According to a recent survey* of IT service providers, ransomware attack downtime costs 23 times more than requested ransom. The average ransom for small and midsize businesses (SMBs) victims jumped 37% to $5,900 from 2018 to 2019. And lastly, the average cost of ransomware downtime jumped from $46,800 to $141,000, an increase of more than 200%. This underscored the importance of having cyber protection protocols in place in an increasingly digital age.
To add to your cyber security concerns, SMBs fall victim to cyber crime and ransomware attacks even when they have traditional antivirus, email/spam, ad/pop-up blockers, and endpoint protection in place. 67% of IT service providers report their SMB customers fall victim to phishing emails; 30% report that most customers still rely on weak passwords and access management.
The Need for a New Approach to Cyber Protection
Traditional cyber security solutions are no match for many cyber attackers. We need a new modernized approach to ransomware, with business continuity at the core.
Using business continuity as a guiding principle drives new best practices for preventing and responding to cyber security attacks. With a business continuity mindset, you focus on what is needed to keep the business running, and how quickly you can “return to operations”. When we discuss business continuity, we understand that we need to take steps to prevent disruption, mitigate the scope of potential disruptions, respond effectively when disruptions happen, and have the systems and processes in place to recover quickly.
For over a year, we have promoted and refined our CPR model to help ensure appropriate data protection and security.
Implementing The Following CPR Model Can Help Combat Cyber Threats
Communicate and Educate: Involve everybody in the solution by educating your team on the risks, how to spot and report fraudulent content, and how their behavior can prevent or help an attack.
Protect and Prevent: Implement multi-layer, multi-vector protections that focuses on your people (identities), data, applications, and systems. Our data, our businesses, no longer sit comfortably hidden in a computer room behind a firewall.
Respond and Recover: No defense is perfect. Have services in solutions in place that let you recover and return to operations within a time frame that protects the health of your business. More than getting data and systems back on line, put in place the forensics, legal, public relations, and customer service resources you will likely need in a cyber attack emergency.
Here are 10 Actions you can initiate today to improve your cyber protection:
- Ensure your computing environment is protected across multiple attack vectors: Identity, Endpoints, User Data, Cloud Apps, and Infrastructure.
- Deploy multi-factor authentication, advanced threat protection, next-gen endpoint protection, and DNS/web protection across your ecosystem for a comprehensive baseline or protection.
- Encrypt your data at rest and in transit.
- Educate your team on the risk and how their actions can impact the business.
- Actively manage your cloud and “as-a-Service” subscriptions, standardize on-boarding and off-boarding of staff and contractors based on role, application needs, and appropriate access to data.
- Understand how your team uses your business and unauthorized (“shadow IT”) applications and services. Reign in shadow IT by ensuring your business systems provide staff with the necessary capabilities.
- Test your staff’s behavior related to cyber attacks and follow up with additional coaching and guidance. Discipline and, if needed, terminate those who are unwilling or unable to adapt to the current realities of behavior and risk.
- Upgrade from data backup/recovery to a business continuity solution that will get you up and running in minutes or hours, instead of days, should an attack get past your defenses.
- Arrange in advance for the legal, forensic, PR, communications, and customer service resources you need to respond to an attack with a potential or actual data breach. Prepaid breach response services give you nearly instant access, reducing your risks and liability while bundling in baseline cyber insurance coverage.
- Get cyber insurance, either a baseline policy bundled with Breach Response services and/or a fully underwritten policy from your business insurance provider.
Please contact us for more information about your cyber protection, available assessments, and solutions. We are happy to schedule a free, no obligation Cloud Advisor Session.
* Global State of the Channel Ransomware Report. Datto, Inc. Oct. 2019.