A few years ago, Cathay Pacific suffered a data security flaw that revealed personal information about an estimated 9.4 million people. In addition to questions about the effectiveness of cybersecurity for all companies, one top international law firm noted another effect: an increase in interest in collective, representative litigation.
Two years later, cybersecurity would once again be in the spotlight as millions of people around the world switched to teleworking during the pandemic. This was the reason why many companies in Europe made them targets of cyber attacks, where their data was encrypted with ransomware.
Ransomware is designed to spread across a network. It is malicious software that infects a computer and restricts access to important user data. Access can only be regained by paying a ransom. The cost of a ransomware attack can run into the millions of dollars per year. incident. Together, they now have a worldwide economic impact of more than $ 20 billion. The number of ransomware attacks increased by 93% last year.
As citizens increasingly understand the value of their data, negligence, abuse, or lack of adequate protection have emerged as a source of potential problems for corporate boards. As the number of class actions and consumer group-led lawsuits grows, the need for optimal protection against ransomware and other cyber attacks that threaten user data and privacy is more important than ever.
The second reason why data and privacy are such critical topics is timing. A recent Trend Micro study showed that Europe remains a very vulnerable region to cyber attacks. Ransomware attacks were high on the lists of cyber threats in the region. At least 88% of respondents indicated that they expected a cyber attack in the coming year where customer data would be compromised.
In the wake of this information, business leaders need to take a proactive stance and be aware of reality: Data breaches are no longer a problem that only exists in a company’s (IT) employees – they are also at the board level. Therefore, it is important that they make sure that the right cyber security measures are in place.
Here are three things to keep in mind when implementing security measures.
Emphasize the importance of cybersecurity training for all
Ransomware can spread through a system like a steppe fire, but it needs an entry point, such as an infected link in an email or attachment. Regardless of their role, every member of an organization has the ability to introduce ransomware into the system.
Thorough, regular and up-to-date training in best cybersecurity practices is the best preventative measure to keep systems safe, so make sure your company’s cybersecurity plan takes care of this.
Keep antivirus and anti-malware software up to date
Antivirus and anti-malware software can help intercept and eliminate the most common ransomware payloads. Like all software, these solutions require regular updates, so make sure they do. When properly installed, the software can keep your business systems secure with minimal downtime and interruptions.
Have a secure backup
If security fails and a company faces a ransomware attack, they can regain access to a system by restoring it from a secure and reliable backup. This saves the company downtime, data loss and paying a large amount of ransom. For example, Veeam’s ransomware protection can recover a company’s data and system with real-time updates and alerts. Before restoring the system, it scans the backup files for malware and offers flexible storage options for a variety of files.
The chances of being hit by a ransomware attack are much higher today than they used to be. However, such an attack does not always have to cost a company a significant portion of its profits. With the right cybersecurity infrastructure and training, companies can prepare and defend against these digital intrusions.
By: Dave Russell, Vice President Enterprise Strategy, Veeam