Malware, including ransomware, has been the fastest-growing threat of the year 2024, with 41% of enterprises experiencing a malware attack in the past year. Furthermore, a recent report in the State of Ransomware revealed that in January 2024 there was the highest number of ransomware threats ever recorded, with a 130% increase compared to 2022 figures.
No organization—from small business to enterprise—is immune to the risks posed by ransomware and other malware threats. These attacks can cripple operations and result in costly downtime for any business, regardless of size. With cybercriminals constantly evolving their tactics, it is crucial for all businesses to proactively strengthen their security posture, which includes ransomware protection.
While consumer virtual private networks (VPNs) are a popular way for individuals to boost online privacy and security, leveraging enterprise-grade VPN technology is equally important for companies looking to protect their business-critical operations and sensitive data assets from modern security threats.
A robust VPN deployment represents a core part of any comprehensive cyber defense strategy designed to mitigate risks like ransomware and malicious network intrusions.
Key takeaways
Ransomware attacks are growing rapidly, posing a serious threat to all businesses. A comprehensive prevention strategy is essential.
Leveraging enterprise-grade VPNs, endpoint security, and backup solutions forms the core of an effective defense-in-depth model.
Continual user training and awareness of phishing/malware risks help guard against the human element of attacks.
Having an incident response plan in place ahead of time facilitates rapid containment and recovery if prevention fails.
A multi-layered approach combining people, processes, and technology gives the best chance of both reducing risk and resilience against evolving threats.
What is ransomware protection?
Ransomware protection is an integrated approach that focuses on minimizing vulnerabilities, hardening systems against known threat vectors, and ensuring continuity of operations even in the event of a successful attack.
Elements of an effective protection program include thorough endpoint security with antivirus and anti-malware, adoption of software patching and configuration best practices, implementation of data backup solutions isolated from production networks, and multi-factor authentication for remote access to further strengthen the network perimeter.
A robust VPN combined with ongoing user awareness training and testing of incident response plans forms the foundation of a defense-in-depth strategy against today's ransomware actors.
Why are businesses at risk?
Companies in the US and beyond report hundreds of ransomware attacks every year, and that number is growing. Based on Statista’s research, there were 317.59 million ransomware attempts on organizations all around the world in 2023.
Businesses are particularly lucrative targets. While criminals can force an individual to pay for the return of their data, corporate victims often have more to lose. If an attacker takes control of a company server, they can restrict access to essential data or steal customers’ personal information.
Businesses also need to consider the rising costs of ransomware attacks to understand why improving ransomware protection is critical. Cybersecurity experts estimate that the costs of ransomware are projected to reach around $265 billion annually by 2031, significantly up from $20 billion in 2021.
Clearly, building a secure network infrastructure for your business is key in today’s digitalized environment. As far as cyber threats go, using a good business VPN with threat protection will boost your ransomware protection and prevent malicious actors from reaching valuable and sensitive information.
How does ransomware work?
Ransomware is installed through a variety of channels. It might be forced onto a device through malvertising or downloaded accidentally by an employee via phishing emails. With remote work soaring, unsecured endpoints are ripe for exploitation. Using a vulnerable hotspot—from public Wi-Fi to a home router—could put an entire company at risk.
Once an infection begins, malicious software can rapidly overtake a server.
A ransomware program encrypts the contents of a server, making files impossible to retrieve. You could lose access to vital information, from customer details to entire databases. Once this process is complete, the attacker will offer to send you the encryption key—for a price.
The risks of paying the ransom
Paying up doesn’t necessarily guarantee the end of the ordeal, of course. FBI officials advise companies not to pay the ransom, as there's no guarantee that hackers will honor their terms after the victim pays.
Reports suggest that only about a quarter of ransomware victims ever get their data back after paying. Once your machine has been infected, it’s a lose-lose dilemma.
If you’re lucky and the criminal decides to send you the key, that might not be the end of your trouble. When a company pays the ransom, hackers see it as an easy target. Giving in to ransom demands only encourages further attacks, causing more long-term damage to your business.
According to the SentinelOne report, almost three-quarters of all corporations suffered another attack after paying the ransom.
The importance of ransomware protection
The costs of a ransomware attack go far beyond just the ransom payment. Downtime from disabled systems and lost access to encrypted files and applications can grind small business' operations to a halt. The average cost of downtime for a small or medium-sized business is $5,000 per minute.
For many companies, the total losses from remediation, lost business, and getting systems back online after a ransomware breach averages nearly $1 million.
In addition to direct financial losses, ransomware can also negatively impact customer trust and future business. Successfully paying the ransom does not guarantee that stolen data will be recovered or deleted by the cybercriminals. Even after resolving the initial attack, companies may face litigation and penalties from regulators if sensitive customer information is breached.
Perhaps most damaging is the long-term reputational harm that could follow. Customers will rightfully question how securely their data is handled and may lose confidence in a company that suffers a major ransomware attack. Future clients may even choose to take their business elsewhere over security concerns.
Investing in robust ransomware protection for networks and endpoints is a must for any business concerned about both current and future operational resilience. Comprehensive prevention and recovery strategies are needed to minimize costly downtime and regain trust should the worst happen.
10 ways to protect your business from ransomware
With ransomware attacks on the rise, businesses of all sizes must evaluate their security posture and implement a multi-layered prevention and threat detection strategy. Here are seven steps to improve your company’s safety:
1. Install VPNs across company hardware
Securing remote devices with a VPN is crucial for robust ransomware protection. NordLayer's enterprise-grade VPN solution encrypts internet traffic and establishes secure channels to help prevent encrypted data from being accessed if endpoints are compromised.
This fortifies your network security perimeter by limiting the spread of malware via unsecured connections. Encrypting network traffic using a VPN makes it significantly harder for ransomware threats to infiltrate your environment and encrypt valuable data.
2. Raise awareness of best practices
Ensure all staff completes regular security awareness training. Remind them to be vigilant against phishing attempts and reinforce safe browsing habits. Make sure you bring new threats to the attention of all workers—especially those based remotely—and reinforce a DevSecOps culture of shared responsibility. A knowledgeable workforce is integral to ransomware protection that prevents the exploitation of human vulnerabilities.
3. Back up your data regularly
Routinely back up critical files, databases, and system images to external storage. Test your backups regularly to validate recovery procedures. If you’re ever hit by a ransomware attack, you can use your backup and data recovery to restore lost files and essential databases.
4. Patch operating systems and applications
Promptly apply software updates from vendors as they address known vulnerabilities. Hackers often exploit unpatched flaws to deploy ransomware payloads. Automate updates where possible to keep your attack surface small.
5. Use endpoint detection and response tools
Monitor endpoints like workstations, servers, and IoT devices for suspicious activity. EDR solutions can detect abnormal file encryption behavior indicative of ransomware taking hold. Quick response is key to containment.
6. Enforce spam filters
Implement powerful email filters to block phishing and malware emails from reaching employee inboxes in the first place. Update spam filters regularly as threat actors modify techniques. Train staff to be alert to emails that evade spam filters and warn of the dangers of clicking links or opening attachments from unsolicited emails. Spam filters form a critical layer of defense against ransomware and other threats delivered by email.
7. Limit user and admin privileges
Configure access controls. Restrict authorization levels to only what's needed for job roles—an approach known as Zero Trust. Following the principle of least privilege and granting only necessary permissions to each user account limits the potential impact and lateral movement if a single account is compromised.
8. Consider cyber insurance
Transfer some financial risk burden through an insurance policy. Coverage can help address costs like ransom payments, forensic investigations, legal liabilities, and more in the event of an attack.
9. Implement application whitelisting
Application whitelisting allows only approved/trusted programs to run while blocking all others, including malware. This limits the ability of ransomware attack to execute its encryption payload.
10. Use deception technologies
Deception platforms mimic common vulnerabilities to misdirect attackers into interacting with virtual rather than real assets. This strategy wastes an attacker's time and resources, improving the chances of detection and response before critical systems are compromised.
By adopting an approach that combines people-focused training with technical safeguards across networks, endpoints, and backup systems, organizations can significantly reduce their risk of falling victim to costly ransomware and recover smoothly should prevention measures be evaded.
What your business should do if hit by ransomware
Unfortunately, no matter how robust your defenses are, the evolving tactics of cybercriminals mean the risk of a ransomware attack can never be fully eliminated. In case your business falls victim to an attack, have a plan in place. Thus, what to do if your business gets hit by ransomware to help facilitate data recovery:
Isolate infected systems: Disconnect any devices displaying ransomware behavior from your network to stop the spread.
Contact emergency response services: Reach out to incident response firms who can assess damage and help with negotiations if needed.
Determine what data is impacted: Ransomware may not encrypt all files—identify what is accessible to prioritize recovery tasks.
Consider reporting to authorities: Law enforcement can provide advice specific to your attack pattern and connect you to victim support services.
Test your backups: Validate that uninfected images are available to restore operations from a clean slate.
Communicate responses to staff & clients: Be transparent about any impacts while avoiding validating the effectiveness of the ransomware model.
Taking prompt containment and recovery actions can help minimize downtime even after falling victim to ransomware's evolving tactics.
Recovering from a ransomware attack
After experiencing a ransomware attack, the road to recovery may still be long. But with the right plans and resources, full business continuity is achievable. Therefore, it is important to:
Remain offline until all infected systems are cleaned—thorough audits and malware scans are a must before reconnecting to external networks.
Patiently restore all data and applications from tested backup files—prioritize critical systems to get operations running smoothly again.
Evaluate incident response & follow recommendations to shore up defenses—even the best plans can be improved after a real-world security event.
Monitor for secondary impacts & fallout—ransomware damage may trigger unforeseen compliance or legal issues down the line.
Learn from experience—refine training, strengthen security controls, and harden backups based on lessons from the incident.
With determination and a long-term mindset for business ransomware protection, recovery is attainable for businesses that experience even a sophisticated ransomware attack.
Conclusion
While no measures provide absolute ransomware protection alone, this guide has outlined a robust, proactive approach for organizations to significantly strengthen their ransomware defenses. With cybercriminals ceaselessly honing their techniques, ongoing evaluation and enhancement of security controls, staff education, and incident handling protocols is crucial.
Businesses that make ransomware protection a strategic priority through a comprehensive prevention program and tested recovery capabilities will be best equipped to withstand attacks while minimizing downtime impacts. Although the ransomware threat landscape will continue to change, proactive measures combined with a culture of vigilance and learning from incidents puts organizations in the strongest position long-term.
With a wholesome, defense-in-depth mindset, companies can achieve the optimal balance of risk reduction and readiness to withstand even sophisticated, cybersecurity threats and extortion attempts of the future.
