Ransomware attacks can have devastating consequences for the public sector. In our recent webinar, How Utah Communities Can Increase Cyber Readiness, Insight cybersecurity expert James Brummett shared his view of the ransomware landscape — and offered strategies that can help organizations avoid damage.
Ransomware as a Service (RaaS) is a business model in which ransomware operators partner with “affiliates” who pay operators to launch ransomware attacks. These attacks can be triggered when affiliates are prompted to sign up for a service such as a one-time license fee, profit sharing, monthly subscription fees and more. This type of business model exposes increases the risk that these organizations will be subjected to a ransomware attack.
An RaaS can be extremely costly, damaging infrastructure and networks — and the public’s trust in your organization. According to a recent report from Coveware, 77% of ransomware victims stated that the attacker threatened to leak stolen data. Additionally, ransomware attack costs are rising, with an 43% increase in ransom payment costs from the fourth quarter of 2020 to the first quarter of 2021, reaching an average of $220,298.
And, the threat of ransomware is high for organizations of all sizes. While small organizations may think they’re at less risk, recent data indicates that over 70% of ransomware victims have fewer than 1,000 personnel, according to Covewave.
One key strategy for avoiding a ransomware attack is to prepare incident response policies, plans and procedures, which solidify a proactive approach to cybersecurity that is socialized throughout all branches of your organization. Such plans typically consist of scenario-specific procedures, processes, checklists, forms, roles and responsibilities, and more.
Not sure where to start evolving your cyberattack strategy? Insight Public Sector offers solutions that mitigate attacks that can halt operations, avoid data loss with backup and recovery, and prevent breaches. We’re here to help you build trust among your digital users, from the citizens who depend on your public services to the teachers and learners in your hybrid and online classrooms.