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How to Bolster Security to Counter Ransomware

As of 2021, ransomware attacks have increased alarmingly, many of them involving high-profile attacks, as hackers target security vulnerabilities. Every industry is vulnerable to ransomware attacks, and every computer file is at risk of becoming encrypted. In this article by Jaclyn Jaeger for Compliance Week, we will discover how companies have reinforced their cybersecurity based on the results of the “Inside the Mind of the CCO” survey.

The impact of ransomware on a firm’s finances, operations, customers, employees, and reputation can be significant. Following the high-profile ransomware attacks, 64 percent of the 308 survey respondents increased their cybersecurity controls.

Here Are Few Measures to Strengthen Security:

Hybrid Work Environment

As a result of pandemic-induced hybrid work, we have seen the need to augment and amplify cybersecurity. 71% of companies are now investing in new robust technology infrastructure to strengthen security and upskill their employees. It’s essential to embed a security culture across the company and build security into everything with a zero-trust approach to prevent data breaches from happening.

Future-Ready

Despite the brazen cyberattacks, only 49% of respondents indicated to have fixed the software vulnerabilities. Patching vulnerabilities, implementing multifactor authentication (MFA) solutions, using technology to detect anomalies, and keeping off-site backups are good practices. Cyberattacks are unpredictable, so organizations must develop a plan to prevent, combat, and recover quickly. Giving access to sensitive information to only a limited group of people only for a limited period is a good practice.

Compliance Officer

Organizations need compliance officers to evaluate organizational risks. They must formulate and implement measures to mitigate that risk. However, less than 30% of respondents are familiar with the significance and role of compliance officers.

Extortion Insurance

More than 48 percent of respondents have considered cyber insurance with a cyber extortion clause, while 11 percent rejected the idea. The insurance companies limit ransomware coverage due to exuberant ransomware demands. Hence, companies considering insurance coverage need to become familiar with cyber insurance products and their limitations.

To read the original article, click on https://www.complianceweek.com/cybersecurity/the-year-of-ransomware-how-companies-are-boosting-cybersecurity-controls/31073.article

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