Technology provides businesses with unparalleled opportunities for expansion, convenience, and more. But those benefits can come with drawbacks. Therefore, preparation is the key to avoiding major disruptions to your organization.
Ransomware attacks increased sevenfold in 2020, with no signs of slowing down. The malicious programs have become more sophisticated. They are increasingly difficult to detect or eradicate. Hackers who exploit business systems with ransomware know that they can demand large payouts and/or cause maximum damage with their nefarious programs.
Over the past year, attacks on organizations such as the Colonial Pipeline and Ireland’s healthcare system demonstrated that no system is immune from ransomware. And that the financial damage can total millions of dollars.
It’s not just large organizations that are targeted by ransomware; smaller businesses are just as vulnerable. In fact, many hackers recognize that smaller organizations might be easier to infiltrate, even if the potential payoff won’t be as lucrative.
Protecting your business operations and customer data is of paramount importance. In addition, you might face legal and regulatory pressures regarding board oversight of your ransomware response.
In the event of a ransomware attack, your organization must be poised to respond rapidly. The first 48 hours are the most critical following an attack; therefore, your organization must be poised to deploy the following elements of a response:
- Breach response team that has been trained and prepared well in advance of an attack, including members from senior management, forensics, information technology and security, and legal experts
- Damage assessment to diagnose the origin and extent of the problem within the system
- Preservation of log files to prevent log removal or overwriting
- Isolation of damaged systems from the network to prevent the problem from spreading
- Forensic imaging of damaged systems to aid in forensics investigation
- Secure backup files so that business operations can resume as quickly as possible
- Assessment of legal and regulatory issues at the state, federal, and international levels
With over 17,000 devices detecting ransomware infiltration each day, organizations have no time to spare. Prepare a comprehensive response strategy now and protect your business operations and reputation in the event that your systems are targeted. Call our business planning attorneys to discuss legal and regulatory issues related to ransomware attacks. We can advise your team how to develop an appropriate and swift response before an attack ever occurs.