BUSINESS SURVEILLANCE
WHY MOST BUSINESSES HAVE THEIR SECURITY STRATEGY
ALL WRONG
WHEN IT COMES RANSOMWARE
Richard Cassidy , Senior Director of Security Strategy , Exabeam , discusses the recent changes in the cyber landscape and the new strains of ransomware , why companies should not fall into the trap of paying ransom demands ( and the repercussions if you do ) and how to detect and defeat ransomware with threat intelligence .
In an ever-evolving
D cybersecurity landscape , ransomware remains one of the most prolific threats facing modern businesses . Despite a plethora of tools and solutions specifically designed to identify and stop such attacks , a worryingly high number still successfully get through . When they do , they can cause considerable , operational , financial and reputational problems for the victim . We consider how businesses can protect themselves more effectively going forward .
Ransomware resurgence
Ransomware is nothing new . In fact , the first recorded attack took place as far back as 1989 when delegates at a World Health Organisations AIDS conference in Stockholm were targeted with something called the AIDS Trojan . Fast forward a couple of decades and ransomware was almost on the verge of dying out , but a huge resurgence in recent years has seen it return right back to the top of the cybercrime tree .
In the midst of a global pandemic and many economies in a state of crises , you can rest assured that the adversaries are also feeling the strain . As such , there ’ s been a need to diversify income streams with a backto-basics modus operandi of financing , which is , the path-of-least-resistance attack . Cybercriminals have normally offered decryption keys to sensitive data in return for cryptocurrency via anonymous wallet transactions . Once paid , keys are provided ( usually ) and access to data is restored , corporate wounds are licked and the PR machine is in full swing to limit brand reputation damage . Industry has long talked to the need for secure effective backup and disaster recovery programmes to
Richard Cassidy , Senior Director of Security Strategy , Exabeam
ensure Business Continuity , which – in theory – meant organisations could recover swiftly from a ransomware attack and return to normal operations . Unfortunately the very nature of cybercriminals means that we ’ re now seeing data being auctioned on public and Dark Web sites for a princely sum , meaning that even if your organisation can recover from encrypted data through backup and restore , there ’ s no escape from the sinister extortion techniques now being enacted by these groups , often leaving CISOs and boards in a lose / lose scenario when hit by ransomware .
Most businesses don ’ t have a ransomware problem , but a ‘ technology effectiveness ’ one .
62 Issue 30 | www . intelligentciso . com