August 1, 2024 Cybersecurity

Ransomware Strikes: Protecting Your Organization from Cyber Extortion

Reading Time: 4 minutes

When it comes to ransomware attacks you might think that, because your organization is small, you’re not in danger of being the target of one such attack. Unfortunately, that’s not the case, as ransomware attempts against small businesses are on the rise.
So, what does that mean for your organization? It means that you should take the necessary precautions against threats to your organization now by implementing policies, drafting procedures, and leveraging comprehensive security tools.
An incident response plan is one tool your organization can leverage to make sure your team is prepared and able to resume regular operations with as little disruption as possible in the event of a ransomware breach or attack. However, if you’re unsure what an incident response plan is or how to go about implementing one, the SUCCESS team of experts has outlined some key things to consider when developing a plan for preparing for and responding to ransomware attacks.

What is an incident response plan?

An incident response plan (IRP) is a structured, often collaborative, approach for handling security incidents that involves preparation, detection, containment, eradication, recovery, and post-incident review to minimize the damage and restore normal operations efficiently. An incident response plan also:  

  • Assists with the discovery, containment, and resolution of any security incident that may occur. 
  • Helps your team minimize the loss of theft of your sensitive information and disruption of operations caused by incidents 
  • Improves your ability to use insight gained following the resolution of an incident to better prepare for future incident management, as well as provides stronger protection for systems and data. 
  • Assists with properly resolving any legal issues that may arise during an incident. 
Benefits of an incident response plan

NOTE: An incident response plan is just one component of business continuity and disaster recovery (BCDR), a three-phase approach to keeping your organization protected and secure. You can learn more about developing a comprehensive BCDR plan here: Business Continuity & Disaster Recovery: Your Three Phase Plan to Manage Risks, Align Budgets, and Feel Prepared – SUCCESS Computer Consulting 

Why does my organization need an incident response plan?

In short, having an incident response plan gives you and your organization better peace of mind, even if the worst were to ever happen, because with an incident response plan in place, the time between “panic” and “action” after an attack is significantly reduced. After all, the point of an incident response plan is to know what to do before, during, and after a breach occurs.  

Additionally, cyber-attacks can be expensive and difficult to recover from without having the proper measures in place, so an incident response plan also helps with: 

  • Cost: The average cost of a ransomware attack or breach is 4.24 million dollars. However, an incident response plan can help keep the recovery costs associated with an incident low by ensuring the proper resources are available to get your organization back up and running swiftly.  
  • Cyber Insurance: Most cyber insurance providers now require organizations to have an incident response plan in place in order to be covered in the event of a breach. Additionally, the cost of cyber insurance is rapidly increasing, so having an incident response plan can keep the rate you’re paying for a policy more manageable.  
  • Downtime: On average, organizations who suffer an attack or breach face 23 days (about 3 and a half weeks) of downtime. Having an incident response plan in place means your organization can resume normal operations more efficiently.   

What does a good incident response plan look like?

A good incident response plan should include clear protocols for detecting, responding to, and recovering from ransomware attacks. Here are some steps to consider: 

  • Identify Critical Assets: Determine which systems and data are essential to your operations. These assets should be prioritized for protection and recovery. 
  • Establish Roles and Responsibilities: Define who will be responsible for each aspect of the response, from detection to communication and recovery. 
    • NOTE: One member of your incident response plan team should be deemed the “Commander.” The Commander is response for leading the actions and processes that take place after a cybersecurity incident has occurred. All questions or concerns regarding policies and procedures outlined in the incident response plan should default to them and their intent.  
  • Create Communication Plans: Ensure you have a clear strategy for communicating with staff, stakeholders, and the public before, during, and after an incident. 

Good incident response doesn’t stop once you’ve developed a plan, however. You’ll want to make sure your team knows how to protect themselves from potential ransomware attempts to keep an attack from happening in the first place and that you know that your plan is effective at responding to incidents, both now and in the future. Some additional steps to take once you have prepared an incident response plan include:  

  • Regular Training and Simulations: Training your staff on cybersecurity best practices is crucial. Run simulations of ransomware attacks to practice your incident response plan. This helps identify any weaknesses and ensures your team is prepared for a real incident. SUCCESS provides security awareness trainings to keep everyone on your team informed about the latest threats and how to respond to them. 
  • Legal and Regulatory Compliance: Ensure your organization complies with relevant legal and regulatory requirements regarding data protection and cybersecurity. Non-compliance can result in significant fines and damage to your organization’s reputation. 
  • Backup Disaster & Recovery: Regularly back up your data and make sure backups are stored securely, offline, and offsite. In the event of a ransomware attack, having recent backups can significantly reduce downtime and data loss. It’s also essential to test your backups and disaster recovery processes regularly to ensure they work when needed. 

SUCCESSfully Stop Attacks in Their Tracks

It’s important to take a proactive approach to your cybersecurity, but keep in mind that you don’t have to do it alone. Contact SUCCESS today and receive a complimentary network assessment and begin your journey to a more secure IT infrastructure and a better prepared team by making an investment in a robust incident response plan.