attacks. 

Internal efforts can and should be made to enhance an organization’s culture around cybersecurity policies and training. However, not all companies can handle strategy and compliance on their own. That’s where a strong IT managed service provider can be the ultimate partner in security. We live in treacherous times, and as a business leader, you should be able to sleep soundly every night knowing that an experienced IT service provider like TenisiTech is on your side. 

Cybersecurity should be a priority for every business, but you may need help knowing where to start. A great place to start is with foundational practices. Following best practices should always be the baseline for any business operation, and cybersecurity is no exception. 

Phishing Simulation and Employee Training

We have already discussed the importance of written policies and training within an organization. Let’s take that a step further by including phishing simulations. Phishing simulators send mock phishing emails to gauge employee responses and serve as an effective means of assessing compliance success. This exercise gives you a good idea of how successful your compliance measures have been so far, and it helps reinforce strong security practices among endpoint users. At a minimum, an organization should be sending out phishing simulations once per month. If your organization doesn’t strongly value foundational practices, employees will forget them, which spells potential impending chaos for your business. 

Strong Password Policy

Many people, including your employees, have gotten into the bad habit of using weak passwords or reusing the same password for everything. Your organization should enforce strict rules for passwords. Employees should never share their passwords, and you should include that in your Password Policy.  Passwords should be strong and unique, and you should require a password change on a frequent schedule. Some employees may need help with generating consistently strong passwords. Password managers make remembering and creating solid passwords easy! There are many to choose from on the market, and using them should be the standard for every user. 

A good password manager will help you create long, complex passwords. Passwords should be no less than 12 characters, so don’t be afraid to require many characters that include a nice variety of lowercase and uppercase, as well as numbers and special symbols. Avoid common names, words, or phrases that could be discovered via social engineering or quickly during brute force attacks. 

Multi-Factor Authentication

You’ve set up your users with strong password rules, and you may think you’ve done everything you can to mitigate attacks, but you would be wrong. Multi-Factor Authentication (MFA, sometimes called 2FA) detects when a user logs in with your credentials and sends a confirmation signal to a secure place, usually to your email or via SMS text messages to your phone. MFA can prevent hackers from accessing your systems even if they have your credentials. This second step to logging in may seem like a pain to busy executives, but cleaning up the mess of a data breach or security incident will be far more painful! Do you want to spend your holidays and weekends on the phone with your attorneys, cleaning up an expensive mess? Embrace MFA and thank us later when you enjoy Saturday afternoon with your family. 

Timely Patching and Next Gen Antivirus

Now that you’ve set up strong passwords and MFA protection, it’s time to consider patching. Cybersecurity is a constant arms race between malicious actors and security professionals, and you risk falling behind if you’re not up-to-date with the newest security patches. You must patch your servers, applications, and even the drivers on devices like Wi-Fi adapters. Don’t go through all the trouble of setting up a password manager and MFA software without updating that, too! 

Last but certainly not least, you must consider your antivirus software. You have likely been using standard antivirus software like Norton or McAfee for years on your laptops, but newer generation software comes with stronger and more sophisticated protection. Many companies use AI-driven machine learning in their software these days. The advantage of AI is the capability to learn your computer habits and then flag suspicious activity. So many cyberattacks use social engineering to gain access because antivirus software and firewalls are strong enough to protect your computer from just about any old-school breach – but remember, you’re only covered if you keep the software updated and patched!