Hear that ticking? That is the clock, letting you know that hackers have taken your critical data hostage and used advanced encryption to render it inaccessible. There is only so much time to give into their demands for money to decrypt it—How will you respond? Can you ensure the safety of your data if you refuse to pay… or even if you do? While you consider your options, your organization remains paralyzed. Every passing minute increases the pressure to make the right choice.
“There’s a reason ransomware makes the headlines,” says Bassam Hemdan, vice-president, Canada, and LATAM at Commvault, a data protection company that helps businesses close the business integrity gap with on-premises, hybrid cloud or multi-cloud services. “It’s the kind of attack that gets attention—it’s sudden, brutal and leaves the victim feeling helpless. In recent years, the rapid rise of ransomware has cast a shadow of anxiety across organizations.”
According to the Insurance Market Report Canada: Mid-year review 2021, global ransomware reports increased by 715.8% from 2019 to 2020, with ransom payments 60% higher in 2020 than the year before. The damages amounted to about $20 billion in 2021.
Ransomware is often spread through email phishing messages that contain malicious links or through drive-by downloading. Drive-by downloading happens when a user unintentionally visits a contaminated site, and malware is downloaded onto the user’s computer or mobile device.
“Paying a ransom is a highly debated topic, and only you can decide what is best for your organization,” says Hemdan. “Many government security services recommend not paying, and in some countries, it may be illegal to pay the ransomware.”
Hackers may or may not return the data and the risk that they leave malware behind so they can strike again in the future is high.
Ransomware mitigation requires a combination of best practices and constant vigilance, along with a layered security approach.
Commvault enables businesses to proactively simplify and manage the complexity of their continuously evolving and growing data environments, whether the data is on-premises or in the cloud. Its approach offers five security layers:
- Identify and mitigate risks to backup data within a single interface
- Protect by applying security controls based on industry-leading standards
- Monitor for ransomware, insider threats, and other threats
- Respond and take action on threats and continuously validate backup data
- Recover data quickly across multiple on-premises, cloud, and hybrid environments
“Opportunity and risk—that’s the reality for businesses today and the people responsible for the data,” Hemdan says. “A single ransomware event can threaten the bottom line or define a career. So how do you prepare? By making sure you are recovery ready.”
Ready to protect your data? Request a demo today.
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