How To Protect Your Business From Ransomware Attacks

Achieving robust cybersecurity necessitates a collaborative effort between both the public and private sectors. All organizations, regardless of their size, type, or geographical location, must prioritize active protective measures.

Reach out to your Commercial Banking relationship team to explore how we can support your security initiatives.

– Cybersecurity
– Ransomware

In a communication directed at corporate leaders in June 2021, the White House emphasized the urgent need for businesses to enhance the security of their private networks amid ongoing disruptive ransomware assaults targeting utility providers, food production facilities, educational institutions, healthcare organizations, and government entities. This directive highlights the escalating threat these cyberattacks pose to the fundamental operations of organizations across all sectors.

This message followed President Biden’s executive order in May 2021, which mandated that the federal government enhance its own cybersecurity measures. The administration urged the private sector to adopt similar protective strategies.

“Achieving security in any organization hinges on the collaborative efforts of the entire community,” emphasizes an expert in Cyber and Technology Controls at a major financial institution. “In light of the increasing frequency of cyberattacks, it is essential for every entity to evaluate and enhance its security measures to avoid being targeted by ransomware.”

The increasing danger of ransomware should remain a priority for leaders in any organization.

Ransomware poses a serious danger to any organization’s core functions; it’s not just a potential issue but a real and persistent risk. This perspective highlights the importance of leadership focusing on cyber threats, enabling them to make informed decisions about how best to distribute resources, time, and energy toward enhancing cybersecurity strategies and developing recovery protocols.

“It’s essential to establish a clear strategy at the executive level regarding how to address ransomware, and this awareness must be communicated to the board of directors,” he emphasizes.

Here are six actionable steps your organization can take to reduce risks and enhance current security measures.

1. Take cues from federal initiatives.
While the White House’s executive order applies solely to U.S. government systems, it offers a valuable framework that any organization can adopt swiftly.

Implement multifactor authentication. This requires an additional verification method, such as a one-time password or token, which serves as a safeguard if the username and password are compromised.

Endpoint Detection and Response (EDR): EDR solutions are designed to monitor both incoming and outgoing network traffic in real time. They help detect any potentially harmful activities and take steps to contain threats before they escalate, prompting you to conduct further investigations.

Data Encryption: Implementing encryption can enhance the security of your data, making it more difficult for unauthorized individuals to access, duplicate, or transfer it.

Establish a Security Team: Equip your personnel with the tools and knowledge necessary to create proactive strategies that protect your network from threats.

2. Backup Verification: Consistently updated backups allow for swift recovery after a cyber incident. Store these backups offline to prevent hackers from deleting or encrypting them, and routinely test their effectiveness to ensure they function properly when needed.

3. Keep Systems Current: Regular updates for hardware and software are essential to mitigate security vulnerabilities. Ensure that your security team is applying the latest patches to all devices. Adopt a risk-based approach to prioritize important updates that address potential weaknesses targeted by cybercriminals.

4. Evaluate Your Response Plan: Similar to how businesses prepare for fires or emergencies through drills, testing your incident response plan can reveal shortcomings in your recovery strategies. Simulate various scenarios to assess how long your business can maintain operations and payment processing if certain systems fail.

5. Engage a Third-Party Security Tester: Collaborating with an external security expert can provide valuable insights into enhancing your security measures by mimicking the tactics used by cybercriminals. This will help you uncover vulnerabilities within your system. The cost of such testing usually correlates with the size of your organization.

6. Divide and conquer.
Ransomware threats are becoming more prevalent, affecting both corporate infrastructures and operational networks. Implement internet access controls to manage traffic across various segments of your network and prepare to isolate specific areas to maintain functionality during an attack. Separate privileged accounts, such as administrator accounts, from those utilized for routine activities.

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