Worried about Ransomware threats in your business?

July 3, 2024

Candidate data and financial records are right at the core of your business. Without those your business comes to a halt. Imagine arriving into the office one morning, to find that all of these and other important files are locked down with no way to access them. Then a message pops up demanding a ransom fee to unlock them. If you’re worried about ransomware threats then read on.

That’s ransomware in a nutshell. It’s a type of malicious software that hijacks your data and holds it for ransom.

Where do ransomware threats come from?

It usually starts with an innocent-looking email or link asking you to click on a link or open an attachment.

Known as a phishing email, the sender appears to be completely genuine but it isn’t all it appears to be. Once you click, malicious software is silently installed on your system. From there, the cyber criminals can quickly go to work, encrypting your files so you can’t access them.

Then, you get that dreaded ransom message, demanding payment in exchange for a decryption key to unlock your files. In the midst of panic, it’s all too easy to think you’ll just pay up, so you can get your business up and running again.

Should I pay the ransom?

However, paying the ransom is a risky move because there’s no guarantee you’ll get your data back. If anything it just encourages the attackers to target more victims.

These cyber criminals are running a business. This isn’t something they do in their spare time. They are making millions out of launching these attacks and holding businesses to ransom.

In 2023 attacks surged after a two-year decline with a huge increase in ransomware incidents, breaking a six-year record.

One reason for this increase is the rise of something called Ransomware-as-a-Service (RaaS). This model lets cyber criminals “rent” ransomware tools, making it easier than ever for them to launch attacks.

Because of this, more businesses are finding their sensitive data appearing on websites where such data is made public or sold illegally. There was a 75% increase in the number of victims between 2022 and 2023.

Cyber criminals are getting smarter. They’re developing new variants of old ransomware, sharing resources, and using legitimate tools for malicious purposes.

They’re also working faster, often deploying ransomware within 48 hours of gaining access to a network. They tend to strike outside of work hours, such as when you’re tucked up in your bed, so they’re less likely to be noticed.

So, if you are worried about ransomware threats, then that’s absolutely understandable. After all, it can bring your business to an immediate halt and in some cases to irreparable damage.

What happens if I get attacked by ransomware?

If your business falls victim to a ransomware attack, the consequences can be devastating. The financial losses can be significant. It’s not just the ransom itself but also from the cost of downtime and recovery.

There’s also the high risk of losing critical data if you can’t decrypt your files.

Which then leads to the reputation you have with your clients and candidates. That could be affected if they find out their information was compromised.

And your business operations could be severely disrupted, affecting your ability to serve your clients at all.

How much time and money would be lost if no one in the business could do any work and then your clients handed in their notice because they’d lost trust in you?

The most important question then:

How can you protect your business from ransomware threats?

Education

Start by educating your team with cybersecurity awareness training. Make sure everyone knows how to spot phishing emails and avoid suspicious links and attachments. Not only that but they know how to report if they think they’ve clicked on a suspicious link. The quicker it can be reported, the quicker it can be dealt with.

Regular Back ups

Ensure you are regularly backing up your critical data and securely store those backups offline. It’s important these backups are also checked on a regular basis to see if the data can be restored

Staying up to date

Keep your software and systems up to date with the latest security patches, and invest in strong security tools

Limit Access to your Data

It’s also important to limit access to your data. Only give employees access to the information they need for their jobs

Network Monitoring

Proactively monitoring your network for unusual activity and having a plan in place to respond to incidents quickly is key

If you do get hit by a ransomware attack, don’t panic and as mentioned above. Don’t pay immediately.

Work with cyber security experts (like us) to resolve the issue. We can speak to the relevant authorities and walk you through the right steps which include your insurance company.

What happens if I get attacked by ransomware?

There’s also the high risk of losing critical data if you can’t decrypt your files.

Which then leads to the reputation you have with your clients and candidates. That could be affected if they find out their information was compromised.

And your business operations could be severely disrupted, affecting your ability to serve your clients at all.

How much time and money would be lost if no one in the business could do any work and then your clients handed in their notice because they’d lost trust in you?

The most important question then:

Should I be worried about ransomware threats?

To answer simply. Yes, you should be aware of ransomware and the impact it can have on your business. However investing in the right security solutions for your business and implement best practices can result in you feeling less worried about ransomware threats.

Here at Iron Dome, we help businesses take proactive action to protect their data and ensure they have the right things in place to protect from any cyber attack.

If we can help you, get in touch.

As an National Cyber Security Centre (NCSC) assured service provider we can help support your business on your cybersecurity journey. We are on a mission to help all businesses be protected and remove the hurdles and complexities that can come with cyber.

Your Business’s Security, Our Priority: The Iron Dome IT Commitment

At Iron Dome IT, your business’s security is our top priority. We’re committed to providing you with the highest level of protection, ensuring that your digital assets stay safe from cyber threats.

Our dedicated team works tirelessly to stay ahead of any potential risks, offering tailored solutions to fit your unique needs.

With Iron Dome, you can trust that your security is of vital importance to us and is in good hands, allowing you to focus on your business with complete peace of mind. Choose Iron Dome IT and schedule a cyber security assessment today.

FAQs

What advanced cyber security services does Iron Dome IT offer to Surrey businesses?

Businesses face cyber attack threats such as malware, phishing attacks, ransomware, data breaches, and insider threats, among others. Cloud security, network security, physical security measures, and endpoint security are some of the most critical aspects.

How do Iron Dome IT’s strategies differ from basic cyber security measures?

Can Iron Dome IT’s cyber security solutions be customised for different industry sectors in Surrey?

What are the tangible benefits for Surrey businesses adopting Iron Dome IT’s advanced security strategies?

How can Surrey businesses get started with enhancing their cyber security with Iron Dome IT?