Incident Response and Ransomware: How Is Your Business Handling Security Incidents?

You only have three days to submit payment or else your data will be lost forever...does this sound familiar to your business? Financially motivated cybercrimes happen often, but did you know that one of the most common ones that businesses will face is ransomware? Given the prevalence of ransomware, your business should have a clear incident response plan in case of such threats. If you don’t have a solid plan in place, or if you aren’t sure what your business should be looking out for, we have you covered.  

In this blog, we are going to discuss the different types of ransomware your business could come across, how to handle security incidents if they were to arise, and how AI (artificial intelligence) and ML (machine learning) could potentially play a big role in helping your business respond to these attacks. Let’s get started! 

Types of Ransomware 

Ransomware is malicious software that can encrypt a file or computer system and demand a payment in exchange for restoring access to corrupted data. It is crucial to initiate an effective ransomware incident response plan to mitigate the impact and further reduce the damage that your business might experience. There are several types of ransomware that cybercriminals can utilize to carry out crimes. Here are some common ones your business should look out for: 

• Crypto Ransomware: This type of ransomware encrypts files on individual’s systems, making them inaccessible until a ransom is paid.  
• Locker Ransomware: This form of attack locks the victim out of their entire system, denying anyone access to desktops or applications.  
• Scareware: Also known as fake antivirus ransomware, scareware can trick an individual into believing that their computer is infected with malware. The ransomware will then demand payment for a fraudulent program that gives the illusion that it will remove the threat from the computer.  
• Mobile Ransomware: These variants will target mobile devices and can lock the user out or encrypt files on the devices. A common mobile brand that this affects is Android due to its popularity.  

It’s important that your business is aware that new variants and types of ransomware emerge regularly as cybercriminals become savvier. So, how do you prevent ransomware from affecting your business? Let’s discuss establishing an incident response plan.  

Establishing an Incident Response Plan 

Incident response is the process of addressing and managing security incidents that happen within an organization. It can involve identifying, investigating, containing, removing and recovering from a security breach or ransomware attack. By developing a plan, you can outline the necessary steps that need to be taken, the roles and responsibilities of all parties involved and the communication protocols that must happen during the incident. Here are some key components that should be included in this plan: 

• How incident response supports the organization’s goals 
• The organization’s approach to the security incident 
• Activities required in each phase of the incident  
• Metrics that help to capture the effectiveness of the plan 

Your incident response plan should be tailored to the specific needs and risks of your organization. It should also be a living document that is reviewed on a regular basis and shared with stakeholders to ensure effectiveness.  

Did you know that there is a rising functionality that could potentially play a major role in discovering and responding to incidents like ransomware? Let’s explore what those options are. 

AI and ML in Cybersecurity—Discovering the Future 

AI (artificial intelligence) and ML (machine learning) can indeed play a significant role in helping organizations respond to security incidents by changing human capabilities and automating certain tasks to respond quicker to threats. While these new emerging cybersecurity trends can be exciting, it's good to keep in mind that human expertise and judgment remain crucial when determining capabilities for incident response. Humans should still interpret the outputs of AI systems and make informed decisions while also providing the necessary context and knowledge throughout the response process.  

How We Can Help 

To avoid downtime and damage, organizations should have robust security measures in place. This is where New Era Technology comes into play. We can help ensure that you implement security measures that reduce the risk of falling victim to a ransomware attack. Contact us to see how we can improve your incident response with planning sessions for an incident response plan, business continuity plan and disaster recovery plan.