Fraud Management & Cybercrime
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Ransomware
Focus on Cyber Hygiene, Advanced Tools and Rapid Response to Outsmart Attackers
Ransomware is now listed as a top threat by 92% of industries, according to Verizon’s 2024 Data Breach Investigations Report, or DBIR.
Modern cyberthreats require modern defense tactics. CISOs and security leaders must respond with a strategy that’s not just reactive but built to outsmart today’s complex threats.
Modern ransomware often goes beyond data encryption to include multilayered extortion tactics that target operations, reputations and relationships.
Effective cybersecurity hygiene is equivalent to “securing the vault” of your organization – crucial to defending against evolving threats. The 2024 DBIR found that 68% of breaches involve human error, underscoring the need for CISOs and security leaders to focus on foundational defenses, such as strong cyber hygiene, advanced security tools and rapid response strategies.
Here are four strategies to help you defend against modern ransomware threats.
1. Strengthen Your Organization’s Cyber Hygiene and Patch Management
Proactive cyber hygiene best practices including employee training, vulnerability management programs and secure backups are all crucial to help defend against ransomware.
Robust data management and backup practices are also vital. According to industry research, ransomware recovery costs are 8 times higher when backups are compromised.
Adhering to the best defense practices is essential. Cybersecurity and Infrastructure Security Agency, or CISA, has provided cyber hygiene recommendations that offer a good start:
- Regularly update asset inventories to track all authorized and unauthorized devices;
- Enforce strict access controls to limit administrative access only to those who need it;
- Use firewalls, routers and other network devices configured for maximum security;
- Apply patches and updates to systems and applications as soon as possible and run regular vulnerability assessments.
As ransomware threat actors exploit unpatched systems to enter and escalate attacks, these best practices, combined with Verizon’s vulnerability management services, can help reduce an organization’s exposure to ransomware by identifying and fixing obvious weaknesses.
2. Test Response Readiness Through Simulation
Regular ransomware simulations strengthen security teams and C-suite decision-making because swift action is essential during a ransomware attack. Regular simulations provide an opportunity for security teams to build familiarity with incident protocols, reducing panic and ensuring a coordinated response.
Verizon’s comprehensive breach simulations can help develop a rapid response plan that customers can use to help mitigate financial and operational losses when faced with an actual ransomware incident. By running simulation exercises, an organization is able to build “muscle memory” across its team, strengthening its recovery and resilience.
3. Invest in AI-Driven Ransomware Detection
As ransomware tactics evolve and threat actors use AI to optimize their tactics, investing in AI-based detection tools can help CISOs strengthen organizational defenses and stay ahead of evolving threats.
AI’s predictive capabilities function as a weather radar for ransomware, tracking patterns and detecting threats early so security teams can prepare and isolate any suspicious activities before they escalate into a full-scale breach.
AI can also be used to automate your security team’s responses to suspicious activities, helping organizations avoid ransom payments by containing ransomware in its earliest stages.
4. Build a Resilient Future With Defense-In-Depth
A single defensive service or tool is not enough, and organizations need a defense-in-depth strategy that combines technology, training and cybersecurity best practices to help protect critical assets.
NIST guidelines, which include access control, data encryption and secure data storage, can also help CISOs build robust ransomware defenses. Most organizations need a more holistic strategy especially for high-risk sectors where layered defenses are indispensable.
Regular vulnerability assessments, along with AI-based detection tools and breach simulations exercises, can also aid organizations in better preparing for emerging ransomware threats.