Ransomware security strategy, should your organization have one?
Ransomware is a type of malicious attack designed to deny access to files until a ransom is paid. The attackers hope for payment of the ransom in Bitcoins. Paying the ransom, however, is just one of the options and certainly not advised by security experts. There are many risks attached to paying the ransom.
• Firstly, the files may have been corrupted by the attack. Hence, there is no guarantee that paying the ransom will enable you to use all your files.
• Secondly, there is no guarantee that the files will not return to the encrypted unusable state shortly after the code is entered.
• Thirdly, the attack software is on the infected systems of the organization, meaning open-door access to the systems and may encourage other attackers as well.
The ransomware attacks are also accompanied by the threat to publish the victim’s data. Unfortunately, ransomware attacks have been increasing in 2019 and according to experts, are expected to continue to increase in 2020.
Phishing
Ransomware is but one of the many cyber threats. Many years ago, there used to be mostly just computer viruses. However with the continued developments in technology, many new threats surfaced. Another common threat is phishing.
Phishing is a form of attack where the hacker tries to trick the victim into clicking a malicious link, by doing so, the victim may download an infected attachment or divulge sensitive / confidential information.
In 2019, one-third of data breaches involved some form of phishing. Voice phishing or ‘vishing’ is a form of phishing carried out by phone. Most vishing attempts are directed attempts to get the victim to reveal information like PINs, credit card details, and passwords. The hackers then use those details to access online accounts and steal information or money. Another form is SMS phishing or ‘smishing.’ Smishing is becoming a more popular form of phishing, partly because people increasingly rely on smartphones in both work and personal lives. For instance, many organizations and individuals in the Dutch Caribbean use smartphones for banking, or human resource purposes, and other applications connected to the organization’s server, data and sensitive information. Another form is spear phishing which is a targeted form of a phishing attack, usually directed to seek financial gain or valuable inside information. Hackers adapt their methods to reach a specific victim. Spear phishing attacks are rarely random.
Recent data breaches
While small organizations are more vulnerable to attacks, large enterprises are prone to attacks as well. Large data breaches resulted in the last couple of years from attacks on well-known technology giants in the world. Examples of these large data breaches occurred at Yahoo!, Marriott, Facebook, Target, eBay, LinkedIn, JP Morgan Chase, and Uber. When faced with an attack, organizations most likely acquire the help of specialists in cybersecurity. Depending on the strength of the organization’s security and preparedness, the organization may or may not have a few response options.
How we can help
Grant Thornton Aruba can help you with an audit of the network, server, infrastructure, and endpoint security. Assess and recommend, or guide the development of security awareness, data encryption, data breach response policy, business continuity and disaster recovery plan, password construction and protection policy, security response plan, end-user encryption key protection, mobile device encryption, remote access and tools policy, router and switch security, wireless communication policy, database security, technology equipment disposal policy, audit trails, software installation security policy, application security, and risk assessment and management.
Security response plan
A security response plan is essential in minimizing downtime and potential losses. Losses that an organization may face upon an attack include loss of sales, loss of customers, reputational damage, costs in redressing security, rebuilding and recovering company data, claims, and fines. Ideally, preventive security measures in place should deter and minimize attacks. However, realistically with new technology developments and an increase in endpoints, security risks increase as well. Don’t wait until it is too late, the potential losses faced upon an attack outweigh by far the costs of adequate security measures.
For more information you can contact
Giacomo Petrocthi, +297 592 5599, or giacomo.petrocthi@aw.gt.com
Edsel Lopez, +297 522 1647, or edsel.lopez@aw.gt.com