How To Survive a Ransomware Attack 101

Did you know, ransomware is one of the cruelest cyber threats in today’s digital landscape? But yet, while there is cause for concern considering the latest statistics, let me tell you this: survival after ransomware is possible with expert assistance! And exercising data backup best practices can save your business. That’s such a relief to hear, right?

But first, what are the cybersecurity experts saying?

Last year was a cybersecurity wake-up call for businesses across the globe. Rapid digital adoption during the COVID-19 pandemic left many companies vulnerable across platforms where malicious actors were already adept at exploiting vulnerabilities.

Here’s a brief summary:

Last year, ransomware attacked 37% of businesses and organizations
Ransomware recovery costs an average of $1.85 million
Nearly one-third of victims paid the ransom but did not get access to all the stolen data

So how can you survive a ransomware attack with these 5 data backup plan best practices?

A comprehensive data backup plan is crucial to the longevity of your business. Following our five best practices will ensure your plan is accessible and helpful in a disaster or cyberattack.

Write Down Data Backup Plans and Policies: Recording your official plan keeps your company accountable to policy and ensures that management knows what is expected when it comes to data protection.
Ensure Backups are Regular and Frequent: Whimsical and irregular data backups put your company at risk. With regular, frequent backups, you can rest assured that your data’s latest copies and versions are available.
Follow the 3-2-1 Rule: This strategy is easy to remember and helpful. Keep three copies of your information, store backups on two different storage entities, and keep one copy off-premises.
Encrypt your Data Backups: Businesses should encrypt backed-up files with the assistance of their IT provider to maximize protection.
Perform Attack Simulations and Update Plans Regularly: It’s crucial to regularly test your data backup plans and adjust according to possible vulnerabilities. IT experts can help you make the most of the latest technologies to fortify your systems and data.

So how do you survive a ransomware attack if you are hit by it?

I know I know, encountering a ransomware attack can be disorienting and upsetting. But like I said in my introduction, survival after ransomware is possible, and your company will eventually thrive again!

Just make sure to follow these steps immediately to mitigate further financial losses:

#1: Follow Your Incident Response Plan

With the help of your IT provider, follow your company’s incident response plan. This plan walks you through every step post-attack and was catered for this moment. Your IT provider can help you recover your protected, stored data and help keep your business running during and after the attack.

Your incident response plan offers a reprieve while you formulate your next steps and long-term recovery plans.

#2: Report the Attack to Necessary Parties

Report the ransomware attack to law enforcement. By doing this, you can get help from law enforcement in investigating the ransomware attack and catching the perpetrators.

Reporting the attack to law enforcement can help you access the resources you need to recover from the ransomware invasion. While it may seem like a hassle, getting the help you need to recover from an attack is worth it.

Notifying other affected parties can also help you gather information about the ransomware and how it works. This can help you improve your data backup plan and prevention strategies for future threats.

#3: Learn from the Experience

One of the most empowering courses of action businesses can take away from a ransomware attack is learning from the experience. It’s important to remember that you’re not alone in this experience; many companies have felt the full impact of an attack. Sharpening your data backup plan and continuity strategies post-attack can empower your business to face on-coming threats confidently.

Having an industry expert in your corner who helps you recover and preemptively face future cyber threats is thus imperative to your recovery and success.