Ransomware gangs are recognised by the UK government as the greatest cybersecurity threat to enterprises across the country. At best, ransomware attacks can inconvenience firms and disrupt their daily processes and customer services, but in the worst-case scenarios they can result in devastating data breaches with far-reaching consequences to companies and those associated with them.
Ransomware is classed as crypto malware. Once unleased on a company’s network, it can lock authorised users out of data and operating systems making it impossible for firms to function. To regain access to their digital assets, businesses are forced to pay exorbitant sums in crypto currency. However, if firms refuse to pay, attackers will threaten them with the disclosure of private data that is taken during the attack.
In this blog, we will look at why keeping regular backups and employing data encryption can help companies deal with ransomware attacks and avoid being unable to access their data, paying ransoms or fines to data regulators when a breach occurs. Read on to find out more.
When a ransomware attack strikes, the data and operating systems used by a firm are encrypted by threat operators. Without the correct decryption key, the company cannot view or use any of their information or applications. As a result, they cannot conduct business until the issue is resolved, harming productivity and profitability.
However, if a company has kept to a rigid schedule for backups, they can simply restore their data and systems immediately. While a local backup could become encrypted by attackers if it is connected to the network, providing that the firm has saved copies of all their work and systems meticulously to an off-premises drive or securely in the cloud, they can return to normal operations without ever paying a ransom.
Modern ransomware gangs are wise to backups beating their attacks and now employ a tactic called double extortion. When they invade a firm’s systems to encrypt their files, they steal any private files left unprotected for use as a leverage later. If the company refuses to pay the ransom requested, they threaten to leak the data online on the dark web. To avoid the disclosure of company secrets, private communications, or files containing data on staff, partners and customers, many firms fold and pay the amount they are asked for.
If companies secure their emails and files with data encryption, this tactic can be foiled. Data encryption efficiently scrambles the contents of communications and digital documents, ensuring that no unauthorised individual can view, edit, or delete them. As a result, any data taken in an attack will be utterly useless to the ransomware gang. Additionally, because the information is adequately protected, firms will have no fine to pay to regulators and no data leak to deal with.
Employ encryption now
If you’re ready to protect your company from ransomware attacks with cutting-edge encryption, we can help. Contact Galaxkey today for a free trial of our robust three-layer solution approved the by the National Cyber Security Centre (NCSC).