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A Guide to Preventing Ransomware Attacks: Essential Security Measures for Your Business

Over the years, we’ve witnessed cybercriminals continue to impact businesses globally as TTPs such as infostealer malware become more and more accessible and effective. And we’ve seen the impacts of cybercriminal tactics even more glaringly in the increased number of ransomware attacks – which remain one of the most common threats facing businesses in all sectors today.

Ransomware affects large enterprises and small organizations alike, with threat actors taking advantage of weaknesses such as compromised passwords and stolen session cookies exfiltrated via malware. With credentials in hand, actors can then gain access to enterprise systems and block access to computer systems and files until a sum of money, or “ransom”, is paid.

Ransomware attacks can be crippling for businesses both operationally and financially. The average downtime for infected organizations in the US ranges between 22-28 days, and during this time, organizations are often locked out of essential systems until they have paid sums averaging $2.73 million – a number that continues to escalate. Even then, there is no guarantee that sensitive information will be returned or recovered.

To avoid dealing with the after effects of a successful ransomware attack, businesses should focus on  bolstering their defenses with a comprehensive ransomware prevention strategy.

The importance of taking preventive measures when it comes to ransomware

Cyberattack defense has traditionally been reactive. When businesses finally receive information about breaches or compromised employees, it may be too late. Though you may know better for next time, it’s important to recognize that the best defensive measures require businesses to be proactive in their approach to cybersecurity.

To get ahead, businesses need to fill in key gaps by understanding and shutting down risks associated with compromised employee and third-party credentials.

Some quick background: What is ransomware?

Ransomware is a subset of malware (malicious software) that encrypts a victim’s files, data, or entire computer system, effectively locking the user out. The attackers then demand payment, often in cryptocurrency, in exchange for the decryption key. The encryption used is typically robust, making it almost impossible to access the files without the correct decryption key.

In order to better understand how ransomware risk can affect businesses, let’s take a look at a recent case study for a global biomedical research organization. This organization needed to protect particularly sensitive healthcare research data from cybercriminals, but didn’t have a way to proactively identify exposed employees. To combat this, the organization implemented SpyCloud Enterprise Protection to proactively safeguard over 400 employees from attacks that could open the doors to their business systems and sensitive data.

Taking a page out of this organization’s playbook, other businesses, especially those in a mass-targeted industry such as healthcare, can benefit greatly by taking steps to proactively defend against ransomware attacks. See how SpyCloud’s Enterprise Protection works to prevent ransomware.

Statistics on the impact of ransomware on businesses

Types of ransomware

Ransomware can take many different forms. Some examples of the most common types are:

How ransomware attacks happen

Protecting against ransomware requires both implementing countermeasures and raising security awareness with employees. When threat actors try to infiltrate organizations, they don’t always target specific individuals. Oftentimes, they are casting a wide net to see which employees offhandedly click on a phishing link or don’t have MFA enabled. That’s why it’s important to train anyone who has access to the company system – employees and third-party contractors alike – to recognize common scams and signs of suspicious activity.

Some common vectors that criminals take when targeting accounts or infecting devices are:

Recent trends in ransomware attacks

After a brief decline in activity in late 2022, ransomware re-emerged with a vengeance over the last 18 months. These trends can be traced back to the mass spread of infostealer malware and subsequent influx of sensitive data available for threat actors to leverage when taking over personal accounts/devices.

Cybercriminals can purchase sensitive information such as account credentials and session cookies that were exposed through infostealer malware to then impersonate employees and gain access to computer systems and files.

SpyCloud’s research showed that ransom payments, recovery costs, and the frequency of ransomware events are all on an upward trend, and particular industries are more likely to be targeted than others in the future. More specifically:

Especially for companies within these industries, it is important to recognize the connection between infostealer malware and ransomware, and take actions to detect and remediate exposed credentials and identities  that may leave the organization vulnerable to future attacks.

Criminals are getting smarter, building their own business models that lead to a more complex and tangled marketplace. For example, Ransomware-as-a-Service (RaaS) – a subscription-based software developed by criminal groups to then sell to individual threat actors – makes it easier than ever for criminals, even those with very little knowledge,  to launch ransomware attacks against businesses that have not taken the necessary precautions.

Case studies / Examples of ransomware attacks

By professionalizing and standardizing what were once ad-hoc criminal activities, even the most novice cybercriminals can carry out sophisticated attacks. The implications for all of us are huge, and recent high-profile attacks are evidence that the problem is only becoming more significant.

Essential security measures for ransomware prevention

How can your business adequately protect against ransomware?

SpyCloud has found significant correlation between infostealer malware infections and subsequent ransomware attacks. After a malware infection, your system is vulnerable to targeted account takeover at the hands of criminals who have obtained valuable data, such as usernames, passwords, and session cookies.

The good news is you can block threat actors from capitalizing on stolen data by fully remediating all compromised credentials associated with a given digital identity. Leverage tools that can automate password resets, and view all business applications exposed by infostealer malware so your security teams know which credentials to rest, and obtain this information quickly enough to remain relevant and actionable.

In combination with a malware exposure remediation strategy, companies should also integrate the following measures as an added layer of security:

Ransomware prevention takeaways

Preventing ransomware is no small task – it requires a continuous  process of detection and remediation plus proper education on how these attacks happen. Especially now, as criminals find more creative ways to infiltrate devices and company systems, keeping your organization’s security measures up-to-date, as well as trusting someone that has comprehensive knowledge of the TTPs cybercriminals use, is crucial to having good security posture. Ransomware attacks aren’t slowing down and will continue to be a threat for the foreseeable future – keeping the pressure on companies across the globe.

Remember, criminals often seek to launch ransomware attacks using credentials that were stolen through malware infections, meaning devices that have been previously compromised are easier to take over if the victim does not take the right preventative measures. These measures include resetting all passwords, deleting inactive accounts, and invalidating session cookies that tie to critical applications. However, for companies and individuals, it is likely too time consuming to enforce these actions for each employee. This is where SpyCloud helps.

Prevent ransomware attacks with SpyCloud

With SpyCloud, your organization’s security team gains full visibility into the breadth of exposed employee identities and recaptured credentials – sourced from the criminal underground before they can be used to harm your business – making taking action faster and more convenient. This information helps your security teams detect and prevent gaps in your security systems before criminals have the chance to take advantage of them.

Regardless of the debate amongst government agencies about whether or not to ban ransomware payments altogether, it’s important for businesses to adequately protect themselves so as to avoid punishment – either through a ransom payment, penalty payment, reputation hit, or lost revenue – from all ends.

Improve your ransomware prevention strategy today

To learn more about ransomware prevention and how to better protect your business, check out Spycloud’s Enterprise Protection.

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