Ransomware protection for businesses: How to protect your company mobile devices from ransomware attacks

2021 saw dramatic increases in ransomware compared to previous years. With year-end 2021 ransomware attacks predicted to cost close to $714 million, which grew to 134% over 2020’s numbers, there seems to be no end in sight. 

Todays cyberhackers are more sophisticated and strategic in executing surgical attacks on an organization’s infrastructure. 

While crypto-ransomware and ransomware lockers have been used to extort businesses for years, newer and more catastrophic versions of ransomware are continuing appearing on the scene.  

In these past few years, several new ransomware methods and their risks have been discovered, including: 

  • A strain that allows hackers to rent access to the malware code in exchange for a percentage of the funds that are received. 
  • A double exhortation phishing email technique that used a victim’s trusted email address to embed encrypted data on an infected machine. 
  • Yet another ransomware strain that targets theft and encryption of sensitive data including backups. 

As new ransomware cases increase by the day, a wide number of shocking new statistics have been reported globally

  • From a 2021 survey conducted with 1,263 companies, 80% of victims who submitted a ransom payment experienced another attack soon after, and 46% got access to their data but most of it was corrupted.  
  • There were 190.4 million ransomware attempts In Q3 of 2021, which nearly eclipsed the 195.7 million total ransomware attempts logged during the first three quarters of 2020.  

These attacks have led to disturbing predictions for the months ahead: 

  • Cybersecurity Ventures predicts ransomware will cost $6 trillion (about $18,000 per person in the US) annually.  
  • Remote workers will be the primary target of cybercriminals throughout 2021.  

Understanding the current state and future trends of mobile ransomware attacks is not enough. You must protect your mobile devices with the right cybersecurity tools  

Here are four simple ways you can keep your business mobile devices safe from ransomware: 

Avoid clicking on suspicious links 

Be careful of opening or clicking on attachments or links that come from spam or unsolicited emails. More hackers are using legitimate company logos in their emails to get users to lower their defenses. According to Verizon’s 2018 Data Breach Investigations Report, phishing is involved in 70% of data breaches. To protect yourself and your business, it is important to learn how to spot a phishing scam

Keep immutable, offsite backups 

Be sure to back up important data offsite or in the cloud with proper cybersecurity protections. Have clear procedures to restore backups in the event of a ransomware attack. Limit access to the company’s backups to reduce vulnerabilities when restoring data. 

Use a stronger password management system 

A strong password manager will help prevent password sharing and track complex, hard to remember passwords. It may also benefit your business to use an SSO system for added security. 

Use email and endpoint protections 

Be sure to scan all emails and filter malicious attachments and links. Also, keep firewalls and endpoint detection software up to date with the latest malware signatures. Provide VPNs for users outside the network and inform users of any out-of-network emails.  

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