The Triple effect of 3R’s into Data Security

Despite investing significantly into resources and adopting best practices into security postures, companies are still losing their critical data. The ransomware threat is growing and many CIOs are concerned about their teams’ ability to manage the threat.

More than 85% of businesses have been the target of a ransomware assault in the last 12 months. This says a lot about the threat that exists for any organization's data. Still there is no way to guarantee you that there will never be attacked.

The growing concern on Ransomware, Resiliency, and Recovery for small, medium and large businesses is all time high. Ransomware has rapidly become one of the top cybersecurity nightmares. The increasing number of cybercriminals are utilizing ransomware to extract money out of victims.

We can’t deny the fact that, the ransomware has hit new levels of sophistication, with demands for payment skyrocketing into the tens of millions of dollars. The reasons are manifold. Some are straightforward: vulnerabilities posed by pandemic-weary organizations and workers logging in from unsecured home networks; others are highly complex, such as ever-increasing connectivity driven by advancing digitization.

With the use of low-cost ransomware-as-a-service campaigns, this cyberthreat has surged beyond the quiet confines of the C-suite to where boards of directors, regulators, law enforcement, industry associations, insurance providers, and the cybersecurity vendor community all need to be a part of the solution.

Small businesses are often targeted because they may have weaker cybersecurity measures in place. A ransomware attack can be devastating for a small business, potentially leading to data loss, operational downtime, financial losses, and damage to reputation. Recovery costs can be significant, and paying the ransom might be tempting due to limited resources and time constraints.

While governments, law enforcement, and regulators continue to grapple with ransomware issues such as transparency and oversight of cryptocurrencies, companies need to ensure they remain resilient by focusing on ransomware prevention, preparation, response, and recovery strategies.

As businesses rely more heavily on their data, IT disruptions have become increasingly costly. To achieve a secure work environment, you need to know what technology you have, what and who it is talking to, and then watch it like a hawk. Vigilance is the key. To get there, everyone from the board and C-suite to down the line must be on the same page and treat security as a continuous endeavour that balances technology with people and processes to in-grain security into an organization’s DNA.

The only mantra is be skeptical, use strong passcodes and pass-phrases, slow down, beware of malware, stay secure on the go, know and protect your data, limit access, stay secure online, be security aware, if you can connect it – protect it, back up your data, and train your users.

S Mohini Ratna, Editor, VARINDIA