A ransomware attack can be one of the most damaging types of cybercrime any business can face. And this is a threat that every company must be prepared to deal with sooner or later.

Data from Statista shows that as of 2023, more than 72 percent of businesses worldwide have fallen victim to ransomware attacks, highlighting a significant increase on previous years. The majority of organizations hit by such attacks are paying out in order to restore access to systems or avoid the public release of confidential data.

But it’s not only the frequency of ransomware attacks that is on the rise – it’s also the cost. BlackFog’s State of Ransomware in 2023 study found the average payout for a ransomware incident in the US stood at $740,144 at the end of last year, a rise of 126 percent from the first quarter. And this doesn’t take into account the huge range of other expenses associated with these attacks, from lost business and rebuilding systems to the potential for financial penalties.

That’s why it’s essential that any business’ data security strategy has a specific focus on detecting and blocking ransomware attacks. Indeed, having enterprise ransomware protection tools is particularly important in an era where these often go hand-in-hand with data exfiltration and extortion efforts that can be especially harmful.

A strong enterprise ransomware defense strategy is a must-have for any business looking to protect itself from the threats posed by these types of attacks. A good solution should encompass a range of features and techniques that are specifically designed to tackle the challenges of ransomware.

This should include clear policies on areas such as data protection and details on which information requires the highest level of security, as well as technology tools that can keep up with the ever-evolving tactics used by cybercriminals.

In order to guard against the threats posed by ransomware, here are four critical ransomware prevention steps that no firm should do without.

An essential first step is drafting a clear, comprehensive security policy that identifies what data a company possesses, how it should be protected, what steps need to be taken and who will be responsible for what activities during an incident.

This should start with data discovery and classification, as many firms have large quantities of information held on cloud storage or personal devices that are invisible to IT departments. Once this has been done, security teams can identify the most mission-critical assets that require the highest levels of protection.

When it comes to incident response and recovery, these policies should spell out whether or not the firm will consider paying a ransom, how to go about restoring backups and what reporting actions need to be taken.

There is a range of software solutions that businesses should invest in to provide enterprise ransomware protection. For example, anti-ransomware software that can identify threats as they arrive on the network and shut them down at the source is always the first line of defense, as being able to identify threats at the network perimeter minimizes the risk. Email security is also essential as this is the most common entry point for ransomware.

Another critical component in guarding against double extortion ransomware, anti data exfiltration, or ADX, software allows firms to spot any attempts to steal data and remove it from the network. This acts as an essential last line of defense for businesses by ensuring that even if hackers are able to evade other protections and gain access to sensitive data, they will be unable to remove it from the network. This is an action that is essential for the most dangerous double extortion ransomware threats. As BlackFog’s research shows, 93 percent of attacks now exfiltrate data, so this is a component that must not be overlooked.

A comprehensive system for protecting and isolating mission-critical data in the event primary databases are wiped or encrypted is a must. Backup processes must be tailored to the type of data and its importance – for example, while archive files may only need occasional backups, mission-critical data must have snapshots taken multiple times a day to avoid data loss, or even backed up continuously, with a copy needed every time a file is modified.

As well as ensuring that data backups are performed on a regular basis, steps must be taken to ensure they are fully isolated from other systems. This is because ransomware authors increasingly target these assets in order to put further pressure on companies to pay up.

Human error remains a leading cause of ransomware infections, so firms should plan quality training sessions that are repeated frequently. This should include training on how to spot suspicious communications as even the best antimalware solutions cannot provide a 100 percent guarantee that threats such as phishing can be blocked before being seen by employees. 

Other areas to focus on include good password and data sharing practices and ensuring IT staff understand the risks of misconfigured software. It’s important to treat this as a recurring part of personal development and have a range of education solutions in place in order to account for different learning styles and to ensure the message sinks in – a one-time lecture simply won’t be enough.

For an enterprise ransomware strategy to be effective, firms must first have a clear idea of how ransomware works, the ways in which it gets into their networks, and how best to respond when it’s uncovered. With the right tools, much of this work can be taken out of the hands of in-house IT staff and left to advanced, artificial intelligence-driven technology.

A common misconception many firms have is that they are not at risk from ransomware, especially if they believe they are too small or do not hold enough valuable data to make it worthwhile for hackers to target them. But this could not be further from the truth. 

In fact, every business can present a tempting target for criminals and those with supply chain connections to other companies are especially valuable.

However, there are a few sectors that attract the particular interest of ransomware groups. Our research reveals that the top five sectors likely to face these cyberattacks are:

• Education
• Government
• Healthcare
• Technology
• Manufacturing

When it comes to paying a ransom, all major law enforcement agencies advise against this. While it may cause more pain in the short term not to give in, the consequences of handing over money to criminals can be severe. Even in the best-case scenario, there is no guarantee that system access will be restored and any exfiltrated data will be deleted. In fact, it’s far more likely that once you’re marked as being willing to pay up, you’ll simply get targeted again and again.

To avoid this, ransomware prevention is better than cure. But while it’s impossible to guarantee 100 per cent protection from intrusion, there are steps you can take to minimize the damage hackers can cause once they’re inside. One of the best approaches is to deploy a comprehensive endpoint security solution that can identify the telltale signs of data exfiltration and block any suspicious traffic from leaving the network.

If ransomware groups can’t steal data, they will be in a much weaker position to make demands of businesses. Therefore, tools that can automate the process of spotting these exfiltration attempts are an invaluable part of any firm’s enterprise ransomware protection solution.

There’s no single solution when it comes to defending against ransomware, so when you’re looking for enterprise protection software, you’ll need to make sure your chosen solution is equipped for every eventuality, including the threat posed by data exfiltration.

It pays to use a solution with advanced technology such as BlackFog’s ADX capabilities to ensure you’re getting a complete level of protection across every device. Being able to extend ransomware detection to the edge of the network and stop sensitive data being stolen on any device, including mobiles, is a critical part of keeping your exposure to a minimum.

Another factor that must be considered is cyber insurance. In particular, you need to make sure you choose an anti-ransomware software that is approved by your provider. This is because today’s ransomware insurance companies have very stringent requirements for what they consider an acceptable level of protection. If your defenses do not meet these standards, you may not receive any reimbursements for expenses suffered, either for direct ransom payments or the many other costs associated with an incident.

Therefore, it pays to speak to your provider before making a final decision to make sure you fully understand what is expected of you and whether or not potential solutions are approved. Choosing a partner like BlackFog can be hugely beneficial, as we work closely with insurance providers and are recommended by the industry. This provides peace of mind that, even if the worst should happen, you will be protected from the most serious consequences.