A new report issued by the Institute for Critical Infrastructure highlights the need for organizations to develop ransomware mitigation policies due to the high risk of cyberattacks involving the malicious file encrypting software. The report warns that 2016 will be a year when ransomware wreaks havoc on businesses in the United States, in particular on the U.S critical infrastructure community.
Ransomware is being used by cybercriminals as it is a highly effective method of extorting money from businesses. Businesses need data in order to function, and ransomware prevents them from accessing it. If ransomware is installed on a computer, or worse still spreads to a computer network, critical data needed by the business is encrypted. A ransom demand is issued by the attackers who will not release the decryption keys until the ransom is paid. Without those keys data will remain locked forever. Business are often given no alternative but to give in to the attackers’ demands.
Rampant Ransomware Prompts ICIT to Issue Warning
The report warns organizations of the current dangers, and says that in 2016, “Ransomware is rampant.” Organizations of all sizes are being targeted. The criminal gangs behind the campaigns are targeting healthcare providers, even though their actions place the lives of patients in danger. Police and fire departments have also been targeted, as have educational institutions and businesses. The greater the need for access to data, the bigger incentive organizations have to pay the ransom.
According to the report, “In numerous cases, organizations tend to pay because, for them, every minute of downtime directly equates to lost revenue.” The cost of that downtime can be considerable. Far more than the ransom demand in many cases.
Unfortunately, as pointed out in the report, it is too difficult and time consuming to track down attackers. They are able to cover their tracks effectively and they take payment in Bitcoin or use other online payment methods that give them a degree of anonymity. Often attacks are conducted across International borders. This makes it simply too difficult for the perpetrators to be found and brought to justice by law enforcement agencies.
Even the FBI has said that it advises companies to pay the ransom in many cases, unless the victims can live without their data. The report says, “no security vendor or law enforcement authority can help victims recover from these attacks.” It is therefore up to each individual organization to put measures in place to protect against ransomware.
Ransomware Mitigation Policies are Essential
Recovering from a ransomware infection can be expensive and difficult. It is therefore imperative that defenses are put in place to prevent ransomware from being installed on computers and networks.
The report suggests four key areas that can help with ransomware mitigation.
- Forming a dedicated information security team
- Conducting staff training
- Implementing layered defenses
- Developing policies and procedures to mitigate risk
An information security team should conduct risk assessments, identify vulnerabilities, and ensure defenses are shored up. Security holes must be plugged to prevent them being exploited. The team must also devise strategies to protect critical assets. They are an essential element of a ransomware mitigation strategy.
Staff training is essential. Employees must be instructed how to identify threats. Employees are often targeted as they are the weakest link in the security chain. It is easiest to get an employee to install ransomware than to attempt a hack in many cases. According to the report, this is one of the most important ransomware mitigation steps to take.
Layered defenses should be implemented to make it harder for attackers to succeed. Organizations should not rely on one form of defense such as a firewall. Antivirus and antimalware solutions should be used, anti-spam filters employed to prevent email attacks, and web filtering solutions should be used to prevent web-borne attacks.
With the threat now having reached critical levels, ransomware mitigation policies are essential. Administrative policies can help reduce the likelihood of an attack being successful. Employees must be aware who they can report suspicious emails and network activity to, and those individuals must be aware how they should act and deal with threats.