Robust ransomware: Why enterprises need protection

Ransomware attacks can have a significant negative impact on businesses, including the loss of customer data, the interruption of business operations, financial losses, reputational damage and more. A major concern is the loss of customer data, which can result in privacy violations and fines from regulatory bodies. Ransom demands can be expensive and detrimental to an organisation's financial stability.

For these reasons, it is essential that businesses have robust ransomware to ensure that attacks can be mitigated or quickly resolved. This will prevent extended downtime and ensure revenue and customer satisfaction are preserved. Large enterprises in East Africa aren't the only ones that need ransomware protection; it’s essential for businesses of all sizes.

Why businesses need ransomware protection

Ransomware attacks typically target large enterprises, but they generally have good cyber security tools in place. Small and medium-sized enterprises (SMEs) are a popular target due to their reduced spending on cyber security.

Attacks typically take the form of malicious software that encrypts a user's data and threatens to delete it unless a ransom is paid. Since SMEs often lack the resources or security measures to protect themselves, they may incur significant costs as a result of these cyber attacks.

The average ransom payment increased by 71% in 2022, according to reports. This sum excludes the cost of lost opportunities, downtime and other indirect costs that may result from a ransomware attack. Businesses that don't take cyber security seriously risk suffering the consequences down the road.

Enterprises can still be targeted

Even though ransomware attacks can target organisations of any size, enterpises still need to have robust security measures in place to protect themselves, including antivirus software, malware protection and regular data backups. Business leaders should develop a ransomware response plan and educate their staff on cyber security basics and best practices.

Large organisations are likely to invest more in cyber security, but because of their size and complexity, they are also more attractive to criminals using ransomware attacks. Enterprises are often seen as lucrative targets for attackers because they may have more confidential and sensitive data, as well as the means to make large ransom payouts.

Understanding how ransomware works

Attackers typically install ransomware using one of three methods: phishing emails, malicious websites or vulnerable software:

• Phishing emails contain links or attachments that, when clicked, launch malicious code that instals the ransomware software.
• Malicious websites can contain code that instals ransomware when a user visits the site.
• Vulnerable software can be used to exploit a system and install ransomware. For example, attackers may exploit vulnerabilities in outdated software to gain access to a system and then install ransomware.

Ransomware protection for businesses

Businesses can defend themselves against ransomware attacks by adhering to cyber security best practices. This includes updating anti-virus and anti-malware software, patching and updating systems on a regular basis, and frequently backing up important data.

They should also ensure that all user accounts have strong passwords with two-factor authentication and carry out routine staff training on cyber security best practices. Email protection tools can assist in preventing ransomware attacks that are launched from phishing attempts.

These measures aid in preventing the spread of ransomware and malicious software, and they can be used to detect and block malicious traffic before it reaches the network. The use of SIEM and endpoint protection technologies will aid in the detection, containment and prevention of ransomware attacks. For more information or to get a quote for our cyber security solutions, email us at marketing@seacom.com or leave us a message.

SEACOM owns Africa’s largest network of information and communications technology (ICT) infrastructure, including fibre optic networks and subsea cables. We offer a wide range of industry-leading scalable ICT solutions for large companies that operate throughout the region.

SEACOM is privately owned - making it adaptable to the needs of the client. We are the preferred ICT and internet connectivity supplier for African enterprises. We can guarantee fast, reliable and secure internet and networking services at affordable prices.

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