Ransomware is not just a cybersecurity decision but a business one, with continuity and financial health at stake. Companies are advised to prepare for ransomware attacks as a business decision first, with CISOs playing a crucial role in guiding boards and minimizing risk. Having a ransomware playbook is also essential, with regular reviews and updates by SecOps, IT, legal, PR, and senior management.
Key takeaways:
- Ransomware attacks have spiked, with small and medium businesses in industries like healthcare and manufacturing being primary targets. Organized crime and nation-state attackers are using AI and machine learning to innovate and exploit vulnerabilities.
- CEOs and founders of mid-tier manufacturers have reported that even after hiring cybersecurity consulting firms, ransomware attackers are still launching attacks. This has led to an increased focus on improving patch management, data security, backups, identity and secrets management, and secure infrastructure provisioning.
- Senior management teams that view ransomware attacks as inevitable are quicker to prioritize actions that reduce the risk of an attack and contain one when it happens. This mindset shifts the view of cybersecurity from an operating expense to a long-term investment in risk management.
- Having a ransomware playbook is crucial for businesses to recover from ransomware attacks. These playbooks help to save time during an attack and contain it, and they also highlight the potential devastation of an attack to senior management and the board.