Limiting Ransomware Threats: Three Strategies for CISOs

The growing threat of ransomware attacks has propelled cybersecurity into uncharted territory. Companies facing the daunting pay-or-not-to-pay dilemma have discovered that three strategic approaches can effectively mitigate ransomware. By crafting comprehensive incident response plans, bolstering cybersecurity defenses, and investing in robust data backups, Chief Information Security Officers (CISOs) can proactively thwart ransomware before it escalates into a crisis. Over the past decade, ransom demands have surged from paltry hundreds to staggering hundreds of thousands and, in some cases, even millions of dollars. Given the escalating regulatory demands and potential legal repercussions, the stakes of ransomware attacks are higher than ever. However, there is a beacon of hope amidst this digital onslaught. Enterprises can avert these threats by designing well-thought-out incident response blueprints, fortifying their cybersecurity posture, and embracing the safety net of reliable data and infrastructure backups.

Crafting Comprehensive Incident Response Plans

When ransomware strikes, chaos can ensue, leaving organizations clueless about how to proceed. A premeditated incident response plan is a beacon of light in such darkness. Companies must anticipate ransomware events and design a cohesive strategy that designates roles and responsibilities, establishes communication protocols, and outlines recovery tactics. This preemptive measure ensures that stakeholders are prepared, having practiced the plan, which enhances the efficiency of disaster recovery. Such programs must encompass three pivotal attack vectors: data and system encryption, theft, and harassment. As statistics reveal, instances of data theft and harassment have risen substantially, highlighting the necessity to address all fronts. To succeed, companies should train their staff, rigorously test the plan, and rectify any shortcomings. As noted, the companies that rebound fastest from ransomware attacks have invested in practicing their response plans ahead of time.

Bolstering Cybersecurity Defenses

A fundamental facet of evading ransomware attacks is bolstering cybersecurity fundamentals. The aim is not impenetrability but rendering attacks unprofitable for cybercriminals. A multi-layered approach is crucial, supplemented by endpoint detection and response measures, cloud security gateways, identity analytics, and network detection and response. Establishing a multi-factor authentication system and data encryption forms the cornerstone of this strategy. However, organizations often falter in this aspect. An illustrative case involves an educational institution with robust encryption measures for potential encryption events but lacked preparedness for a second ransom involving data leakage threats. This incident underscores the importance of addressing multiple contingencies and encrypting sensitive data. Once overlooked, data security is now emerging as a crucial discipline, mainly due to regulations like GDPR and CCPA.

Embracing Robust Data Backups

Ransomware perpetrators primarily aim to compromise valuable data and incapacitate backups. Companies must counteract this by adopting dual-pronged backup strategies. Cloud-based backups, disconnected from the primary network, and offline tape backups offer comprehensive protection. Additional layers of authentication, such as multi-step verification, can ensure the backups remain secure even if domain credentials are compromised. Immutable backups, resistant to overwriting or deletion, offer another line of defense. While large enterprises adopt this strategy, smaller firms often neglect it, leaving them vulnerable. A staggering 99% of organizations had backups when hit by ransomware, but only 16% fully recovered data after paying the ransom. These statistics indicate the need to enhance backup implementation and security protocols.

Ransomware is a dangerous threat that demands proactive strategies to prevent it from escalating into a crisis. Chief Information Security Officers can harness the power of incident response plans, fortified cybersecurity defenses, and robust data backups to thwart ransomware attacks effectively. In this rapidly evolving digital era, embracing these strategies is not merely advisable – it is essential for safeguarding the data-driven future of enterprises. At SpearTip, our incident response planning engages a three-phase approach, including pre-incident, active, and post-incident planning processes. In the pre-incident aspect, SpearTip will identify key stakeholders and decision-makers, critical data, and potential access points and then engage in a live test, after which we offer remediation guidance. To benefit companies team during an incident, we assist in developing a communications plan designed to quickly detect and isolate the precise threat with a customized strategy map. The post-incident planning process development includes root cause and investigative audit, improvement analysis, and backup recovery.

If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.