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Ransomware attack - What is it, and how does it work?

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The world functions in cyberspace, and there is excessive dependence on technology. With the benefits come to the disadvantages and the threats, and these sometimes can cause heavy losses. Cyber insurance is one of the fastest-growing insurance fields all over the world, with insurers creating more products and offering more coverage. Every year there is a new threat, and the risks it poses are immense.

One such threat today is a ransomware attack. For those who are new to the term, it is a type of malware attack this focuses on the information on the system by blocking access to it. The attacker usually asks for a ransom to give the information. If you look at the figures in, you will realise that such attacks are very common. Let us understand these attacks in detail and also their working and, most importantly, ransomware protection.

What is ransomware?

As explained above as well, a ransomware attack is a kind of malicious software attack that infects a computer system and blocks access to the data stored in it. This is done by way of encrypting the files. Once this is done and the owner has no access to the important and confidential data, the attacker asks for a ransom, usually in the form of money, to give the decryption key and the data.

The virus or the malicious software is usually put remotely in the system by using different ways to trick the user into downloading a file by making it look genuine and safe.

Why are ransomware attacks emerging?

Ransomware is not a new concept and has existed for a long. It is in the recent past that cyber specialists have realised the threats and issues it poses, and today, you will find a lot of claims in cyber insurance for the same. Some of the reasons for the rise in cases are:

1. Change in work patterns,

2. Higher regulatory and reputational penalties, and

3. Easier access for attackers for ransomware tools.

How ransomware works?

Let us understand how a ransomware attack works as this will make ransomware protection easier:

1. Malware is received by email or any other authentic way,

2. The virus or the malicious files are downloaded on the system,

3. The code then encrypts the files on the system,

4. The data on the system gets blocked,

5. A ransom notice is revived with the amount and a deadline, and

6. To get back the data, the amount needs to be paid.

How to protect against ransomware?

Once you have understood ransomware and the impact it can have on a business, you should know how to protect your system against it. Having cyber insurance is important rather than mandatory due to the excessive presence in cyberspace due to different reasons.

There are some simple steps that can be taken to prevent ransomware.

1. Have data backup:

It is imperative to take a backup of the data periodically. The backup should create the entire data infrastructure of the organisation.

2. Firewall:

A firewall that is host-based has to be allowed to limit the number of connections from administrative machines to administrative shares. This is a good way of ransomware protection.

3. Protect the account:

Strong passwords need to be used to protect all accounts. For all services, multi-factor authentication should be used.

4. Anti-virus:

Though very basic but many people tend to miss this. All systems in the organisation should have an anti-virus installed and should be updated periodically.

5. Disable remote desktop access:

All efforts and steps need to be taken to ensure there are no remote desktop connections. While this can be essential sometimes, limiting accounts to get this access is very important to keep the system safe.

6. Create awareness:

The employees in an organisation should be made aware that they need to be very cautious about clicking on links and downloading files. They need to check the authenticity of the mail and should never click on any link in any unsolicited emails.

How to remove ransomware?

You can take all possible measures to prevent ransomware and ransomware protection, but there are attacks that can happen. Some steps can be taken to attempt to remove the virus and restore data. Some of these are:

1. You can try and restore the data from the backup that is available,

2. The clean-up software being used should identify and isolate the files and not remove the virus or the infection,

3. Ensure there is no backdoor entry created by the hackers to get access to the system,

4. Try and identify the type of ransomware and the method that was used to encrypt, and

5. After the identification is made, ransomware recovery tools can be used to decrypt the files

How does ransomware affect a business?

It is important to take cyber insurance for entrepreneurs and businesses as ransomware can affect a business in many ways.

1. Loss of confidential and important business data,

2. Downtime due to a compromise in the infrastructure,

3. Loss in productivity due to downtime,

4. Long-term damage to infrastructure and the data,

5. Costs incurred in recovery efforts which many times can be more than the ransom too,

6. Damage to the reputation for lacking security, and

7. Loss of clients and customers

Conclusion

There are various kinds of cyber-attacks that happen, and ransomware is one of the most common ones. This makes cyber insurance important for everyone. Cyber insurance for entrepreneurs and cyber insurance for families is essential in today’s time and age. All steps should be taken to prevent ransomware and keep the business safe. There are experts available to help, and taking help is advised.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

 

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