The only things certain in life are death, taxes and ransomware. With the exponential growth in ransomware attacks, including the attack on Colonial Pipeline, it is only a matter of time before you and your business could fall victim to these attacks. There is no time better than right now to look at your network security and ensure you have the right tools and resources in place to help detect and prevent ransomware attacks. Today we are going to look at how ransomware attacks can impact your business, why they’re growing at an exponential rate, and how Mnemonix can assist with our Security as a Service (SECaaS) plan.
What is Ransomware, and why Should you be Concerned?
Ransomware is a type of malware that threatens to publish the victim’s data or perpetually block access to it unless a ransom is paid. Attackers encrypt the files on your system and hold it “hostage” until the demanded ransom is paid. These attacks are growing in exponential numbers, making it only a matter of time before you could fall victim to a ransomware attack. Once ransomware has made its way into your network, your business could be put to a halt for days, weeks, months, or indefinitely depending on the actions taken once the ransomware has been detected. On the contrary, if ransomware makes its way into your network, attackers may not perform any malicious action for months. Once they gain access to the network, attackers may wait, and study your business’ workflow and patterns to find the best point of attack. This can include finding users with elevated privileges on the network, your backups, and more. They are very knowledgeable in the fact that they know most businesses use backups for their day-to-day work. If backups are left untouched by attackers, then the ransomware attack is easily combated. For this reason, they look very carefully to see how they can not only encrypt your files stored on the network, but your backups as well, leaving you no choice but to pay the ransom, or find another way to recoup.
One reason for the exponential growth in ransomware attacks is the appearance of ransomware as a service and ransomware kits on the dark web. These kits are purchased by attackers for a little as $175 and require little to no technical knowledge to deploy. Small businesses, which account for 43% of all cyber-attacks, make for the perfect target as they often can’t afford the investments into security. On the other hand, even large corporations are at risk, as we saw in the Colonial Pipeline ransomware attack. This goes to show that it is a matter of WHEN, not IF. In 2020, Sophos conducted a survey among 5,000 IT managers across six continents. They found that paying cybercriminals the ransom money is only one half of the cost involved considering IT specialist and the FBI will have to be involved as well. The average ransomware demand globally is estimated at $761,106. Those who choose not to pay the ransom, on average, pay $732,520 to recover their systems and data. Since 2016, more than 4,000 ransomware attacks have occurred DAILY. Needless to say, successful ransomware attacks can be detrimental to a business, so ensuring you have the tools and resources in place to detect and remediate ransomware is a crucial investment for the business. Nothing is 100% secure, so when will you be breached is the question that needs to be asked.
Combating Ransomware
When it comes to ransomware, early detection is critical. Dwell time, the time it takes from the moment ransomware enters your network to the time it is detected, is the most critical time to protect yourself. Mnemonix offers a Security as a Service plan that helps with shrinking dwell time down to as little as possible. As we mentioned, it is a matter of when, not if ransomware will attack. Due to that fact, we use tools and strategies within our SECaaS plan to detect and notify us of a potential attack in real time. We believe focusing on just compliance instead of security as a whole can be a mistake when trying to avoid ransomware. Attackers are aware of the compliance rules in place and will find workarounds to get into your network. If security as a whole is focused and built out properly, compliance will naturally become an outcome or side-effect per say. From a team who has seen both ransomware attacks costing a business hundreds of thousands of dollars, as well as ransomware being stopped before it causes any damage due to a well-planned out security as a service plan, we cannot stress enough the importance of investing in your network security. If you’d like to discuss Security as a Service, or have any questions regarding ransomware, please contact Mnemonix.
What is Ransomware, and why Should you be Concerned?
Ransomware is a type of malware that threatens to publish the victim’s data or perpetually block access to it unless a ransom is paid. Attackers encrypt the files on your system and hold it “hostage” until the demanded ransom is paid. These attacks are growing in exponential numbers, making it only a matter of time before you could fall victim to a ransomware attack. Once ransomware has made its way into your network, your business could be put to a halt for days, weeks, months, or indefinitely depending on the actions taken once the ransomware has been detected. On the contrary, if ransomware makes its way into your network, attackers may not perform any malicious action for months. Once they gain access to the network, attackers may wait, and study your business’ workflow and patterns to find the best point of attack. This can include finding users with elevated privileges on the network, your backups, and more. They are very knowledgeable in the fact that they know most businesses use backups for their day-to-day work. If backups are left untouched by attackers, then the ransomware attack is easily combated. For this reason, they look very carefully to see how they can not only encrypt your files stored on the network, but your backups as well, leaving you no choice but to pay the ransom, or find another way to recoup.
One reason for the exponential growth in ransomware attacks is the appearance of ransomware as a service and ransomware kits on the dark web. These kits are purchased by attackers for a little as $175 and require little to no technical knowledge to deploy. Small businesses, which account for 43% of all cyber-attacks, make for the perfect target as they often can’t afford the investments into security. On the other hand, even large corporations are at risk, as we saw in the Colonial Pipeline ransomware attack. This goes to show that it is a matter of WHEN, not IF. In 2020, Sophos conducted a survey among 5,000 IT managers across six continents. They found that paying cybercriminals the ransom money is only one half of the cost involved considering IT specialist and the FBI will have to be involved as well. The average ransomware demand globally is estimated at $761,106. Those who choose not to pay the ransom, on average, pay $732,520 to recover their systems and data. Since 2016, more than 4,000 ransomware attacks have occurred DAILY. Needless to say, successful ransomware attacks can be detrimental to a business, so ensuring you have the tools and resources in place to detect and remediate ransomware is a crucial investment for the business. Nothing is 100% secure, so when will you be breached is the question that needs to be asked.
Combating Ransomware
When it comes to ransomware, early detection is critical. Dwell time, the time it takes from the moment ransomware enters your network to the time it is detected, is the most critical time to protect yourself. Mnemonix offers a Security as a Service plan that helps with shrinking dwell time down to as little as possible. As we mentioned, it is a matter of when, not if ransomware will attack. Due to that fact, we use tools and strategies within our SECaaS plan to detect and notify us of a potential attack in real time. We believe focusing on just compliance instead of security as a whole can be a mistake when trying to avoid ransomware. Attackers are aware of the compliance rules in place and will find workarounds to get into your network. If security as a whole is focused and built out properly, compliance will naturally become an outcome or side-effect per say. From a team who has seen both ransomware attacks costing a business hundreds of thousands of dollars, as well as ransomware being stopped before it causes any damage due to a well-planned out security as a service plan, we cannot stress enough the importance of investing in your network security. If you’d like to discuss Security as a Service, or have any questions regarding ransomware, please contact Mnemonix.
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