Ransomware threats are surging – here’s how to protect your business

Imagine turning on your computer one morning and discovering that all your crucial files—from customer data to financial records—are locked and completely inaccessible.

Then, a menacing message demands a ransom to unlock them.

This scenario describes a ransomware attack, a type of malicious software that hijacks your data and holds it hostage.

James Tilbury , CEO of ILUX, discusses your options if you are hit by a ransomware attack and shares some preventative measures for you and your team.

Ransomware typically infiltrates your system through an innocent-looking email or link. You or one of your team might receive an email that appears legitimate, urging you to click on a link or open an attachment.

This tactic, known as phishing, involves a seemingly genuine sender who is, in fact, malicious. Once you click, the ransomware silently installs on your system. From there, cybercriminals swiftly take action.

They encrypt your files, rendering them inaccessible. You then receive the dreaded ransom note demanding payment for a decryption key to unlock your files. Paying the ransom is a risky move; there’s no guarantee you will retrieve your data, and it also encourages further attacks.

2023 proved to be a particularly challenging year for ransomware, with incidents surging after a two-year decline. According to a recent report, ransomware attacks reached a six-year high.

A significant factor in this surge is the rise of Ransomware-as-a-Service (RaaS). This model allows cyber criminals to "rent" ransomware tools, simplifying the process of launching attacks.

Consequently, more businesses are finding themselves listed on data leak sites, with a 75% increase in victims from 2022 to 2023.

Worse still, attackers are becoming more sophisticated. They are developing new variants of existing ransomware, sharing resources, and exploiting legitimate tools for malicious purposes.

They operate with immense speed, often deploying ransomware within less than 48 hours of gaining network access. Attacks frequently occur outside business hours, such as late at night, reducing the likelihood of immediate detection.

A ransomware attack can have devastating consequences for your business.

• Financial losses can be substantial, not just from the ransom itself but also from the downtime your business will experience and the added recovery costs of getting you back up and running
• There’s also the risk of losing critical data if decryption is not possible.
• Your reputation could suffer if customers learn their information was compromised. Additionally, business operations could be severely disrupted, impacting your ability to serve clients.

The crucial question is: How can you protect your business from this escalating threat?

1. Educate Your Team: Ensure all employees can identify phishing emails and avoid suspicious links and attachments. (ILUX can help you with this)
2. Regular Backups: Regularly back up critical data and store these backups securely offline. (ILUX can help you with this)
3. Keep Systems Updated: Maintain up-to-date software and systems with the latest security patches, and invest in robust security tools. (ILUX can help you with this)
4. Limit Data Access: Restrict data access to only those employees who need it for their roles. (ILUX can help you with this)
5. Monitor Networks: Vigilantly monitor your network for unusual activity and have a swift incident response plan in place. (ILUX can help you with this)

If your business does fall victim to a ransomware attack, remain calm. Collaborate with cyber security experts to resolve the issue.

We generally advise not to pay the ransom, as this only perpetuates the cycle of cybercrime.

Our team specialises in helping businesses proactively protect their data. If you need assistance, don’t hesitate to contact us.