Since the pandemic in 2020, a new wave of malware has swept the globe. Millions of businesses find their data under the threat of malicious breaches and viruses every year.
One of the most troubling of these cybercrimes is ransomware attacks. Many businesses find themselves powerless against ransomware attacks as they disrupt data management and terminate businesses entirely.
To keep your data safe against malicious bugs, you must stay on top of ransomware attacks and everything they can do. Let us look at how you can recover confidential data from these threats and protect your business against cybercrimes.
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What is a Ransomware Attack?
A ransomware attack is a type of data breach in which an outside force violates your accessibility to your data through illegal means and asks for a ransom to restore it. Once they obtain your data, they can threaten to use it to sell your information, leak it to the public, or destroy it.
Attackers usually deploy ransomware through Trojan malware hiding in spam mail and harmful software. When users interact with these files and systems, they unknowingly download Trojan malware that attackers can use to steal their sensitive data. According to Check Point, 46% of employees downloaded malware-infected applications on their phones in 2021.
There are two types of ransomware attacks every business needs to be wary of:
- Crypto-Ransomware: In this attack, the hacker violates your data by encrypting it and demands a ransom to have it decrypted and secured.
- Locker-Ransomware: Here, the attacker locks you out of the database, preventing you from accessing it until you pay the ransom.
Educational, financial, and healthcare industries are the major targets of ransomware attacks. However, as this virus spreads in use, any company that uses the internet to renovate its workflow but doesn’t have an effective data recovery plan can fall victim to this threat.
How Harmful Can Ransomware Attacks Be?
Since the pandemic forced businesses to incorporate remote work strategies, the number of ransomware attacks reported has drastically increased. There is no boundary on the type of data you risk by falling for these attacks, so your workflow can be damaged in several ways.
In 2020 alone, an average company fell behind 15 business days due to ransomware attacks. Since then, these malware have only gotten deadlier, inflicting a high cost on businesses worldwide. As the success rate of these break-ins grows, so has the ransom demand, which reached $1 million in 2021.
The truth is, this outbreak is a lot riskier than you realize. Since you play in the attacker’s court, he gets to call the shots. So even when you have paid the ransom, it is up to the attacker to release or destroy the data.
Thus, it is best not to take chances with these threats. You should not just have a data recovery plan but also know how to prevent these terrorizations in the first place.
How to Recover From a Ransomware Attack?
An efficient recovery strategy is critical to keep your business going if your data is under a ransomware threat. Here are some proven tactics you can prioritize to recover what you have lost:
Under such a dire and uncontrollable threat, the authorities are your best friend. Contact your local police or trusted cybersecurity service provider to report the attack. Even if they cannot recover your stolen data, they will be able to identify the hacker and his attack patterns. This information will allow them to learn more about the businesses falling under ransomware attacks and how to prevent further cases in the future.
One thing you must understand about this malware is that it rapidly spreads. Once entered, the ransomware can quickly spread across multiple networks and servers, and to contain it, you must act fast. Find the host device where the attack originated from and then disconnect it from WIFI, Bluetooth, and any storage devices it is linked to. It could prevent the malware from spreading into other networks and possibly detach the attacker’s connection from it.
Backing up the files and progress is standard procedure in many digital firms today. However, other industries overlook this protocol as a long-term strategy. A study by Sophos showed that only 57% of businesses recover their lost data using backup strategies. Backing up your data is crucial as it can save you from the extra time and costs resulting from a ransomware attack.
Ransomware attacks cripple hundreds of businesses every year. Thankfully, businesses across all industries are identifying the necessity of digital backups and anti-malware programs to protect against system breaches. With a preventive strategy in place, you can mitigate the risk of a malware breach and minimize the impact of its consequences on your business operations.