Ransomware payments by victims spiked 70 percent YoY in 2021; ransomware continues to hammer healthcare and education, but all industries are at risk (Holdeman, 2022). “Ransomware is a type of malicious software designed to block access to a computer system until a sum of money is paid” (Oxford). It is one of the many cyber threats plaguing U.S. businesses as of late.
Defense Guide for Commercial Cyber Risk:
Purchase cyber insurance
The only failsafe against cyber risk is protecting businesses with guaranteed indemnity when a loss arises. It is vital to structure an adequate risk financing plan with properly set limits and retentions.
Do you have a security awareness training program for employees?
Coalition recommends implementation as a vital defense mechanism.
Increase email security
A mail proxy can filter malicious emails (2021 Coalition).
Implement Multi-factor Authentication (MFA)
Google Authenticator can be used, for example. “Approximately 80% of email intrusion incidents happen because of weak or stolen passwords. One of the most effective methods to mitigate the risk of an email-based cybersecurity incident is to enable Multifactor Authentication” (2021 Coalition).
Maintain good data backups
Developing a contingency plan:
- “What data should be backed up, and where it should be stored;
- How frequently data backups should occur;
- How quickly you could restore your data from that system in the event of an incident and at different times;
- How you can test and iterate on your backup solution to ensure it’s working as intended and accommodates changing business needs” (2021 Coalition).
4 final tips:
- Encrypt your data;
- Update your software;
- Use a password manager;
- Scan for malicious software (2021 Coalition).
2021 Coalition Cybersecurity Guide. (n.d.). Retrieved May 24, 2022, from https://info.coalitioninc.com/rs/566-KWJ-784/images/DLC-2020-12-2021-Coalition-Cybersecurity-Guide.pdf
Holdeman, E. (2022, May 20). Hacking and ransomware remain a significant challenge. Continuity Professionals Pulse. Retrieved May 2022, from https://www.continuityprofessionalspulse.com/edition/weekly-authentication-benchmark-2022-05-14?open-article-id=21617021&article-title=hacking-and-ransomware-remain-a-significant-challenge&blog-domain=govtech.com&blog-title=disaster-zone
Oxford languages and google – english. Oxford Languages. (n.d.). Retrieved May 24, 2022, from https://languages.oup.com/google-dictionary-en/