With ransomware accounting for almost 27%Opens a new window of the malware attacks this past year, a ransomware incident response plan is critical for your cybersecurity strategy, explains Ashley Lukehart, founder and co-owner of Parachute. Â
Ransomware is malicious software that is designed to lock the infected computer device or encrypt its data. Ransomware victims are then asked to pay a ransom ( often in bitcoin) for the decryption key. But here’s the catch: the attack could be purely destructive, without any decryption key (remember NotPetya?). Or, cybercriminals may get a hold of your data and keep blackmailing you despite fulfilling the ransom demand.Â
When it comes to the ransomware epidemic, prevention is easier than cure. But let’s be honest, even the next-generation firewalls and endpoint protection can’t guarantee foolproof protection. And that is why you need to have a ransomware incident response plan. Â
Why Do You Need a Ransomware Plan?
A ransomware plan can effectively prevent or contain the threat, mitigate its effect and ensure business continuity. It will include all the tools and strategies for protecting corporate networks and endpoint devices, end-user awareness, and patch management.Â
If you’re still not convinced, here are the top five reasons why you must invest in a ransomware incident response plan in 2021:
1. Data backups are not enough
In 2021, you can no longer solely rely on scheduled data backups. The new wave of double extortion ransomware attacks allows threat actors to encrypt and exfiltrate critical data. They can then threaten to expose it and maximize the chances of ransom payment.
At best, a comprehensive ransomware plan can prevent a ransomware attack. At worst, it can prepare your information security team for early detection and outline a course of action for containment – such as taking the infected computer offline to limit the spread of ransomware through the entire network.
2. Targeted ransomware attacks on the horizonÂ
Conventional security controls are no longer enough to tackle the bolder and meaner ransomware variants. Targeted ransomware attacks go beyond typical phishing emails that prompt random users to download malicious executables. Instead, attackers choose lucrative targets and deeply evaluate the network environment and security loopholes before launching an attack.
Rapid incident response will be your only defense against such sophisticated ransomware attacks. A ransomware plan will detail the procedures that must be followed, enabling your staff to mobilize a coordinated response without giving in to the chaos.
3. To pay or not to pay?
Cybersecurity experts and the FBI are strictly against fulfilling or negotiating ransom demands. But realistically, there could be situations where paying may be the only option. For instance, a ransomware attack on a healthcare facility is a matter of life and death, and you may not even have enough time to contact law enforcement. So depending on the nature and severity of the attack, you will have to make tough choices.Â
A ransomware plan will include the set procedures for conducting business impact analysis, allowing you to make smarter decisions faster during a cyberattack. It will also include the rules of engagement with cybercriminals and details of cyber insurance — all the information that you’ll need at the tips of your fingers.Â
4. Preventing future ransomware outbreaks
Whether you choose to pay or not, getting back your encrypted files or lost access doesn’t mean the worst is behind you. The malware could still be lingering in the infected systems silently and may cause another data breach later on. You must investigate further and remediate accordingly.Â
A ransomware plan will outline the protocol that must be followed afterward. It will help your cybersecurity team get to the root cause of the attack, address the vulnerability, and ensure that no remnants of ransomware remain in your systems.
5. Do you really have a choice?
Before you decide to bypass a ransomware plan, do consider the regulatory requirements surrounding your industry. Chances are, you already need a comprehensive disaster recovery plan, including cyberattack incident response planning, to stay compliant. So, it’s either a failed compliance audit or an effective and up-to-date ransomware response plan.Â
Parting ThoughtsÂ
Keep in mind that meeting all checkpoints following a compliance notice is way harder than avoiding failed audits in the first place. In addition to prevention measures – like multi-factor authentication, the rule of least privilege, real-time monitoring, and updated antivirus and anti-malware programs – ensure that you have a ransomware incident response plan ready for a crisis.
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