How to Protect Company Data From Ransomware and Malware

This post originally appeared on www.INGUARD.com.

Ninety-seven percent of businesses reported being victims to some type of malware attack in 2014. Many people may be familiar with the term malware—harmful software that can damage a system and its sensitive information—but did you know there are specific types of malware that your business should be extra cautious of, such as ransomware?

According to a McAfee report, ransomware is predicted to be one of the biggest business security threats in 2016. As malicious threats and cyber attacks continue to expand, businesses must stay up-to-date on how they can provide themselves with proper protection to avoid detrimental loss.

Below are tips to help you understand ransomware and how it can affect your business as well as tips to provide proper protection.

What Is Ransomware?

Ransomware is malicious software (or a form of malware) that allows intruders into your company’s sensitive data and systems.

Once hackers have access to your business’ information, they can then encrypt or “block” your own data and hold it hostage. If ransomware affects your systems, there is no way to unlock your data until you pay the hacker their desired compensation fee.

Hackers can gain access to your systems’ settings, passwords, and valuable data, then prevent you or other parties at your company from accessing information. This can put the safety and confidentiality of critical data at risk.

To help avoid these risks, companies and IT teams must be aware of the different channels hackers can attack and put proper protection in place.

Ways Ransomware Can Attack Your Company

Ransomware can infect your company through a wide variety of platforms and equipment, such as wearable devices, hardware and cloud services. Through these channels and platforms, some ways ransomware can attack your company, include:

• Using Bitcoin payments to drive viruses
• Downloaders
• Malvertisement
• Phishing emails
• Self-propagation
• Social engineering
• Traffic distribution system

The above list shows there are multiple ways hackers can attack through ransomware. Without proper protection, ransomware can put your company’s sensitive information at serious risk for loss. For example, payment systems like Bitcoin can pose a threat for releasing credit card information if hacked. However, when companies follow the necessary precautions to secure these systems and this information, they can reduce risks associated with a cyber hack and utilize tools in a safe way.

Tips to Protect Your Data

Protection is key to ensuring your company’s critical data is safe from harm. To help prevent and protect against liabilities associated with ransomware and other malware attacks, you should develop some strategies to put protection in place.

Some risk management strategies your company can utilize to provide protection against ransomware and other malicious activity are:

• Backup your data to offline systems or the cloud. This will help ensure you don’t lose critical data should it be compromised.
• Regularly update systems and devices to prevent outdated software or system holes.
• If you suspect a threat has been detected, unplug your systems from your wireless networks immediately.
• Install network security, firewalls, and antivirus software. Consider hiring or working with an existing IT professional to ensure installation is accurate.
• Use strong passwords and security pins to protect computers, mobile devices and your company’s wireless network. 
• Encrypt data to inhibit thieves from accessing computer contents.
• Select a comprehensive cyber and technology insurance policy. Work with your insurance provider to develop a policy that will encompass protection against lost or damaged electronic data, interruption of computer operations or e-commerce and liability for lost, stolen or compromised data. 

Education is another vital piece to ensuring your data is safe from malicious attacks. Make sure you educate your employees on the importance of following the above security measures to help prevent them from compromising your company’s information.

For example, if employees utilize “Bring Your Own Device” in the workplace and they leave their devices unsecured or unattended, they may be increasing the risk of a data breach or ransomware threat.

Don’t leave the safety of your critical information up to chance. Your company’s data is too valuable to be left unprotected and deserves the necessary coverage and security measures to keep it safe from harm.

Learn how you can protect your company’s critical data with practical risk management and insurance coverage in our post, “5 Ways Risk Management Can Protect Your Business Data.”