As businesses evolve to rely on technology for everything from payment services to bookings, malware attacks are becoming their own destructive threat to the business sector.
Ransomware – A type of malware that holds data and operating systems hostages in exchange for paid paying is a growing problem for small and medium-sized businesses. Attackers take advantage of the sense of urgency that comes with losing weak security, access to business owners’ cash and sensitive data, and the use of critical business operations.
“Unfortunately, ransomware is such an attractive target, so ransomware is on the rise in small and medium-sized businesses,” says Dr. Darren Williams, founder and CEO of cybersecurity firm Blackfog.
“They chase after the simplest targets possible, they can, and small businesses are very easy targets,” Williams said. “In general, they don’t have any cybersecurity protections at all.
With ransomware on the rise, it is important to understand how to protect your data from cybersecurity threats and attacks to your business.
What is ransomware?
Ransomware is a type of malware that infects devices and locks files and data by encrypting data or blocking access. Users will be given a ransom message embedded in the malware and must be paid. Some ransomware messages are posed as government messages or alerts from legitimate software companies such as Microsoft to convince victims of payment.
The attacker threatens to permanently delete or encrypt the file if the ransom is not paid in time or if it leaks sensitive data online. It can also block critical business infrastructures such as customer access portals, payment suites, filing systems, and unstable operations.
Where does ransomware come from?
Ransomware can infect your network through a variety of means, including email, text, and network penetration. Common ways to cause ransomware attacks are:
- Click Fishing Link. In many cases, attackers will email employees a legal link and encourage them to click to download the malware to their devices.
- Vulnerable web servers. Attackers can take advantage of weak network security when they don’t have a good firewall or security system in place.
- Wifi hacking. Users accessing public or unsecured WiFi risks that allow attackers to access devices that can inject malware.
Ransomware’s business impact
Even small ransomware attacks can be devastating to your business. Cyberattacks may not seem like a big deal, but ransomware can damage your business in multiple ways, especially if it can be resolved by paying a fee.
- Loss of critical data and infrastructure. Ransomware can quickly clear stored payment information, documents, payroll files, invoices, and other data that is important to your business.
- Loss of revenue. Downtime and lost files from ransomware attacks can result in significant loss of productivity, potential sales, and billable time.
- Leaked confidential information. Ransomware attackers often harvest sensitive data such as customer and employee addresses, credit card numbers, and identification of information they sell on the dark web.
- Loss of customer trust. Customers who leak data will lose faith that your business can keep their data safe and perhaps take on the business elsewhere.
- Legal fines and penalties. Ransomware data breaches can result in significant fines due to regulations regarding the storage and security of sensitive data.
Signs of ransomware attacks
The ransomware attack does not start when a ransom message appears on the screen. Before the malware reveals itself and asks for money, it works in the background of your device, encrypting and locking your data without realizing it.
Malware is often not detectable at the early stages, but there are a few red flags to watch out for.
- The performance is slow. Ransomware often drives the performance of your device or network when encrypting files.
- Network activity spikes. aTtacker or malware attempting to access the device can cause an increase in network traffic that can be seen through the monitoring service.
- Unusual login or access. Logging in from strange places, old users, or strange times can be a sign of unauthorized access.
- Random authentication notification. If you use a two-factor authentication service and receive authentication notifications when you are not trying to log it, it can be a sign of an attacker or malware trying to gain access.
- Invalid security software. Some ransomware allow you to remove or turn off certain security features, such as two-factor authentication.
- Excessive downloads or file searches. This is an indication that an attacker is extracting data to sell it or using it for fear of mail.
What to do if your business is attacked by ransomware
Losing access to files can be a business owner’s worst nightmare as they are locked behind the ransom message. If you are being attacked, follow these steps immediately.
1. Power off all devices
One of the fastest ways to stop encryption is to physically power off as malware won’t work if the device is not on. You don’t always save files, but you can buy time until you can bring in cybersecurity and recovery experts.
Danny Jenkins, CEO and co-founder of the CEO, recommends physically reducing the power of infected devices, rather than simply trying to remove WiFi. As ransomware can work even if you’re not connected to the internet.
2. Contact your cybersecurity provider
Call your security provider before accessing your device’s power or network. It advises what to do next and helps you start the malware removal, file encryption and data recovery process.
3. Don’t pay ransom
Paying ransoms temporarily removes the issue. Malware can still exist on devices and networks, allowing attackers to pay ransom signals.
Additionally, ransom payments are often illegal and can result in criminal fines and penalties. It also continues to promote the global ransomware problem.
“If the whole world doesn’t pay the ransom, they’re our business and that’s the reality,” Jenkins said. “These ransoms go to really bad people. They’re not just cybercriminals. They’re also criminal gangs who can be involved in human trafficking.”
How to protect your business from ransomware
If your business is likely to be covered by ransomware in the future and not yet, gaining protection is important to protecting your and customer data.
The good news is that you don’t need to have an internal IT team or the most expensive protection plan to keep your business safe from malware. Even by standard
“You’re either infected or you’re infected,” Williams said. “Just providing a basic level of protection, you can move on to the next guy.”
1. Work with cybersecurity providers
If your business can’t afford an in-house IT solution, cybersecurity providers can provide subscription-style services to protect your device, such as built-in firewalls, MFA services, network and attack monitoring, and on-call technicians who can contact you if you have an attack or question.
2. Update the equipment
Equipment running on older operating systems are uniquely vulnerable as they are often excluded from critical security updates from software providers or are not compatible with new security solutions, making them unique juicy targets for ransomware.
“If you’re running Windows XP and Windows 7 machines, you can’t patch them,” says Jenkins. “They are very vulnerable.”
If removing an old device is not an option, there are certain steps that cybersecurity providers can take to limit the risk. For example, isolate devices from the rest of the network or maintain important data stored elsewhere.
3. Back up your data
Data backup is a critical insurance against ransomware attacks and is a non-malware problem, such as server outages and data corruption.
Data backups should occur regularly to keep up to date. Additionally, the backup data must be kept separate from the original data, such as a separate server, device, or cloud. This will ensure that the backup is secure and unaffected if something destroys or encrypts the original data.
4. Use multifactor authentication
Multifactor authentication adds another layer of security to attackers. When a user logs in to a network or application, they must access both their login credentials and email, phone, or other authentication devices to access. This will help stop the attack on the truck and alert you to unauthorized login attempts.
5. Make cybersecurity your number one priority
It may seem like you don’t have to pay extra monthly to maintain your cybersecurity service, but preventing ransomware attacks can save you thousands of dollars in revenue, fines and loss of downtime. As businesses remain the main target of ransomware gangs, maintaining security can pay off in the long run.
“Prevention is better than treatment,” Jenkins said. “Better security before you get actually attacked.”
Conclusion
Ransomware is an increasing threat for businesses as crime gangs use malware to exploit weak cybersecurity to steal and lock data behind malicious paywalls. By working with cybersecurity companies to update their equipment, businesses risk focusing on protecting their networks and devices, losing revenue, breaking laws, and damaging customer trust and data.
