In the face of escalating cybersecurity threats, businesses across all sectors must heed the call against the growing menace of ransomware. This destructive form of malware encrypts files and extorts a ransom to restore access, is wreaking havoc on a broad range of UK industries. Here’s why all Businesses must take swift and decisive action against ransomware.
The Stakes are High
Ransomware is not only increasingly sophisticated but also incredibly expensive. Recent statistics estimate the average cost of recovery from a ransomware attack in the UK is a staggering £1.6 million. 1 And shockingly, the ransom typically represents a mere 20% of the overall cost.
Partial Data Recovery
Even after paying a hefty ransom, businesses often do not regain full access to their encrypted data. Only 8% of companies that pay the ransom retrieve all of their data, adding another layer of complexity to deciding whether to pay. 2
Ransomware attacks cause significant operational disruptions, with an average downtime of 22 days. 3 This protracted interruption in service can lead to missed business opportunities and eroded customer trust.
Reputational and Financial Blow
The fallout of a ransomware attack extends beyond immediate financial loss and operational disruption. The reputational damage can have long-lasting effects, leading to lost business after the incident. Moreover, non-compliance with data protection regulations, such as GDPR, can result in substantial financial penalties.
Existential Threat to SMEs
A ransomware attack can spell disaster for small and medium-sized enterprises (SMEs). Statistics reveal a chilling fact: 60% of SMEs hit by ransomware go out of business within six months of the attack. 4
The facts are scary, but with a well-thought-out and robust defence, businesses can make the change that turns the tide against the ransomware threat.
Why Endpoint Detection and Response (EDR) is Critical in Ransomware Defence
In the fight against ransomware, having the right tech is essential. One of the most effective tools is Endpoint Detection and Response (EDR). EDR systems provide real-time monitoring and detection of threats on endpoints – computers, mobile devices, and servers – within an organisation’s network.
Here’s why EDR can prove instrumental in combatting ransomware:
- Early Detection: EDR systems are designed to identify unusual activity, such as an unfamiliar script running or sudden encryption of large amounts of data, indicating a possible ransomware attack. By detecting these signs early, EDR can halt the attack before the ransomware spreads throughout the system.
- Automated Response: Upon detecting a threat, EDR solutions can automatically isolate affected endpoints to prevent the spread of the infection. This quick and automatic response is crucial in limiting the damage caused by a ransomware attack.
- Investigation and Remediation: EDR tools provide detailed forensic data about the ransomware attack, helping organisations understand the attacker’s methods and better prepare for future threats. Some EDR solutions can even roll back affected systems to their pre-infection state, effectively undoing the damage.
- Comprehensive Visibility: EDR solutions offer a panoramic view of your network, helping to identify vulnerable points that ransomware may exploit. This visibility can help businesses enhance their overall cybersecurity posture.
- Compliance Support: By providing comprehensive logs of cyber incidents, EDR can help businesses demonstrate their due diligence in implementing robust security measures, supporting compliance with data protection regulations.
While traditional antivirus relies on known signatures to identify cyber threats, EDR can detect unknown and new threats, including ransomware attacks. This means investing in EDR technology is a smart move for any business serious about its cybersecurity.
When it comes to ransomware defence, early detection and rapid response are critical. That’s precisely what EDR delivers.
Planning your overall Cybersecurity Defence Strategy
EDR is only a part of how you can prepare your business. Here’s our rundown of the crucial elements of a cybersecurity strategy.
- Promote Cyber Hygiene: Basic practices such as strong, unique passwords, regular software updates, and frequent data backups can significantly reduce the risk of ransomware attacks.
- Invest in Security: Use AI and machine learning-based threat protection solutions to detect and neutralise ransomware threats in real-time.
- Develop a Response Plan: Prepare a comprehensive incident response strategy outlining the roles, responsibilities, and communication channels to follow if an attack occurs.
- Regular Audits: Perform cybersecurity infrastructure audits and penetration testing to uncover and address vulnerabilities before hackers exploit them.
- Train Your Team: Make cybersecurity awareness a part of your company culture. Train your employees to recognise and avoid potential phishing attempts, thus reducing the chances of a successful attack.
Investing in a robust cybersecurity defence strategy isn’t just good business practice; it’s a survival imperative for every business. The statistics make it clear: ransomware poses a substantial threat, but prevention can significantly reduce its potential impact. Safeguard your business today for a secure tomorrow.
SoConnect’s cybersecurity bundles have got you covered.
It’s safe to say we know a thing or two about the fight against ransomware and other cybersecurity threats. Download our Cybersecurity Bundles brochure to see how we can help you on the way to cyber resilience!
EDR is a crucial component of our security packages. We can help you build an effective cybersecurity strategy no matter where you are in your journey. If you want to learn more, fill out a form here, call us on 03332401824 or email firstname.lastname@example.org.