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Enterprise Ransomware Protection: Why It Matters

Enterprise Ransomware Protection: Why It Matters

Falling victim to a ransomware attack can be one of the most damaging types of cyberattack any business can face. And this is a threat every company will have to deal with sooner or later.

In 2021, for instance, figures from International Data Corporation revealed 37 percent of organizations worldwide had fallen victim to ransomware in the previous 12 months, with the vast majority of these paying out in order to restore access to systems or avoid the public release of data.

But it’s not only the frequency of ransomware attacks that is on the rise – it’s also the cost. BlackFog’s State of Ransomware in 2022 study found the average direct payout for a ransomware incident currently stands at $258,143, a rise of 13.5 percent from the second quarter of the year. And this doesn’t take into account the huge range of other expenses associated with these attacks, from lost business to rebuilding systems to the potential for financial penalties.

That’s why it’s essential that any business’ cybersecurity strategy has a specific focus on detecting and blocking ransomware. Indeed, having enterprise ransomware protection tools is particularly important in an era where this often goes hand-in-hand with data exfiltration and extortion efforts that can be especially harmful.

The Case for Enterprise Ransomware Protection

Tackling ransomware should be a top priority for any chief information security officer. As one of the fastest-growing and potentially harmful types of data security threat, it’s important to make the case for this and highlight to board members the importance of focusing on this area.

What Is Enterprise Ransomware Protection?

A strong enterprise ransomware protection strategy is a must-have for any business looking to protect itself from the threats posed by these types of attacks. A good solution will be a multifaceted tool encompassing a range of features and techniques that are specifically designed to tackle the challenges of ransomware.

A comprehensive solution to detect and block ransomware attacks before they have a chance to do damage should include the following elements:

Data backups – A comprehensive system for protecting and isolating mission-critical data in the event primary databases are wiped or encrypted is a must.

Antimalware software – Tools to identify ransomware software as it arrives on the network and shut it down at the source are always your first line of defense.

Employee training – Human error remains a leading cause of ransomware infections, so firms should plan quality training sessions that are repeated frequently.

Endpoint protection – With more PCs, laptops, smartphones and other tools connecting to networks than ever before, on-device protection for items that may be outside the traditional network perimeter is essential.

Anti data exfiltration (ADX) – A critical component to secure an organizations’ data and prevent double extortion ransomware, this solution blocks any attempts to exfiltrate data in real time. 

A key factor of enterprise ransomware protection is that it must take a preventative, in-depth approach. Perimeter defense solutions that aim to prevent malware from entering your network in the first place are often ineffective at preventing cyberattacks. 

While keeping bad actors out of your network is always a focus, preventing cyberattacks requires solutions that make the assumption that hackers will inevitably get in, while focusing on preventing data theft. Tools to identify and tackle ransomware once it has already penetrated your perimeter are vital components of an all-round protection plan.

Why Do You Need Dedicated Ransomware Protection?

Dedicated protections against ransomware are vital because this has now become one of the most lucrative avenues for cybercriminals to exploit. In many cases, companies may feel they have no choice but to give in to ransom demands in order to avoid even costlier consequences further down the line.

Often, by the time a business has become aware it has fallen victim to ransomware, it is too late. This can be especially the case if hackers have successfully exfiltrated data from the network and are threatening to release it publicly or to competitors. By this time, there will be nothing firms can do to contain the damage, so steps to prevent this happening in the first place are vital.

What’s more, having a strong solution to guard against ransomware is also critical if you’re looking to protect yourself with ransomware insurance. As the number of claims made for ransomware losses has skyrocketed in recent years, providers of cyber insurance have become much more discerning about the circumstances in which they’ll provide coverage. 

In many cases, firms that haven’t taken steps to implement advanced enterprise ransomware prevention measures will therefore find these remedies unavailable, as insurance partners may deem their efforts negligent and refuse to pay out.

Are You Prepared for the Changing Ransomware Threat?

One of the major issues facing enterprises is that the nature of ransomware is changing, as criminals adapt their tactics to increase their chances of successfully extracting a payment.

In previous years, ransomware was viewed by many businesses as a nuisance rather than an existential threat to their operations. While it could lock down devices or encrypt data, good forward planning and comprehensive backups could minimize disruption. However, this is no longer the case.

As well as the fact that many ransomware attempts will now deliberately target backup systems to prevent these recovery efforts, the biggest threat has become double extortion ransomware, in which criminals steal data and threaten to sell or release it unless they get paid.

BlackFog’s report suggests almost nine out of ten ransomware attacks (89 percent) now exfiltrate data, and once it’s gone, your options for responding to an incident are limited. Therefore, a focus on preventing data loss is the keystone of any anti-ransomware strategy in this new, rapidly-evolving environment.

How Do You Get Ransomware?

For an enterprise ransomware strategy to be effective, firms must first have a clear idea of how ransomware works, the ways in which it gets into their networks, and how best to respond when it’s uncovered. With the right tools, much of this work can be taken out of the hands of in-house IT staff and left to advanced, artificial intelligence-driven technology.

Who Do Ransomware Groups Target?

A common misconception many firms have is that they are not at risk from ransomware, often believing they are too small or do not hold enough valuable data to make it worthwhile for hackers to target them. But this could not be further from the truth. 

In fact, every business can present a tempting target for criminals, and companies with fewer resources to fight an attack and those with supply chain connections to other companies are especially tempting targets.

However, there are a few sectors that attract the particular interest of ransomware groups. Our research reveals that the top five sectors likely to face these cyberthreats are:

  1. Education
  2. Government
  3. Healthcare
  4. Technology
  5. Manufacturing

Does Antivirus Protect Against Ransomware?

Businesses may also believe that, as long as they maintain up-to-date antimalware software, they will be able to prevent ransomware. But again, this is not the case. Even the best antivirus software can’t prevent all intrusions, and with hackers increasingly turning to more advanced techniques such as fileless attacks, firms cannot rely solely on traditional perimeter defenses to keep their data safe.

For instance, the vast majority of ransomware infection attempts (86 percent) use PowerShell attacks. These are particularly hard to stop with traditional antivirus tools as they do not use the types of signatures that these products usually look for. Therefore, if you want to protect yourself from ransomware, your defenses must go far beyond this.

Responding to a Ransomware Incident

When it comes to paying a ransom, all major law enforcement agencies advise against this. While it may cause more pain in the short term not to give in, the consequences of handing over money to criminals can be severe. Even in the best-case scenario, there is no guarantee that system access will be restored and any exfiltrated data will be deleted. In fact, it’s far more likely that, once you’re marked as being willing to pay up, you’ll simply get targeted again and again.

To avoid this, prevention is better than cure. But while it’s impossible to guarantee 100 per cent protection from intrusion, there are steps you can take to minimize the damage hackers can cause once they’re inside. One of the best solutions is to deploy a comprehensive endpoint solution that can identify the telltale signs of data exfiltration and block any suspicious traffic from leaving the network.

If ransomware groups can’t steal data, they will be in a much weaker position to make demands of businesses. Therefore, tools that can automate the process of spotting these exfiltration attempts will be an invaluable part of any firm’s enterprise ransomware protection strategy.

Enterprise Ransomware Protection for Businesses

Developing a comprehensive enterprise ransomware prevention strategy that encompasses the most advanced technology and looks after every device and employee on their network is a must if firms are to avoid costly attacks. But what should they be looking for to achieve a strong level of security?

Comparing Enterprise Ransomware Protection Software

There’s no single solution to defend against ransomware, so when you’re looking for enterprise protection software, you’ll need to make sure your chosen solution is equipped for every eventuality, including the threat posed by data exfiltration.

It pays to secure a solution with advanced technology such as ADX capabilities to ensure you’re getting a complete level of protection across every device. Being able to extend ransomware detection to the edge of the network and stop sensitive data being stolen on any device, including mobiles, is a critical part of keeping your exposure to a minimum.

What Are Cyber Insurance Requirements?

Another factor that needs to be considered is how your chosen anti-ransomware software is viewed by your insurance partner. Today’s ransomware insurance providers have very stringent requirements for what they consider an acceptable level of protection and if your defenses fall short, you may not receive any reimbursements for expenses, either for direct ransom payments or the many other costs associated with an incident.

Therefore, it pays to speak to your provider before making a final decision to make sure you fully understand what is expected of you and whether or not potential solutions are approved. Choosing a provider like BlackFog that works closely with insurance providers and is recommended by the industry provides peace of mind that, even if the worst should happen, you will be protected from the most serious consequences.

*** This is a Security Bloggers Network syndicated blog from BlackFog authored by Brenda Robb. Read the original post at: https://www.blackfog.com/enterprise-ransomware-protection-why-it-matters/