What Is Ransomware? How To Avoid It In Companies

What Is Ransomware? How To Avoid It In Companies

Businesses must be ready to protect themselves and deal with ransomware attacks. This type of virus has become one of the biggest cyber security threats facing the world today. Cases are only evolving with technological advancement, becoming more and more complex and harmful.

Understanding how ransomware works is the first step in protecting company equipment from this attack. And even with all the protection, if the worst were to happen, you and your team must be prepared to mitigate damage and recover data.

What Is Ransomware?

Ransomware is a malware virus designed to deny a user or company access to files on their device. There are other actions that the attacker can take after gaining access to the computer’s data, but the most common one is to encrypt the files.

After encrypting the files, the attackers send instructions to the victim to make a payment if he wants to restore the data. On the other hand, the price requested by the attackers, which usually involves a high amount, does not guarantee that the data will be recovered.

How Does A Ransomware Attack Work?

The attacker sends the victim an email that appears to be from a trusted source, such as a well-known bank or government organization. This email comes with an attachment or link that, when clicked, generates a download that installs the ransomware on the victim’s device.

Once the ransomware is installed, it encrypts the device’s files and demands a ransom payment to decrypt them. Users are given instructions on how to pay a fee to obtain the decryption key and gain access to the data.

Attackers often use bitcoin or other cryptocurrencies for ransom as they are challenging to track. Businesses hit by ransomware can face several risks, including financial loss, data loss, and reputational damage.

In addition to a phishing email, there are other ways that attackers can gain access to a device’s sensitive data. The different forms are generally more aggressive and exploit computer security flaws to infect them without tricking users with fake emails.

What Damage Does A Ransomware Attack Cause?

There are many threats a business faces when hit with a ransomware attack. One of the biggest dangers is financial damage. Ransom demands can be costly, and if the company doesn’t have the budget to pay, attackers threaten to delete or leak the data.

Even data loss is another severe damage caused by an attack. Ransomware can encrypt essential company files and render them useless. This can generate serious problems for companies, such as the leakage of sensitive data from customers or the company itself, such as passwords and personal identifications.

Ransomware attacks also damage a company’s reputation. If customers discover that their personal information has been compromised, they are likely to trust the business no longer and may even take legal action.

What To Do After A Ransomware Attack?

Your company’s cybersecurity has been attacked, and one or more of your devices have been infected by a ransomware attack; what to do? Information security experts recommend some steps. See what they follow and learn to act prudently in this delicate moment.

Don’t Pay The Ransom

It might be tempting to consider paying the ransom as the quickest way to get the company’s data back, but there’s no guarantee that hackers will unlock the files once you pay them.

Please Turn Off All Devices And Disconnect Them From The Network

Once you’ve identified the offending devices, it’s essential to immediately disconnect the network cable, turn off Wi-Fi, and turn off those devices. There are types of ransomware that spread through a network connection. In such cases, the sooner you disconnect devices, the better the chances of minimizing the attack.

Format And Reinstall The Device

Sometimes, the only way to ensure the ransomware is gone is to format the hard drives and reinstall the operating system and apps on the infected device. This deletes all files, so make sure you have data backups available.

Report The Attack To The Authorities

In some cases, the Federal Police or the National Confederation of Commerce may also receive the complaint.

Reporting helps authorities track down the hackers responsible and protect other companies from being targeted. Leaders can also connect you with experts who can solve your ransomware problem.

Connect With Cybersecurity Experts

Cybersecurity experts can provide solutions to your ransomware issues. Not only do they help with data decryption and recovery, but they can also protect your business from future threats.

Also Read: Encryption: Keeping Your Data Safe!