Ransomware isn't a new threat. In fact, the earliest reported cases of this form of cyber-attack date back to as early as 1989. Yet, with over 30 years of progress under their belts, ransomware attackers are becoming more precise than ever and deploying advanced pieces of software that can completely destroy a business if left unchecked.

In 2023, an incredible 72.7% of all businesses across the globe were impacted by ransomware attacks. This figure instantly demonstrates the severity of the threat, with the majority of companies already having experience with a ransomware event in the past few years. These figures have also been growing each year, with ransomware becoming more prominent.

In this article, we'll discuss the most important facts, ideas, and measures of caution that businesses should know about ransomware. From shedding light on the looming threat to documenting leading strategies to prepare your company for potential ransomware scenarios, let's dive right in.

It'll Only Get Worse

When looking at the progressive history of ransomware, there is a concrete trend: each year that goes by sees more events, higher ransomware, and more destructive technology. In 2024, it's likely that we'll see an even larger increase in total events than previous years. While 2023 had many exciting moments for technology, the widespread accessibility of AI could turn into a catalyst for ransomware production.

Creating ransomware involves two major parts, the first being the software itself and the second being the method of delivering it to a user. When executing the latter, many malicious actors will use email to deliver ransomware to a company's employees without them knowing, downloading the aforementioned software onto their computers.

While ransomware software has become continually more advanced, the emails that ransomware senders use often instantly flag the system. Whether it's strange texts, bad grammar, spelling mistakes, or sparse emails, many things could flag up an email provider to block the message.

Yet, AI has made it easier than ever before to generate coherent emails to send out rapidly. With artificial intelligence covering the second part of what is needed to send out ransomware, malicious actors will be able to send more than ever before. The faster rate of production will serve to increase the total number of events over the next few years.

Preparing Ahead of Time Is Vital

Of course, while the vast majority of cybersecurity experts are fairly worried about the current state of ransomware, that doesn't mean that there is absolutely nothing your business can do. On the contrary, businesses can actually engage in a range of preparative measures that ensure their company is as ready as possible.

There are numerous ways that companies can decrease their risk of a ransomware threat and reduce the impact of a security event were to occur:

• Decrease Attack Surfaces – Where possible, close accounts, check ports, and reduce the size of your attack surface.

• Update Your Systems – Whenever an update is available for anything that's connected to your attack surface, make it as soon as possible.

• Use an IDS – An intrusion detection system will help your cybersecurity team spot any potentially malicious activity on your system. These will help you achieve a faster response, which could be the difference between mitigation and a security disaster.

• Develop Policies – When employees understand what to do in an emergency event, they'll be more prepared when it occurs. The same goes for cybersecurity. Your teams should all know the drill when it comes to keeping you safe in a disaster event.

Strong Security Isn't Always Enough

Another factor that many businesses tend to ignore when discussing ransomware is the fact that there is no way to prevent ransomware fully. Even if you have the best security system in the world, there is always a weak link. Unfortunately, for most companies, that weak link is actually their employees.

Employees are regularly the target of ransomware exploitation as they are much easier to fool when compared to overcoming complex security systems. All it takes is one small click on a file to download something they shouldn't have, and their account will become compromised.

Instead of worrying about your employees creating vulnerabilities in your system, you should focus on training your workforce for potential cybersecurity incidents. Even just a basic education on what a threat may look like, how to check the validity of an email, and how to avoid action bias when responding to emails will go a long way.

Focus on improving this weak link over time, and you'll be able to reduce your business's overall security risk rapidly.

Backups Remain Critical

Finally, one small note is that alongside employee training and finding new cybersecurity tools and solutions, businesses absolutely must remember to use backups.

Backups are one of the most powerful solutions when it comes to avoiding the worst impacts of ransomware. Without backups, your business is powerless to respond to threats when they arrive. Alternatively, if you have a backup and your servers are frozen in a ransomware attack, you should be able to continue with all critical functions.
Backups are one of the most important security measures that your company can make to prevent ransomware from derailing your business operations.

Final Thoughts

The global threat that ransomware poses grows every single year. However, instead of taking this at face value, companies should take action as soon as possible to prevent this scenario from worsening. Although we cannot control the progression and development of ransomware technologies, businesses can take effective steps to reduce their attack surfaces, defend their companies, and prevent attacks from crippling their business.

By understanding how the threat is evolving, businesses can prevent the worst from occurring in their businesses. From utilizing backups where possible to teaching every single employee how to spot, avoid, and report ransomware when they see it, there are numerous ways that companies can boost their security in 2024.

The earlier companies take preventive action, the more likely they are to avoid the worst impacts of the growing threat.