While there are many cybersecurity threats businesses should stay aware of as they scale, ransomware is by far one of the most concerning. These types of attacks can not only completely disrupt business operations, but they can also lead to highly sensitive data exposure.
Still, regardless of the risks that these types of attacks pose, many organizations make the mistake of thinking they’re not on an attacker’s radar. Companies may assume they are too small of a target, or that they do not have enough sensitive data to be worth the risk. However, the reality is that all businesses, regardless of their size, are potential targets.
To ensure your business stays protected from this type of threat, it’s important to adopt a multi-faceted cybersecurity strategy. This not only includes investing in advanced security solutions, but also adapting the business’ culture to recognize security as a top priority. Below are some effective strategies for achieving these ideals.
Strengthening All Attack Surfaces
The strength of your cybersecurity posture is only as reliable as the protection placed around your most vulnerable attack surface. The reality is, however, that many businesses don’t even realize how exposed they are.
Every single device or system that connects to your network could be a potential entry point for cybercriminials. This attack surface only continues to expand as you adopt cloud services or hire distributed or remote workforces.
One of the most critical elements of securing all your access points is to first map out your networks. This is where using a solution like Endpoint Detection and Response (EDR) can be really helpful. These solutions act as digital surveillance systems that monitor all connected devices on a network, allowing the business to intervene immediately following strange user behavior or confirmed attacks.
Pairing these types of solutions with stricter access control makes it much harder for criminals to go unspotted when they run reconnaissance work on a network or start launching attacks.
Leveraging Safer Credential Hardening
Your employees are a key part of your business’ security strategy. These individuals are typically on the front lines when defending attacks from materializing, and their training or lack thereof can have a major impact on the organization’s ability to reduce ransomware attacks.
Still, even with regular training, many employees still get into the habit of not following best practices when setting up their password credentials. This lack of awareness is something that hackers count on and can often give them the initial access they need to escalate their privileges.
To counter this ability, it’s important to create mandated policies surrounding password management. One practical strategy to apply is by enforcing the use of a password manager that ensures no password is repeated between one set of login credentials to the next.
Ensuring Adequate Backup Procedures
Having data backups you can depend on is one of the most important elements when trying to combat or recover from ransomware. This gives you more options to choose from when initiating recovery options and lessens the likelihood of needing to pay the ransom.
However, to ensure you can count on the integrity of your backups when you need them most, there are certain best practices you should follow. For example, the 3-2-1 backup rule is practiced regularly in IT settings as a built-in redundancy measure for each of your backup files.
The 3-2-1 backup rule stipulates that you should always have:
Three copies of backups
Two different backup formats
At least one backup stored off-site
Following this best practice ensures that even if ransomware manages to impact your data backups, you’ll have other, unaffected copies you can rely on during recovery efforts.
Segmenting Networks and Enabling Access Control
Ransomware is known not only for its ability to cause major network disruption, but also its ability to spread quickly to other systems and databases. Because of this, having a single firewall defense on your network can allow malware to spread to other systems after attackers successfully breach one defense perimeter.
A smarter approach is to segment your networks, creating a series of “walls” that protect different critical systems, applications, or databases. These isolated networks help to ensure that even if one of your systems is compromised, you’ll have a better chance of quarantining the malware before it escalates and spreads to other areas.
On top of network segmentation, it’s also important to implement strong access controls across your business. In most cases, the principle of least privilege is the safest way to do this. Least privilege ensures that none of your users will ever be given any more access than what is needed to carry out their workflows. Having this type of policy in place dramatically reduces an attacker’s possible entry points and limits the damage they’re able to cause even if they were able to compromise individual user credentials.
Follow Compliance Requirements Closely
The impact of a ransomware attack rarely goes away once you’re able to regain access to your system. In many cases, the business may have to deal with the aftermath of an attack, including how it may have caused the organization to enter into non-compliance territory.
For example, most businesses now operate under strict regulations like HIPAA, PCI DSS, or GDPR. If a breach takes place and sensitive information was exposed, a compliance failure may have taken place. Unfortunately, if the business didn’t have the appropriate communication protocols in place, there could be a range of financial penalties that need to be paid, not including the potential damage that be caused to the brand’s reputation.
One of the most important aspects of compliant data management measures is to have strong encryption protocols enabled. This helps to create a failsafe in the event that personal identifiable information (PII) becomes exposed. While an attack may have gained access to the information, it will be incredibly difficult, if not, impossible for them to read it without the appropriate decryption key.
Another aspect of compliance management is understanding how newer emerging technologies like AI tools access and use data to carry out their workloads. While AI solutions can be powerful tools for improving security initiatives, they can bring a certain level of risk when deploying them within the organization. It’s important to evaluate any compliance requirements in the industry before adopting these new solutions to ensure their regular use doesn’t cause any liabilities.
Create a More Resilient Cybersecurity Posture
To adequately protect your business long-term, it’s important to not just assume cybersecurity solutions on their own provide the answer. Creating a resilient cybersecurity posture in your business requires a multi-faceted approach to security prioritization. It requires a unified mindset from both company leadership and employees to tackle new risks as they emerge and carry out safer business practices.
By following the practical strategies discussed, you’ll ensure you limit your organization's digital attack surface, while ensuring both customer and employee data remains safe.
Author Bio Information
Author Bio:
Nazy Fouladirad is President and COO of Tevora, a global leading cybersecurity consultancy. She has dedicated her career to creating a more secure business and online environment for organizations across the country and world. She is passionate about serving her community and acts as a board member for a local nonprofit organization.