How to Fortify Your Company Against Ransomware and Cybersecurity Threats

Cybersecurity has rapidly become a critical concern for numerous organizations. Besides the financial implications of a cyberattack, companies recognize the erosion of customer trust can severely damage a brand's image.

However, despite recognizing the very real threat posed by ransomware attacks, many organizations assume they're unlikely to be targeted. Consequently, many businesses fail to establish the right security protocols.

The reality is, though, that statistics are on the rise for organizations being targeted by ransomware. With so many companies scaling their operations into the cloud and quickly expanding their digital attack surfaces, the likelihood of an attack on their business is higher than many think.

Breaking Down Today's Cyber Threat Landscape

Today's threat landscape is a completely new, and still very much evolving, digital frontier. Although most organizations recognize common security threats such as phishing and ransomware, new attack vectors emerge daily.

By the close of 2023, projections suggest that over 33 billion accounts will have been compromised. This would equate to a cyber breach happening every 39 seconds. If this pace continues, the financial toll of cybercrime could easily soar to $10.5 trillion by 2025.

As technology evolves, cybercriminals have also stepped up their game, employing increasingly sophisticated methods to target enterprises. Some of these techniques include:

• Generative AI-enabled attacks

• Fileless attacks

• Cryptojacking

• Ransomware as a service (RaaS)

• Zero-day exploits

While some of these attacks aren't necessarily new threats that businesses face, the efficiency and sophistication in which they are executed should give businesses cause for concern.

The Hidden Threat of Business Complacency

Although certain threats are hard to predict and guard against, there is one major factor that puts businesses at a higher risk than others - complacency. Because there are so many organizations that still assume their business model wouldn't attract cybercriminals, many companies are more vulnerable than they should be.

Neglecting cybersecurity in an organization can be likened to leaving your car doors unlocked overnight. Will your car be stolen by the morning? Probably not. But the risk of losing your vehicle increases the longer you let it stay unsecured.

For businesses today, cybercrime has become a numbers game. Given the widespread use of AI technology, the reach and pace of cyber attacks have now significantly increased. This improved efficiency suggests that over the next few years, most businesses are likely to face significant threats at one point or another.

Essential Steps to Fortify Your Business

Improving business security can be a challenge for many organizations, particularly those that are balancing limited budgets with other high priorities. However, to ensure your organization stays safe, it's essential to implement the right strategies to mitigate threats successfully.

Take a Proactive Approach

Taking a proactive approach to cybersecurity planning is a key contributor to building a more sustainable business infrastructure. This all begins by understanding the importance of regularly keeping systems and networks up-to-date and avoiding the common mistake of having a set-it-and-forget-it mindset for IT implementations.

One way to ensure that you're following best practices in both how you implement security controls and maintain them over time is through a SOC audit. SOC (System and Organization Controls) audits are comprehensive reports typically created by a third-party auditor that give you a thorough assessment of how your organization's security stacks up against industry-proven standards.

Using the findings from these reports, businesses can start taking a systematic approach to filling in relevant gaps in their security preparedness. This may include implementing important access control policies and hardened security protocols across all of their networks and connected systems.

Regular Data Backups and Disaster Recovery Planning

While businesses may put significant time and resources into avoiding common cyber threats, the reality is that no amount of security a business invests in is completely impenetrable. Ensuring that your business has backups of important data and a structured ransomware recovery plan in place is crucial.

Many organizations might find it challenging to know what initial steps should be taken when responding to dangerous threats like ransomware. This is why collaborating with external cybersecurity specialists and managed service providers can be invaluable. They have the expertise to guide businesses in building a clear path when recovering from a breach

Invest in Cybersecurity Training and Support

A lot of companies struggle with budgetary constraints and staffing shortages when wanting to set up in-house cybersecurity teams. Given the current shortage of skilled cybersecurity experts in the market, it's essential for companies to keep gradually improving their knowledge and understanding of cybersecurity best practices.

Employees often serve as the initial barrier against security threats, particularly when faced with challenges like phishing emails and other social engineering tactics. This makes providing them with adequate training so they can recognize these threats as they surface essential.

Working with outside partners can help bridge this knowledge gap within organizations and provide a holistic approach to making business security everyone's top priority.

Managed services providers also provide a much more scalable solution to long-term business security than hiring dedicated staff. As your business grows or changes its operational status over time, you're able to scale up or down your cyber defense as needed without having to sacrifice performance.

Keep Your Business Cyber Ready

No business wants to think they'll fall victim to a cyber attack. However, without the right strategy in place, even minor security breaches can lead to costly consequences. By taking the time to put proactive security protocols in place and investing in the right partnerships and solutions, you'll ensure your organization is ready to tackle any threat it might face.

Author Bio:
Nazy Fouladirad is President and COO of Tevora, a global leading cybersecurity consultancy. She has dedicated her career to creating a more secure business and online environment for organizations across the country and world. She is passionate about serving her community and acts as a board member for a local nonprofit organization.
Linkedin: https://www.linkedin.com/in/nazy-fouladirad-67a66821