Ransomware is one of the most dangerous cyberthreats that all businesses need to protect their data and systems against. Ransomware can encrypt organizations’ data and hold it ransom until a payment is made—leading to costly consequences for companies. From medical providers and IV therapy companies, to engineering firms and oil & gas companies - no industry is safe from the encryption power of this cyberthreat unless they have effective plans in place for data protection.
Cybercriminals develop new tactics to outwit companies’ defenses, so it’s important for organizations to stay up-to-date on security measures and take proactive steps to prevent data loss from ransomware. To ensure your business is prepared for potential attacks, it’s important to separate myths from facts about ransomware.
Organizations need to be aware of the latest ransomware threats and how they work in order to safeguard their data and systems. Some of the most widely-held myths about ransomware involve the belief that backups are all you need, that only large companies can be targeted, or that paying the ransom will guarantee decryption. Understanding the facts behind these misconceptions is critical for any business — failure to do so could result in dire consequences from an attack and potentially losing access to valuable data or systems.
By being aware of these myths and taking proactive steps against ransomware, organizations can reduce their risk exposure significantly and be better prepared in case an incident does occur. Stay informed about new developments in cybersecurity solutions and don’t let yourself be fooled by misinformation surrounding this sophisticated threat.
Let’s breakdown some of the common myths about ransomware that every business should avoid believing:
Myth #1: Paying a ransom will get my business back on its feet
Myth #3: Antivirus software provides full protection from ransomware
Myth #4: My business won't be targeted by cybercriminals because we're too small or unimportant
Read our blog to see if your business is prepared for a cyber incident.
Many businesses mistakenly assume that paying a ransom is the easiest solution to recover their encrypted data quickly. However, there is no guarantee that attackers will honor their word and provide you with the decryption key—and even if they do, paying a ransom only encourages hackers to carry out more attacks in the future. The best way to protect yourself from ransomware attacks is to have an effective backup strategy in place as well as a comprehensive data security plan.
Backups are essential when it comes to defending against ransomware, but relying solely on them is a dangerous assumption. Cybercriminals have upgraded their tactics over time and have started compromising backup files as part of their strategy which can leave your data vulnerable even with backups in place. This type of attack is known as double extortion, where attackers not only encrypt files but also steal data with threats to leak sensitive information unless a ransom is paid—rendering your backups useless against this type of attack. Make sure to implement an immutable backup to prevents any unauthorized alteration or deletion of backup data.
Antivirus software (or any other security product) may be essential for defense against ransomware, but it certainly isn't enough on its own. Relying on just one security solution won't provide sufficient protection. Instead, you need to implement a defense-in-depth approach (i.e., deploy multiple layers of cybersecurity) for optimum safety from ransomware attacks.
With new tools and technologies at cybercriminals' disposal, smaller organizations are becoming increasingly attractive targets due to their lower levels of cybersecurity infrastructure compared with larger companies. As such, it's important not to assume that your business won't be targeted. You should take proactive measures such as implementing robust backup strategies, data security policies, and implementing multiple layers of cybersecurity technologies across your organization in order to strengthen your digital defenses against malicious threat actors.
It's true that no single technology or measure alone can fully protect you from all forms of cyberattack; however, taking steps such as having an up-to-date backup strategy and adopting a defense-in-depth approach can help your organization increase its level of preparedness for potential attacks or cyberthreats significantly.
For more insights into how exactly you can improve your cybersecurity posture against ransomware criminals and other cyberthreats alike, reach out to trusted third-parties such as ourselves, Cite Technology Solutions, for expert advice. We specialize in outsourcing comprehensive risk assessment services tailored specifically for organizations' needs at hand.
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