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STEPS TO TAKE FOR PROTECTING YOUR COMPANY FROM CYBER RANSOM

A well-written Corporate Policy on Internet and Information Security will go a long way to keeping your corporate data safe from data thieves

CYBER RANSOM PROTECTION

Cyber Ransom or Ransomware has been a hot topic in the news this year. There have been many iterations of these new
technology threats, including WannaCry, CryptoLocker, CryptoWall and most recently, Bad Rabbit. But what is Ransomware and how can today’s contractors protect themselves from something they don’t fully understand?

What is Cyber Ransom?

This article aims to bring clarity to the issue of Ransomware and provide insight on how businesses can make informed decisions to protect themselves. Ransomware, by definition, is malicious software that can steal or deny access to data by encrypting it, unless the victim pays a sum of money. Just like in a kidnapping scenario, a ransom is demanded,
thus putting the user in a difficult situation; pay the ransom and get your data back or don’t pay and suffer the loss of data. The “data napper” will often mask their identity by requesting the funds be paid using a digital currency such as Bitcoin.

To protect your business, it is important to take advantage of advancements in cyber security. Your first step should be to utilize security software with advanced capabilities such as anti-virus and A well-written Corporate Policy on Internet and
Information Security will go a long way to keeping your corporate data safe from data thieves anti-malware protection to prevent your systems from infection. However, this alone cannot fully protect a business. Keeping your computer up to date with software and operating system patches will also help to plug security holes and make it more difficult for Ransomware to make changes to programs and files. Additionally, a successful contractor running a business needs to address every aspect of information security to keep their data confidential.

hycloud cloud computing blog cyber ransom checklist

Multi-Layered Approach to Security

If we consider the steps taken when a new construction project is started, many helpful parallels can be made. A new job requires several elements to ensure success: bonding, insurance, locates, and a WSIB clearance form the foundation of protecting every contractor from risk. Information Security is no different; a multilayered approach to security includes security software, a next-generation firewall with content filtering, patch management, email filtering, advanced monitoring
services to “keep an eye” on your data, and most importantly, end-user education. Each of these performs a different function.

Security Software to Protect from Cyber Ransom

Security software protects the in and out data on your machine; a next generation firewall can scan the traffic to and from the Internet and like a detective can perform deep inspection of the data checking it for threats, while blocking access to nefarious websites and services; patch management keeps all your programs and systems current to plug ongoing security issues; email filtering helps to keep your communications clean and can trap harmful emails from getting into users’ inboxes; and network and Internet monitoring services can alert business owners and/or your computer services provider to issues that need to be addressed immediately. Most importantly, users need to be educated on what to look out for when browsing websites and opening emails with attachments.

By performing these steps, contractors can ensure they are taking the necessary precautions to minimize their risk of Ransomware.

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