Ransomware: A Critical Threat to Financial Services
Financial institutions are prime targets for ransomware attacks due to the vast amounts of sensitive customer information they hold. The consequences of these attacks can...
Read MoreIn an era that features constant cybersecurity threats that are increasingly complex and continually evolving, combating ransomware remains one of the most daunting challenges many organizations face. Though we understand that complete ransomware prevention is not possible, we are aware that having a well executed list of best practices can significantly mitigate risks associated with a ransomware attack. Below, we highlight some of the many different layers available to help your organization avoid and mitigate the impact of a ransomware attack.
First and foremost, an organization’s cybersecurity strategy should be in sync with their business objectives. Any lapse in this symbiotic relationship could expose the business to risks it cannot afford. This requires senior management to be proactive rather than reactive, fully understanding that implementing a ransomware prevention strategy can mitigate the damages associated with a ransomware attack for your organization.
Endpoint devices are often the gateway through which ransomware infiltrates an organization’s network. Utilize advanced Endpoint Detection and Response (EDR) solutions that can provide real-time monitoring and swift response capabilities to a ransomware attack.
While it’s imperative to focus on prevention, it’s equally important to have a contingency for containment. Ransomware containment solutions, such as those provided by BullWall, offer advanced technologies to halt ransomware propagation across your organization’s network as soon as an attack is detected, thereby containing its impact. By containing the attack quickly, your organization can reduce the amount of downtime it would face had the attack spread throughout your network.
One of the most common types of ransomware attacks is often initiated through phishing emails. Having a complex email filtering solution in place will monitor inbound emails, in turn, helping to keep malicious attachments and links from getting to your employees’ inboxes. An email filtering solution is not all your organization needs to be doing to stop phishing attacks. In addition to a filtering solution, employees should be trained to recognize suspicious emails. Employees should also know what to do when they encounter a suspicious email, to make sure that their colleagues are also aware of the potential phishing attack.
Traditional or advanced, the implementation of Multi-Factor Authentication (MFA) is a vital step in safeguarding your systems. Not only does it add an additional layer of security, but it also provides an extra step that could deter hackers from progressing further into the network.
Outdated software provides a fertile ground for ransomware attacks. Organizations should implement a disciplined approach to updating and patching software. Routinely updating your systems and software can help stop ransomware attacks that exploit software vulnerabilities from infiltrating your network.
Backing up critical data should be a non-negotiable practice. What differentiates an ordinary backup strategy from an effective one is the additional step of regular data integrity checks. Organizations should be backing up crucial data both off-site and via cloud-based backup options.
Have in place a well-structured incident response plan that is routinely updated and tested. In the unfortunate event of a ransomware attack, a practiced incident response plan alongside a Business Continuity Plan will help to expedite recovery and limit damage to your organization.
In order to successfully mitigate the impact of ransomware attacks, organizations can view ransomware prevention as a complex fabric that is woven from multiple threads—technological solutions, organizational policies, and human awareness. Each strand is critical. By adopting a multi-layered approach, facilitated with advanced ransomware containment solutions from BullWall, organizations can strengthen their defenses against ransomware, thereby ensuring operational resilience and data integrity.
BullWall offers a ransomware assessment pentest to help you assess how your current tools respond to various ransomware variants. Or you can schedule a demo.
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