Ransomware Still Going Strong: How Large Companies Can Protect Themselves
Ransomware remains the top cyber threat for organisations of all sizes, with incidents rising steadily yearly. A recent survey shows 77% of businesses reporting attacks in 2021-22, a 14% jump from 2020. However, large enterprises handling sensitive data, like healthcare providers, schools, and critical infrastructure, find themselves prime targets for financially motivated attacks. Without robust contingencies, ransomware can cripple operations, breach confidential data, damage reputation and incur sky-high recovery costs. This article outlines the current threat landscape and expert-recommended steps large organisations must prioritise to guard against crippling ransomware attacks.?
Ransomware's Growing Sophistication?
The typical ransomware attack has changed character significantly, calling for updated defence strategies. Threat actors today scour victim networks for maximum impact before activating their malicious encryption payloads. Initial network access often leverages social engineering against employees. Attackers also research targets for sensitive data like medical records or intellectual property to steal and weaponise if ransom demands are unmet.?
State-sponsored groups with vast resources now deploy ransomware in further geopolitical weaponisation. The explosive proliferation of Ransomware-as-a-Service (RaaS) offerings has also lowered the barrier to entry for novice cybercriminals. Payment demands have skyrocketed to hundreds of thousands or even millions of dollars per incident, especially for healthcare networks or Fortune 500 companies. Without layers of robust safeguards, any large enterprise is now vulnerable regardless of resources or security spending.
Best Practices Key to Prevention?
While 100% prevention may be impossible, organisations can significantly harden defences and minimise business disruption by embracing these security best practices:
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Insurance and Payments: Evaluate with Caution
Cyber risk insurance can offset recovery costs and lost business from outages. But as incidents have risen, premiums and waiting periods for claims processing have also increased. The FBI warns that paying ransom also paints a target on organisations for further extortion. It ultimately comes down to business impact - but consider all options carefully before making emotionally charged decisions when facing crippling attacks.
The Road Ahead?
Ransomware presents a clear and growing menace today, but with evolving criminal tactics, no organisation can afford complacency. Institutionalising best practices offers the most effective path to managing risks. Ultimately, enterprises continue to deliver value regardless of external threats by creating security-conscious cultures focused on cyber resilience. Improvements are always needed, but a proactive stance sets organisations up for success against constantly adapting adversaries.
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