Ransomware: How It Works and How to Protect Your Business

man working on computer using multi factor authentication to avoid ransomware attacks

Ransomware is a type of malware that causes significant damage to businesses that are victimized by its destructive effects. In recent years, these attacks have increased dramatically, targeting businesses of all sizes.

During the first half of 2022 alone, there have been reports of over 235 million different ransomware attacks around the world. If your business isn’t prepared, it could be the next victim. In this blog post, we’ll discuss what this malicious attack is, how it works, and steps you can take to protect your business.

What is Ransomware?

Ransomware is a type of malware that encrypts files on your computer or server, making them inaccessible. The attackers then demand a ransom, usually in the form of Bitcoin, in exchange for the decryption key.

There are two types: lock screen ransomware and file encryption ransomware.

Lock screen ransomware prevents you from accessing your computer or files. A message is displayed on the screen, demanding a ransom be paid in order to unlock the computer.

File encryption ransomware encrypts your files, making them inaccessible. The attacker then demands a ransom be paid in order to decrypt the files.

How Does Ransomware Work?

This type of malware usually spreads through phishing emails or malicious websites. Once it’s installed on your computer, it will encrypt your files.

The attacker will then contact you and demand a ransom be paid in order to decrypt the files. The ransom request can generally be difficult to trace. Once the ransom is paid, the attacker will send you the decryption key, and if all goes well, your files will be accessible again.

Steps to Take to Protect Your Business

There are several steps you can take to increase ransomware protection, saving your business from these devastating attacks:

  • Educate your employees on how to spot phishing emails and malicious websites: You can do this by conducting regular training sessions and tests, or by hiring IT professionals to teach your employees a cybersecurity course.
  • Install anti-malware software and keep it up-to-date
  • Back up your data regularly: Backing up your data is important in case your computer or server is infected with cryptoware. You can back up your data to an external hard drive, a cloud-based storage system, or both.
  • Restrict access to sensitive data: If a cybercriminal does gain access to your network, they will only be able to access a limited amount of data. It’s important to follow the principle of least privilege, where employees should only have access to the data they need, nothing more or less.
  • Partner with cybersecurity professionals: Cybersecurity professionals can help you create a comprehensive security plan and implement the latest security technologies to promote ransomware protection for your business. They can also help you monitor your networks, become industry compliant, and prepare your business in the event of a cyber attack.

By taking these steps, you can protect your business from becoming the next victim of a ransomware attack.

Tolar Systems Can Keep Your Business Safe from Malware

Attacks from cybercriminals can be difficult to recover from and can cause significant damage if proper measures aren’t put in place to prevent them from happening. Hiring a managed IT provider like Tolar Systems can keep your business safe. If you have any further questions or would like to learn more about system protection, reach out to a representative from Tolar today. We would be happy to help you further protect your business and its data.