Ransomware: What It Is, How to Handle an Attack, and How to Protect Your Business
Ransomware is one of the most pervasive and damaging cyber threats facing businesses today. It’s a type of malware that encrypts your data, holding it hostage until a ransom is paid. And while the average ransom demand is around $5,900, the real cost—downtime, lost productivity, and reputational damage—can be up to 23 times higher.
In this two-part blog series, we’ll break down everything you need to know about ransomware: what it is, how to handle an attack, and most importantly, how to prevent it. Let’s start with the basics.
What Is Ransomware?
Ransomware is a type of malware that encrypts your files, making them inaccessible until you pay a ransom. It comes in many forms, including CryptoLocker, Petya, and WannaCry, and it’s constantly evolving, making it difficult to defend against.
Here are some key facts about ransomware:
Who’s at risk? One in five small and mid-sized businesses (SMBs) report falling victim to a ransomware attack. Businesses without outsourced IT support are at even greater risk.
Where do the risks come from? Phishing emails are the leading cause of successful attacks, but weak passwords, poor user practices, and lack of cybersecurity training also play a role.
How can risks be reduced? Four in five businesses recover within 24 hours or less when they have a Business Continuity & Disaster Recovery (BCDR) plan in place with the support of a trusted IT provider.
How to Handle a Ransomware Attack
If you’re hit with a ransomware attack, time is of the essence. Here’s a step-by-step guide to handling the situation:
Shut Down Infected Systems Immediately
Disconnect the infected device from any network and turn off wireless capabilities like Wi-Fi or Bluetooth. Unplug any external storage devices to prevent the ransomware from spreading.
Determine the Strain and Scope
Identify the type of ransomware and assess how many devices and what kind of data have been affected. This information is crucial for reporting the attack and deciding on next steps.
Report the Incident
Notify your organization and report the attack to the FBI or local authorities. This helps law enforcement track ransomware trends and assist victims.
4. Evaluate Your Options
1. If you have backups, restore your data from a clean backup.
2. If you don’t have backups, consider using a third-party decryptor (if available).
3. As a last resort, you can pay the ransom, but beware—this increases the likelihood of future attacks.
5. Prevent Future Attacks
Once the immediate threat is handled, take steps to prevent future attacks. This includes employee training, investing in endpoint security, and implementing a BCDR plan.
Stay Tuned for Part 2 In Part 2 of this series, we’ll dive deeper into how to prevent ransomware attacks, including employee training, endpoint security, and the importance of a Business Continuity & Disaster Recovery plan.
In the meantime, if you’ve been hit by ransomware or want to ensure your business is protected, don’t hesitate to reach out. We’re here to help.
