Just when the cyber security industry began to think it understood how ransomware attacks and cyber criminals worked, they evolved and taken on a new strategy. Instead of battling a single group of attackers, companies are now faced with different groups that are working together to establish ransomware team attacks. More than ever before, it is essential to weigh cyber insurance costs, think about what to expect when paying ransomware attackers, and make sure that your company data and network are protected from potential disaster.
Changes in the Ransomware Industry
Cyber criminals have learned how to monetize their attacks against businesses of all sizes in recent years, not just by holding essential data for ransom, but also by working together to form groups or gangs. Ransomware team attacks involve the bringing together or collaboration of various individuals and networks for a common, shared goal. Unfortunately, for the victim, this means not knowing if paying ransomware attackers will halt the attack and return access or if additional pressure or exploitation might occur due to the different groups involved. Instead of dealing with a single group, a company might be up against several different criminal organizations, putting them further at risk.
Technology experts, however, believe that this new collaboration might be a sign that things are continuing to destabilize within the criminal element of ransomware hackers. If multiple individuals or groups all gain access to stolen data and passwords at the same time, it would undermine the purpose of extortion and lessen the chance that the ransom would be paid. Cyber insurance costs are on the rise, as well, making it even more less likely that the criminals would be able to get what they want in this type of situation. Unconnected individuals working together might seem like a more severe attack, but it could just as easily all fall apart if they are unable to trust each other to get the job done right.
How Ransomware Team Attacks Work
If you have not fallen victim to a ransomware attack, you might not know what to expect or understand what needs to be done. Extortion is key when it comes to a “successful” ransomware attack for a cybercriminal. They take your company’s essential data and then threaten to leak it on the dark web where consumer financial accounts will be compromised or proprietary data would be released to the public. For the most part, the ransomware industry handles these types of extortion situations as a business transaction, delivering the data or access to the networks back to the victim once the monies have been paid.
Experts say that companies should communicate with the attackers to make sure they know exactly what they are paying for when paying ransomware attackers. Some of the issues surrounding these types of situations is that the criminals will then change the terms of the arrangement after they have been paid and fail to live up to their end of the bargain. The more frequently that companies pay the extortion costs to these threat actors, the more cyber insurance costs will rise. Most small businesses are unable to pay the ransom, which is why they contract with cyber insurance companies. Larger organizations may be able to pay, so the criminals are getting their demands met either way.
Prevention is Key
Whether these criminals are organizing ransomware team attacks or going back on their promises to return stolen data, none of it matters if you are able to prevent these types of attacks in the first place. Not only will you save on cyber insurance costs, ransom payments, and strategic delays or irreparable harm to your organization, but you will also be able to safeguard your data and network access more effectively. At Synivate, we help our clients to properly set up tools and features designed to deflect ransomware team attacks and enhance network security services. Whether you require 24/7 monitoring and management services or would like to get security training for you and your team, we can help.
A proper backup and recovery system, segregated network, security education and support for staff, as well as a powerful IT solution can help keep these criminals out of your network and away from your sensitive data. Business continuity is essential in this day and age, as well as protecting your customers from potential data threats. Certain industries may have even more requirements for data safety and protection, including healthcare, education, and public safety. You and your company need to become more proactive to prevent these types of attacks from ever happening in the first place.
What is Ransomware Protection?
One of the many innovative technology solutions and services that we offer at Synivate is Ransomware Protection. Studies show that more than half of all business in the United States have been impacted by ransomware team attacks and other types of extortion attacks. Hundreds of millions – if not more – of dollars have been lost by paying ransomware attackers.
What you need to know about ransomware:
- A malicious software package, ransomware is designed to block access until monies are paid
- Ransomware enters your system via an infected computer by email or clicking on a web link
- Once the link is clicked, the software package is downloaded and executed on the computer
- Access to files, folders, and essential data is locked, preventing the owner from having access
- Cybercriminals use an encryption algorithm to achieve this type of lockdown for data
What you can do to maintain access to your data:
- Set up a backup and recovery system via locally-stored and cloud-based storage
- Make sure your backup system is fully operational and easy to access following an attack
- Regularly test and check the backup and recovery system for effectiveness
- Work with a company like Synivate to monitor and manage your network 24/7
The Cost of Ransomware Attacks
If your company was to become the victim of a ransomware attack it could cost you more than you realize. Not only would you have to consider cyber insurance costs and paying ransomware attackers, but you might also lose out in other ways. According to industry experts, the average cost in break/fix support and lost productivity is approximately $750 per impacted device. Ransomware Protection is better than the average Cyber Insurance program because it is designed to prevent such an attack from ever happening.
Some of the ways that we can protect you from ransomware team attacks include:
- Establishing a spam email filter to block malicious email servers
- Installing a Managed Secure Firewall to block malicious servers
- Filtration of Website Content to block malicious links
- Enabling and continued management of anti-virus software to block known viruses
- Managing anti-malware programs to prevent the malware from running in the first place
- Employee education programs and ongoing support
- Management of patches and updates of known flaws and exploits
Without all of these layers of protection in place, you and your organization would be left vulnerable to paying ransomware attackers or losing crucial data. Your company could potentially experience multiple weeks or months of downtime. When the infection of ransomware team attacks reaches a computer, it must be erased completely and a new operating system must be re-installed, as well as all software and apps be reloaded. Files need to be restored from the secure backup and recovery, and your IT team needs to update end user verification. This can mean hours of dedicated time just for a single computer or department.
Contact Synivate for a FREE Evaluation
If you are interested in protecting your business from advanced ransomware team attacks, contact our team today to learn more about what we can do to help. Business continuity, network security services, 24/7 monitoring, comprehensive management, unified communications solutions, and more are all just a phone call away. We are based in the Greater Boston area but provide our professional services to businesses across the country and around the world. Don’t put your hard work at risk or take a chance on paying ransomware attackers and cyber insurance costs. Contact Synivate by calling 617-517-0705 and speak with one of our knowledgeable technicians about what we can do to help. Let’s get started with a FREE evaluation so we can identify the areas that require the most support and offer valuable solutions that will help you to achieve your technology and network security goals.