Ransomware, as defined by CISA, is a developing form of malware which is specifically designed to encrypt files, making all the processes and systems that depend on them unstable and vulnerable.
One thing about ransomware is that it does not only impose threats on the security of the business processes of an organization — but also its financial status as masterminds behind these threats demand ransom in exchange.
According to Gartner, “by 2025, at least 75% of IT organizations will face one or more attacks, as free-rein researchers document a dramatic increase in ransomware attacks during 2020, pointing to sevenfold or higher rates of growth”. What’s even more alarming is the fact that these attacks designed to threaten organizations, no matter the size and no matter what industry they belong to, are targeting the backup data and administrator functions — a company’s last line of defense.
Sometimes, organizations fail to recover fast which leads them to paying the ransom. Aside from the financial damage the threat has caused, they also have failure in revenue, loss of data, disruption of productivity and the worst, damage in reputation which can take years to recover from.
A holistic, multi-level strategy is the key to securing an organization’s data when attacks occur and an organization’s front line defenses are breached. But what does that involve and how do IT professionals ensure their cybersecurity strategy remains robust in this ever-changing threat environment?