In 2021, the banking industry saw a 1318% increase in ransomware attacks compared to the previous year. Did you know that there are steps your financial organization can take to better prepare for a ransomware attack? Secure your data and protect the longevity of your financial organization. Here’s how financial organizations can prepare for a ransomware attack.

Use Next Generation Anti-Virus Software

Investing into next generation anti-virus software for your financial organization is the first step in preparing for a ransomware attack. Next Generation Anti-virus software helps stop known “signature based” viruses, but also uses AI and manchine learning to look for known ehaviors of threat actors  to filter out as many threats as possible. Although anti-virus software is a necessity, using it in conjunction with other security practices will leave you better prepared than just relying on software that finds known threats.

  • Make sure to invest into high-quality Next Generation Anti-Virus software, as free versions do not offer the same level of protection.

Back Up Files and Other Important Data

When preparing your financial organization for a ransomware attack, you should complete regular back ups of your data to better protect your organization.

  • Consider backing up to a cloud system, that way your data can be easily retrieved in times of a cyberattack.
  • Cloud storage is secure and with the right backup system cannot be corrupted by ransomware. Make sure to test your back up system regularly to ensure it is working properly.

Secure your Data

Aim to prepare for a ransomware attack by limiting the digital privileges of employees. Securing your data by limiting the access that employees have to digital files can help your financial organization prepare for a ransomware attack. Allowing employees to freely run applications and open files leaves your organization at heightened risk for a ransomware attack.

  • Consider implementing more restrictions within your organization.

Educate Employees About Cybersecurity

Educating your employees firsthand about the dangers of cyberattacks is one of the best ways to prepare your financial organization for any potential ransomware. Your employees are your first line of defense when it comes to cyberattacks. Employees should:

  • Be adequately trained regarding the threats to look out for
  • Know how to report an attack
  • Know what their roles in the cybersecurity plan are.

An employee’s detection of a threat could save your business from a ransomware attack.

Test for Vulnerabilities

Consider testing frequently for vulnerabilities at your financial organization to better prepare for a ransomware attack. Perform penetration tests and vulberability scans regularly. This can point out any key vulnerabilities in your systems, helping you to remediate these vulnerabilities before a threat actor find them. Be one step ahead of the hacker by testing your systems for vulnerabilities.

Utilize End Point Detection Platforms

Having end point threat detection platforms running can help to prepare your financial organization from ransomware attacks by detecting threats and immediately blocking the risky activity. Even if an employee were to click on something they shouldn’t, an end point detection platform can immediately block the activity, leaving your organization better prepared against attacks.

Install Updates Regularly

Any well-prepared financial organization should be regularly installing software updates to ensure cybersecurity measures can work properly. When software is not updated, this offers opportunity for hackers to go around security measures and hack into your system. Installing updates regularly ensures your software has the necessary patches for proper cybersecurity.

Utilize Multi Factor Authentication and Strong Password Requirements

Prepare your financial organization for a ransomware attack by making it a requirement for employees to use multi-factor authentication and strong passwords. Implementing strong passwords makes it harder for hackers to access your systems.

Layer Security Measures

Implement multiple security measures to better prepare your financial organization against a ransomware attack. Relying on just one security measure is no longer adequate for your organization with how fast ransomware attacks are evolving. Consider layering security measures to have a combination of anti-malware software, spam filters, firewalls, and cloud data loss prevention and others.  This is called a defense in depth strategy

Stay Secure with Kyber Security

As the cyber threat landscape constantly evolves, your security measures should be one step ahead. Kyber Security has dedicated professionals experienced in protecting your organization from ever increasing cyber threats. We will work tirelessly to keep your company protected from cyber-attacks.

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