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Could your enterprise afford to lose $4.45 million? According to IBM research, that’s what a data breach costs these days. Enterprises are a popular target for hackers because they often hold vast amounts of sensitive data, provide critical services, and have significant financial resources.
In this article, we walk you through what kind of ransomware protection is appropriate for large businesses, why it’s critical, and the best practices you should follow.
What is Enterprise Ransomware Protection?
Enterprise ransomware protection is a comprehensive set of security measures, technologies, and processes designed to shield large-scale organizations from ransomware attacks. These elements work together to prevent, detect, and swiftly respond to potential threats.
Enterprises require a complex and layered defense approach due to their extensive network infrastructures, higher volumes of confidential data, and greater exposure to targeted cyber attacks.
As well as robust protective measures, enterprises need strategic coordination across all departments to ensure security at every level of the organization.
The Importance of Enterprise Ransomware Protection
Enterprise ransomware protection is crucial for maintaining the integrity, continuity, and security of a large organization. Here’s why:
- Safeguarding Business Data
Enterprises often handle sensitive data including personal information, financial records, and intellectual property. Ransomware protection helps prevent unauthorized access and leakage of this data (which can lead to financial loss and legal consequences).
- Maintaining Operational Continuity
Cyber attacks can cripple an organization’s operations, leading to significant downtime. Ransomware protection ensures that business operations continue smoothly without costly disruptions.
- Compliance and Regulatory Requirements
Many industries are governed by strict regulatory requirements. Ransomware protection helps avoid data leaks and ensure compliance, avoiding potential fines and legal issues.
- Protecting Against Financial Losses
The cost of a ransomware attack is astronomical, regardless of whether you decide to pay the ransom. It includes potential data loss, operational downtime, legal fees, and long-term costs you can’t so easily quantify, like reputational damage.
- Customer Trust
Customers expect their data to be handled securely. After all, they might be sympathetic if a mom-and-pop operation gets hacked, but they expect large enterprises to have their ducks in a row.
- Adapting to Evolving Threats
Cyber threats are constantly evolving, and ransomware tactics are becoming increasingly sophisticated. Enterprises need robust protection to adapt to new threats like AI-powered ransomware attacks and ransomware-as-a-service.
The good news is that, by prioritizing these aspects, enterprises can significantly mitigate the risks associated with ransomware attacks and reinforce their overall cyber resilience.
Which Enterprises Are Most at Risk of a Ransomware Attack?
With over 72% of businesses worldwide reporting a ransomware attack, any company can be affected at any time. However, some industries and locations are particularly at risk.
A global study asked 3000 organizations if they had been hit by ransomware in the last year.
71% of construction companies said, “Yes,” and so did more than half of companies across media, retail, energy, transport, financial services, professional services, manufacturing, and IT.
Furthermore, a recent study of ransomware attacks revealed that the top countries most affected by ransomware are the US, UK, and Germany.
That said, whatever your location or industry, it’s critical to adopt a comprehensive cybersecurity strategy.
High-Profile Examples of Enterprise Ransomware Attacks
Large enterprises are a particularly attractive target for hackers. They usually have more robust defenses than smaller companies, but that’s not always enough as ransomware gangs are both persistent and highly skilled. Here are some of the most well-known cases:
- Johnson Controls: The company was the target of a severe attack in 2023, with hackers demanding a $51 million ransom
- Yum! Brands – The US-based company that owns KFC, Pizza Hut, and Taco Bell was forced to temporarily close almost 300 of its UK restaurants in January 2023
- ICBC: The world’s largest bank was hit by a major attack in November 2023 that wreaked havoc among U.S. treasury markets
- Bank of America: A ransomware gang claimed responsibility for an attack in October 2023 that affected 57,000 customers
- AT&T: A widespread phishing attack resulted in the exposure of 73 million customers’ data, with social security numbers and other sensitive data being leaked in early 2024
- Schneider Electric: Ransomware hackers targeted Schneider Electric Sustainability Business division in January 2024, stealing 1.5 terabytes of data
- Hyundai: Car maker Hyundai Motor Europe suffered a ransomware attack in February 2024, with the threat actors claiming to have stolen three terabytes of data
As you can see, ransomware affects enterprises across the world, in every industry from banking to car manufacturing. The question is, what can enterprises do to protect themselves?
Enterprise Ransomware Protection: Best Practices
To effectively counter the threat of ransomware, a proactive and layered approach is essential. Here are some best practices to bolster your organization’s defenses against sophisticated cyber attacks.
Conduct Regular Cybersecurity Training
Employees are often your first line of defense against cyber threats. Regular training sessions can significantly enhance their ability to recognize phishing attempts and handle your company’s information securely. Educating employees about the latest cyber threats and safe online practices is crucial.
Adopt a Zero Trust Security Model
In a zero-trust framework, no user or device is trusted by default from inside or outside the network. This rigorous approach means any device trying to connect to your systems must identify itself before access is granted. This can significantly reduce the attack surface and limit the movement of a potential intruder within your network.
Implement Defense in Depth with a Layered Security Approach
This strategy involves deploying multiple layers of defense across different points in your network, including endpoint protection and also protection at the storage layer. By securing data at the storage level, you ensure an additional safeguard against ransomware that might bypass other security measures.
24/7 Ransomware Protection with ProLion CryptoSpike
ProLion CryptoSpike offers round-the-clock protection, monitoring network activity to detect and block ransomware threats before they spread through your system. It provides a last line of defense in real-time against even the most sophisticated ransomware attacks, ensuring your enterprise’s data remains secure.
Protect Your Enterprise with ProLion
ProLion is the most powerful way to protect your enterprise from ransomware attacks. Don’t wait to become a target. Connect with one of our cybersecurity experts today or download our free whitepaper to learn more about the importance of a multilayered ransomware protection strategy.
