In 2021, a ransomware attack can halt entire business operations. A report affirms that there has been an increase of 171% in ransomware payouts from 2019 to 2020. In fact, some organizations have had to bear the burden of over $10 million of loss due to ransomware.

Most ransomware attacks infect and encrypt essential business assets. In a traditional sense, ransomware refers to malware that encrypts sensitive business data. After the encryption of files, ransomware attackers demand money in exchange for the decryption key.

A recent survey highlights that more than 70% of organizations that have been targeted by a ransomware attack eventually pay up. In 2020 alone, ransomware targeted companies paid up to $400 million in cryptocurrency to attackers.

Here are the most effective ways your company can ensure protection against ransomware:

1.  Filter Your Email and Web Content

It is common for emails to have malicious URLs. So, implement email and web content filter controls to quarantine and block threats. It would also help you get rid of suspicious links before users make a mistake of accessing them.

2.  Improve Your Patch Management

Another way to minimize the impact of potential ransomware is to look for vulnerabilities consistently. In most cases, businesses just need to update their systems regularly and roll out relevant security patches to make sure there is no room for exploitation for cybercriminals.

It is one of the best ways to secure your network access control and resolve system flaws. Patch management is all about evaluating policies and technologies that can help you become more secure. For starters, businesses tend to leverage automation solutions to cut out inconsistencies.

3.  Prioritize Data Backups

One of the best ways to protect your business from a potential ransomware attack is to backup data. Ideally, you should remove your critical business assets to dedicated offline storage.  In the event of a ransomware attack, your backups will allow you to restore business operations. Remember that backups are significantly less vulnerable to ransomware attacks because they’re not connected to a network.

4. Roll Out Multi-factor Authentication

Most ransomware attacks gain access via static passwords. With multi-factor authentication, you can secure business accounts throughout the network and thwart attackers with more information.  For instance, a cybercriminal may get the credentials of a user through a phishing attack but it won’t be enough to answer personalized security questions or enter biometric data.

5.  Increase Endpoint Security

Visibility is important when it comes to ransomware defense. Businesses can use EDR (endpoint detection and response) tools to monitor and collect end-point data in real-time and make automated responses.

You can also extend these security solutions to servers, email, networks, and cloud workloads. EDR and XDR solutions come with trigger alerts and offer security controls that allow businesses to detect and respond to threats faster. It also helps businesses improve their threat intelligence efforts.

6.  Track File Activity

Your business should also opt for a FAM (file activity monitoring) solution to create file access protocols for users. FAM also detects unusual file activity and sends immediate alerts. With FAM, you can also receive real-time data and historical data of all folders and files on your network. It allows businesses to isolate infected devices and users in real-time. It makes it easier to investigate and block ransomware activities.

7.  Seek Professional Help

In the digital age, your business shouldn’t be reluctant to seek out professional help. In fact, experts can help you more than just mitigate ransomware attacks – they can help you create an automated incident response to handle cyber attacks. Remember, the last thing you want is to be unprepared and a team of tech experts can strengthen your entire IT infrastructure and network system.

You can reach out to Prescient Solutions to secure your network systems against potential ransomware attacks.