Should you make a ransomware Payment?
Your business gets hit by a ransomware attack, and your valuable data is locked away by cyber criminals demanding a huge ransom fee.

You can’t afford to pay it. But there’s a twist – just like those “buy now, pay later” schemes, some ransomware gangs are offering victims payment extension options.

Recent research reveals that ransomware groups are getting creative with their extortion strategies. One group is even offering victims various choices when it comes to their ransom demands. These “choices” include:

Paying to delay the publication of their stolen data, with a standard fee of $10,000… or paying to have their stolen data deleted before it’s made public.

The exact amounts charged are often negotiated with victims, adding a chilling dimension to the whole ordeal.

To increase the pressure on victims, these ransomware groups have added some terrifying features to their web sites. These include countdown timers displaying how much time businesses have before their data is released, view counters, and even tags revealing the victim’s identity and description.

It’s all designed to make victims feel cornered and more likely to give in to the demands.

You might be tempted to pay that ransom to protect your business data. Paying is always a bad idea and here’s why…

Paying doesn’t guarantee that you’ll get your data back or that the cyber criminals won’t demand more money later.

By paying, you’re essentially funding criminal activities, encouraging them to continue their attacks on others.

Paying a ransom might even get you into legal trouble, as some governments have made it illegal to pay cyber criminals.

So, what can you do to safeguard your business from falling victim to ransomware?

• Ensure you have regular, secure backups of your data. This way, you won’t be at the mercy of cyber criminals.

• Educate your staff about the risks of ransomware and train them to recognise phishing emails and suspicious links.

• Invest in robust cyber security software and keep it up to date.

• Keep your systems and software updated with the latest security patches.

• Segment your network to limit the spread of ransomware if one device gets infected.

• Develop a clear incident response plan, so you know exactly what to do if you’re ever hit by a ransomware attack.

Paying cyber criminals rarely makes things better, and we’re seeing businesses that do pay become targets time and time again. Instead, invest in the proactive measures above to help you stay secure. And if we can help you with that, get in touch.

Each year on February 1st, we celebrate Change Your Password Day. While it’s not a holiday that gets you off work, it serves as a good opportunity each year to do a quick check-in and make sure you’re using strong passwords that will keep your accounts protected.

The suggested ‘rule’ used to be to change your password every three months. With advanced tools like password managers and data encryption, experts now say the type of password you use is more important than how often you create a new one. We’re sharing up-to-date advice on how to create a strong password that will keep your account secure and hackers guessing.

Make It Complex

Aim for complexity by combining uppercase and lowercase letters, numbers and special characters. Avoid easily guessable information like birthdays, names or common words. The more intricate and unique your password, the harder it is for hackers to crack it.

Longer Passwords Are Harder To Crack

Long passwords provide an added layer of security. According to Hive Systems, brute-force hacking can crack an eight-character password in less than one hour! When creating a new password, aim for a minimum of 12 characters, and consider using passphrases—sequences of random words or a sentence—which can be both strong and easier to remember.

A random passphrase would be something like: cogwheel-rosy-cathouse-jailbreak.

This passphrase was generated from the website useapassphrase.com, which will auto-create a four-word passphrase for you if you’re stumped.

Use Unique Passwords For Each Account

Resisting the temptation to reuse passwords across multiple accounts is crucial. If one account is compromised, having unique passwords for other accounts ensures that the damage is contained. Consider using a reputable password manager to help you generate and store complex passwords securely.

*Do NOT use Google or your browser’s password manager. If your Google account is compromised, all of your passwords will be too. Talk with your IT team about what password management tool they recommend for you and your organization.

Update Passwords Yearly

As long as your account hasn’t been compromised, you only need to change your passwords once a year to minimize the risk of unauthorized access. The only time a regular password change routine would be exceptionally helpful is if someone has access that you don’t know about. A frequent password change can make it more challenging for attackers to maintain access to your accounts over an extended period of time.

Engage Multi-Factor Authentication (MFA)

Implementing multi-factor authentication is another easy way to make your password bulletproof. MFA typically involves combining something you know (your password) with something you have (like a code sent to your phone). Even if your password is compromised, MFA significantly reduces the chances of unauthorized access.

Set Up Strong Password Recovery Alternatives

Leverage password recovery options like security questions or alternative e-mail addresses. It’s important to choose questions with answers that are not easily guessable or have publicly available information so “What’s your mother’s maiden name” is out!

Use Password Managers

You don’t have to try and remember every password, and you shouldn’t write them down on a sticky note on your desk. Instead, use a good password management tool that is secure and will handle keeping track of your passwords for you.

Bonus points for turning off the auto-fill feature. Hackers can infiltrate sites and install a little bit of code on a page that creates a second, invisible password box. When your password manager autofills the login box, it will also fill in the invisible box, giving hackers your password. This isn’t overly common, but it still poses a risk.

Regularly Review Account Activity

Monitor your account activity for any suspicious logins or activities. Many online platforms offer features that notify you of login attempts from unfamiliar devices, allowing you to take swift action in the event of unauthorized access.

It’s also always good to be aware of phishing attempts, never click suspicious links or attachments in e-mails, avoid public Wi-Fi and only use secure connections and educate and train your team on what to look for when it comes to cybercrime so they can protect themselves, you and the company.

As cyber threats continue to evolve, mastering the fundamentals of cybersecurity, like creating strong passwords, becomes paramount. By making informed choices and staying proactive, you can significantly enhance your online security.

However, as the leader of your organization, it’s important to remember that nothing is foolproof. Educating your team on cybersecurity best practices is essential, but mistakes can and will still happen. For most, it’s not a matter of if, but when. You must have a robust cybersecurity plan in place. The right IT team will make sure you have every protection in place to keep you safe and a crisis management plan ready if something goes wrong. To find out what gaps you have in your cybersecurity system, we’ll do a FREE Cybersecurity Risk Assessment. Click here to book yours now.

You cannot overstate the importance of cybersecurity. Especially in an era dominated by digital advancements. Businesses and organizations are increasingly reliant on technology to drive operations. This makes them more susceptible to cyber threats.

66% of small businesses are concerned about cybersecurity risk. Forty-seven percent lack the understanding to protect themselves. This leaves them vulnerable to the high cost of an attack.

Conveying the tangible value of cybersecurity initiatives to decision-makers can be challenging. The need for protection is clear, but executives want hard data to back up spending.

We’ll explore strategies to effectively show the concrete benefits of cybersecurity measures. These can help you make the case for stronger measures at your company. As well as help you understand how your investments return value.

How to Show the Monetary Benefits of Cybersecurity Measures

Why does demonstrating the monetary value of digital security measures pose a challenge? The benefits of cybersecurity are often indirect and preventive in nature. This differs from tangible assets with direct revenue-generating capabilities.

Investments in robust cybersecurity protocols and technologies are akin to insurance policies. They aim to mitigate potential risks rather than generate immediate financial returns. Quantifying the exact monetary value of avoided breaches or data loss can be elusive. These potential costs are hypothetical. They’re also contingent on the success of the cybersecurity measures in place.

Additionally, success is often measured by incidents that do not occur. This complicates efforts to attribute a clear monetary value. As a result, companies grapple with finding certain metrics. Ones that effectively communicate this economic impact.

Below are several ways to translate successful cybersecurity measures into tangible value.

1. Quantifying Risk Reduction

What’s one of the most compelling ways to showcase the value of cybersecurity? It’s by quantifying the risk reduction. Companies design cybersecurity initiatives to mitigate potential threats. By analyzing historical data and threat intelligence, organizations can provide concrete evidence. Evidence of how these measures have reduced the likelihood and impact of incidents.

2. Measuring Incident Response Time

The ability to respond swiftly to a cyber incident is crucial in minimizing damage. Metrics that highlight incident response time can serve as a key indicator. They can illustrate the effectiveness of cybersecurity efforts.

It’s also possible to estimate downtime costs. And then correlate those to a reduction in the time it takes to detect and respond to a security incident. This demonstrates potential savings based on faster response.

The average cost of downtime according to Pingdom is as follows:

• Up to $427 per minute (Small Business)
• Up to $16,000 per minute (Large Business)

3. Financial Impact Analysis

Cybersecurity incidents can have significant financial implications. Businesses can quantify the potential losses averted due to cybersecurity measures. Businesses do this by conducting a thorough financial impact analysis.

This can include costs associated:

• Downtime
• Data breaches
• Legal consequences
• Reputational damage

4. Monitoring Compliance Metrics

Many industries have regulatory requirements for data protection and cybersecurity. Demonstrating compliance with these regulations avoids legal consequences. It also showcases a commitment to safeguarding sensitive information. Track and report on compliance metrics. This can be another tangible way to exhibit the value of cybersecurity initiatives.

5. Employee Training Effectiveness

Human error remains a significant factor in cybersecurity incidents. Use metrics related to the effectiveness of employee training programs. This can shed light on how well the company has prepared its workforce. Prepared it to recognize and respond to potential threats. A well-trained workforce contributes directly to the company’s cybersecurity defenses.

6. User Awareness Metrics

Beyond training effectiveness, there are user awareness metrics. These gauge how well employees understand and adhere to cybersecurity policies. Use metrics such as the number of reported phishing attempts. As well as password changes and adherence to security protocols. These metrics provide insights into the human element of cybersecurity.

7. Technology ROI

Investing in advanced cybersecurity technologies is a common practice. Showcasing the return on investment (ROI) can be a powerful way to show value. Use metrics that assess the effectiveness of security technologies. Specifically, in preventing or mitigating incidents. Such as the number of blocked threats. This can highlight the tangible benefits.

8. Data Protection Metrics

For organizations handling sensitive data, metrics related to data protection are paramount. This includes monitoring the number of data breaches prevented. As well as data loss incidents and the efficacy of encryption measures. Show a strong track record in protecting sensitive information. This adds tangible value to cybersecurity initiatives.

9. Vendor Risk Management Metrics

Many organizations rely on third-party vendors for various services. Assessing and managing the cybersecurity risks associated with these vendors is crucial. Metrics related to vendor risk management showcase a comprehensive approach to cybersecurity. Such as the number of security assessments conducted. Or improvements in vendor security postures.

Schedule a Cybersecurity Assessment Today

Demonstrating the tangible value of cybersecurity starts with an assessment. One that uncovers the status of your current security measures. Knowledge is power when fostering a culture of security and resilience.

Give us a call today to schedule a chat.Article used with permission from The Technology Press.