Authored by Harikrishna Prabhu COO, TechnoBind
Data is the core of any business. Data is crucial for addressing client needs, running business operations, reacting to unexpected events, and responding to quick market movements. This makes data protection and management a high criticality for businesses. The increasing uncertainty around ransomware attacks raises this concern for data protection even higher. Data protection should indeed be the prime focus for today’s businesses
According to recent Thales research, phishing, ransomware, and malware continue to be a major problem for multinational corporations. One in five (21%) businesses have fallen victim to a ransomware assault in the past year, with operations significantly impacted in 43% of those cases. Multiple loopholes in security infrastructure and pandemic-induced disruptions are the major contributing factors to the wider spread of ransomware attacks.
Data exfiltration, also known as "double extortion" ransomware, is becoming a widespread method used by many ransomware criminal groups, where they exfiltrate a victim's sensitive data in addition to encrypting it giving them additional leverage to collect ransom payments. Again, ransomware attacks are no longer prevalent in one sector of businesses. It is rather devastating for SMEs, small businesses, and non-profits, who may not have the right resources in place against such attacks or save their data.
Data Protection - The Crucial Aspect in Current Era
Businesses today must secure their mission critical data from unauthorized access and other hostile activities in order to prevent ransomware and data breaches. Organizations frequently prioritize network architecture security, which is one key aspect of the. Furthermore, ransomware can result in that one IT catastrophe that no firm wants to experience business interruption. Therefore, it is imperative that organizations have data protection solutions on hand and be able to access their data in an emergency to maintain business continuity.
Any organization that gathers, handles, or maintains sensitive data must have a data protection strategy in place. An effective approach can lessen the effects of ransomware breach and assist prevent data loss, theft, or corruption. Businesses can always seek guidance from reputed cloud experts to have a better understanding of data protection and associated concerns.
Data Protection Habits to Adopt for Business Continuity
Most of the common methods that let in ransomwares into the targeted networks are conducted using relatively simple techniques, like phishing emails, stolen credentials, and vulnerable systems. In order to build a secure working environment, organizations must be aware of their network security vulnerabilities and have a multi-prong approach to security. Here are some steps that can help organizations address their data security requirements.
Apart from these organizations can foster cybersecurity awareness culture in general. Educate the staff to distinguish malicious emails. Employees should be vigilant and alert enough to detect irregularities in the communications they receive. These could be out of place emails coming from seemingly known sources, unverified domains, misspelled email IDs, unusual requests in messages, and persistent redirects to unusual websites can all be indicators of corrupted emails. Invest in security awareness training programmes so that staff may become more adept at handling phishing emails.
Final Thoughts Ransomware attacks are now more frequent and strategic than ever, and its impacts on a business can be devastating. A ransomware can be inside a network for a very long time analyzing and communicating within the network to understand all its strength and loose ends, before it finally surfaces. As data is the most targeted asset by ransomwares, it is highly critical that measures are taken by businesses to ensure a defense against ransomware attacks to negate the damage impact.