In today’s interconnected digital landscape, the threat of ransomware looms large, and the consequences of an attack can be devastating for any business. The common misconceptions of “ignorance is bliss” or relying solely on optimism for defence can leave your organisation vulnerable. It’s time to be proactive and understand that safeguarding your data is not just a technical concern but a strategic imperative.
Ignorance is never bliss
Cyber Security attacks are not a matter of “if” but “when.” Ignoring this reality can be a costly mistake. The prevailing sentiment of “it’s too expensive” or “can’t be bothered” is a risky stance to adopt. Recognising the threat is the first step towards effective defence.
Regulatory mandates for mitigation
Regulators mandate that certain companies take necessary steps to mitigate the risk of ransomware attacks. But compliance is not just a legal requirement; it’s a crucial aspect of responsible business operations. We now live in a world where putting your faith in blind hope is just not a wise thing to do.
Assessing your risk
Understanding your risk is fundamental. Consider your risk appetite and evaluate the cost of being out of business. Conduct a comprehensive risk assessment that includes:
- Cost of Downtime
How reliant are you on your systems, and what is the actual cost of downtime? For high transactional businesses, the impact is not just financial but also extends to brand control, customer trust, and long-term revenue.
- Nature of Data
Identify the nature of your data, its location, and how best to protect it. Ransomware not only locks your data but can result in data theft. Having multiple offline backups ensures you have a safe copy to recover from if an attack occurs.
- Detection and Defence
Being alive to the threat means having your radar on at all times. Invest in robust detection mechanisms to identify and respond promptly to any potential breaches. Remember, attackers are after the money, and better defences make your business a less attractive target.
Strategic defence: NIST Framework
Adopting a strategic defence is essential, and the National Institute of Standards and Technology (NIST) framework provides comprehensive coverage. By working with customers and operating as an extension of your business, we can enhance your defences and adhere to the most well-known standards in the industry.
Learn from the past: Travelex’s New Year’s Eve attack
Reflect on real-world examples like the Travelex ransomware attack, where the impact was not only financial, but also tarnished the brand, leading to the company going out of business. Travelex’s ordeal started on New Year’s Eve 2019/20, resulting in over a month of disruption, 1,300 staff losing their jobs and despite reportedly paying a $2.3m ransom, the business fell into administration a few months later.
In conclusion, ransomware defence is not just a technical challenge; it’s a strategic imperative for businesses of all sizes. Being aware of the threat, understanding your risk, and implementing a robust defence strategy are key to mitigating the potential impact of ransomware attacks on your organisation.
