Ransomware can wreak havoc on your business. Learn about ransomware – what it is, how to defend against it, and what to do if your business is the victim of a ransomware attack.
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Transcript:
Today, the FTC is announcing some guidance on ransomware based off of lessons that we learned at an afternoon workshop we held on September 7, about ransomware, where we brought together leading security experts, researchers, technologists, and law enforcers to talk about the threats associated with ransomware and some steps that consumers and businesses can take to defend against this threat. Ransomware is a form of malicious software or malware that uses tools, such as encryption, to hold data hostage usually in exchange for some kind of payment that's frequently demanded in bitcoin.
There are many different variants of ransomware. Some of them operate in slightly different ways. There are some we know that will actually try to steal data off of computers. There are some that will delete files. Others will put up a lock screen and give the victim messages explaining that your computer has been compromised and usually providing some sort of instructions about how you can make payment back and get access to your data.
Ransomware can have some serious effects on businesses and consumers. It has an economic effect in the fact that it can shut down your business' operations, which can seriously hurt the bottom line. But it can also hurt consumers.
Ransomware has the potential to steal consumers data that is on your networks. So if you're holding sensitive consumer information, that's a serious risk that you have to consider. There's also the fact that ransomware can deny critical or even lifesaving services to consumers in an emergency, particularly in the health care context.
Phishing scams are far and away the most common way that ransomware is delivered. Frequently, these are emails that are targeted to users in an organization. Sometimes they're just spam emails, but sometimes they're pretty sophisticated and will actually target your organization in particular. The criminals that do these sometimes prepare quite a bit and do a lot of research. So they can be very tricky to defend against.
There are a few different things that businesses should do to defend against ransomware. These generally include a combination of training and cyber hygiene. So on the training side, it's important to train employees to be cautious when they're online, not to click on things that they don't know where they're coming from, especially anything that's coming from outside the organization.
Another important part of any defense are backups. Backups are probably the key to being able to move on from a ransomware attack quickly without ever needing to talk to the people that perpetrate these attacks. So Backups should be done regularly and on a routine basis. And for them to be effective, they need to be kept separate from your network.
If you do become a victim, hopefully you've got backups in place that you can fall back on, and quickly restore your business, and any sensitive data that you need with minimal data loss and minimal interruption to your operations. But if that's not the case, there are a number of factors that you should consider before paying a ransom. Law enforcement and the FTC do not recommend paying the ransom if it can in any way be avoided. There is no guarantee that paying the ransom will actually get your data back, and there are examples where businesses who've tried to pay only find that they're met with increased demands or that the data is deleted anyway and never returned. If you're looking for more information on malware, phishing, or ransomware, you can visit FTC.gov.
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