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Ransomware: What It Is and How to Protect Your Business


Ransomware

What is Ransomware and How does it Work?

Ransomware is a type of malicious software designed to block access to a computer system, files, or data until a ransom is paid. It operates by encrypting files on the victim's system, making them inaccessible, and then demanding payment for the decryption key.


What are the Recent Statistics of Ransomware?

59% of organizations were hit by ransomware last year, a small but welcome drop from the 66% reported in both the previous two years.

While the attack rate has dropped over the last year, overall recovery costs (excluding any ransom payment) have soared to $2.73M, a 50% from the $1.82M reported in 2023.


What are Some Case Studies of Ransomware?

In Q2 2023, the Managed Threat Detection and Response (MTDR) team was made aware of a potential ransomware attack on a customer (“Customer X”). Analysts within our Security Operations Center (SOC) received alerts that the PsExec utility tool was used within the customer’s environment.


Analysts served as vital first responders during the incident, quickly communicating the issue to Customer X and helping them accelerate their time to respond by providing recommendations on how to quarantine the attack and contain the damage.


Strategies to tackle ransomware

What are Some Prevention and Response Strategies?


Prevention Strategies

Educate Employees

Conduct regular cybersecurity training to educate employees about phishing emails, suspicious links, and safe internet practices. Awareness can significantly reduce the likelihood of someone inadvertently downloading ransomware.


Use Reliable Security Software

Deploy and maintain robust antivirus/anti-malware software, firewalls, and intrusion detection systems (IDS). Ensure these tools are regularly updated to protect against known threats.


Implement Access Controls

Restrict user access to sensitive data and systems based on the principle of least privilege. Limiting access reduces the impact of ransomware if a system is compromised.



Response Strategies

Contain and Eradicate

Use antivirus tools or ransomware-specific decryption tools, if available, to remove the ransomware from affected systems. Ensure all remnants of the malware are eradicated.


Restore from Backup

Restore data from backups that were taken before the ransomware infection occurred. Verify the integrity of restored data to ensure it is clean and free from malware.


Report to Authorities

Depending on the severity and impact of the attack, consider reporting the incident to law enforcement or relevant cybersecurity authorities for investigation and guidance.



Conclusion

Ransomware remains a persistent threat, affecting a significant number of organizations despite slight declines in recent years. Prevention through employee education, strong cybersecurity tools, and access controls is critical.


In response to attacks, swift containment, eradication using specialized tools, and secure data restoration are key. Reporting incidents to authorities ensures comprehensive support in managing and mitigating ransomware threats effectively.



ACE Business: Your Partner in IT HelpDesk Support

At ACE Business, we're excited to bring our unparalleled IT helpdesk support services to businesses like yours! As a leading provider of comprehensive IT solutions, we understand the importance of seamless technology operations for your success.

With our expert team of certified technicians and personalized support, ACE Business is committed to:


🔒 Ensuring Security and Compliance: Protect your valuable data and maintain regulatory compliance with our robust cybersecurity measures and proactive monitoring services.


Why Choose ACE Business for Your IT Helpdesk Needs? ✨


🔧 9/5 Support: Access round-the-clock assistance from our experienced technicians whenever you need it, ensuring minimal downtime and maximum productivity.


📈 Scalable Solutions: Whether you're a small startup or a large enterprise, our flexible support plans can scale with your business growth, providing the right level of assistance at every stage.


🤝 Personalized Service: We believe in building lasting partnerships with our clients, offering personalized attention and tailored solutions to address your specific IT requirements.


Ready to Experience the ACE Advantage? Contact us today to learn more about our IT helpdesk support services and discover how ACE Business can empower your success in the digital age.

Let's embark on this journey together towards a seamless IT experience!



For any enquiries, give us a call at 6262 0402 or email us at care@acebizservices.com

Ace Business Services

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