The number of ransomware attacks continues to rise following the global pandemic and the increase in remote work.  In the past five years, the number of ransomware attacks has risen by 13%, and the average cost of these attacks has increased at an even faster rate. In 2023 the average ransom was $1.54 million, nearly doubling the 2022 figure of $812,380. These numbers don’t include lost business time, wages, files, or equipment, or any third-party remediation services acquired by a victim.

While business email compromise (BEC) is one of the top cyber threats affecting companies, BEC is often followed with a ransomware payload. A payload is a threat that receives significant press coverage because of the damage both financially and operationally. The damage can include compromised customer data, a tarnished reputation, loss of productivity, and more. Let’s take a closer look at what ransomware is and how you can strengthen your defenses against it.  

What is a Ransomware Attack and How Does it Work?

Ransomware is a form of malware in which threat actors encrypt information on a computer system so users are unable to access their own data. The hackers then demand payment in exchange for releasing the information back to the owner. Hackers commonly use email phishing and remote desktop protocol vulnerabilities to gain access to networks and deploy ransomware software. 

Here’s an overview of what that typically looks like:   

• First, hackers infiltrate an organization’s network through stolen credentials and remote access malware. 
• Next, they destabilize critical administrative accounts that control backup, Active Directory (AD), Domain Name System (DNS) servers, storage admin consoles, and other key systems.  
• With access to the backup administration console, backup jobs are turned off or modified and retention policies are changed. This also gives threat actors a roadmap to where sensitive application data is stored. 
• Often security software such as anti-virus components are circumvented or turned off.   

• Hackers then encrypt the data and steal data for use in future criminal activities.  

Ransomware doesn’t have to be encryption only. Data exfiltration and subsequent ransom demands are quickly growing across the cybercrime landscape. LockBit, the hacking group that recently demanded $50 million from global IT consultancy Accenture, possessed data exfiltration software capable of easily downloading data from compromised systems.   

Prevention and Mitigation

When you consider the possibility of how ransomware can affect you, you should think about it as a matter of when, not if. It’s better to anticipate a worst-case scenario than to be underprepared in the event of an attack. CRC Data Technologies constantly monitors the integrity of your network in order to ensure all your critical data is secure from loss or theft, your firewall is restricting traffic to only necessary communication, and there are no misconfigurations in your security.

Although it’s impossible to guarantee 100% protection against ransomware, we can help reduce the likelihood of an attack and mitigate the damage in the event of an incident by implementing tools and techniques that can be used to improve the security posture of your business. 

Discover and Monitor Every Asset

When unidentified assets exist on a network without being accounted for, it can introduce operational and security risk. Unmanaged and unmonitored endpoints are prime targets for hackers because they’re more likely to be outdated and have vulnerabilities. We can only manage the assets you have on record, so utilizing automated network scans are important in asset discovery. With ongoing scans, we can quickly find and monitor new devices as they join the network and then understand each device’s health.    

Software Patching

Once assets are identified, CRC will monitor and manage them effectively. Keeping operating systems, software, and applications current and up to date can reduce the cybersecurity risk level of your business. A remote monitoring and management (RMM) tool helps with continuous patching. This technology enables you to automatically deploy updates to endpoints, ensuring that you never fall behind with your patching needs. 

Deploy an Endpoint Protection Tool

Endpoint security is another crucial element of your overall cybersecurity posture. CRC Data Technology leverages endpoint detection and response (EDR) technology to help with the protection of endpoints such as servers, laptops, desktops, mobile devices, and more. An EDR tool is capable of quickly identifying many different virus and malware variants, as well as automatically taking remediation actions such as restoring unsafe files to an acceptable previous state. 

Enhancing your Cybersecurity Toolset

Ransomware attacks are more targeted and sophisticated than ever before. This is why it is critically important to have a partner to help you keep pace with the ever-changing threat landscape and bolster your cybersecurity defenses, as well as prepare to respond in the event of a ransomware attack. By working with CRC Data Technologies, the responsibility of monitoring and maintaining a secure network is off your back. We’re happy to help, reach out to us today for more information.