The State of Ransomware: A Bigger Fear Than COVID-19

What do security professionals fear more this holiday season – ransomware or COVID-19? Believe it or not, they’re more concerned with the former.

That’s according to a flash survey of nearly 50 senior cybersecurity professionals taken at Optiv Security’s November OptivCon Virtual event. When asked, “What do you think is the greater threat to your business this holiday season: Ransomware or COVID-19?,” 60% of respondents said ransomware.

These survey results reveal just how big of a problem the ransomware epidemic is: We’re in the midst of a global health pandemic that has taken trillions of dollars out of the global economy, yet many security professionals are more fearful of ransomware. Why? In many cases, it’s because they don’t have an effective ransomware incident response (IR) plan in place – and therefore, they don’t know what to do when a ransomware attack occurs.

Another Communications Breakdown

While the solution to the ransomware problem might seem simple (prepare for it and put a plan in place!), there’s an underlying reason why so many companies are caught unprepared when the crisis strikes – and it’s rooted in the classic disconnect between cybersecurity and the boardroom.

Company leaders don’t understand that ransomware is a corporate crisis – not a cybersecurity problem. They think it’s the CISO’s job to block ransomware attacks, rather than leadership’s job to be prepared to respond to a successful attack. Unfortunately, this narrow view of the ransomware problem dramatically increases the potential harm that can result from the attacks.

The Ransomware Playbook

Similar to the IR plans and playbooks developed for data breaches, successfully dealing with ransomware also requires a strategic IR plan that methodically details the procedures for rapid response to and containment of incidents. The overall goal is to limit the risk of impact to the business.

At a minimum, an IR plan should include:

  • Working backups,
  • Detection and prevention controls,
  • Data classification and valuation of data,
  • Communication trees and templates, and
  • Rules of engagement with ransomware dealers.

On this last point, in the event of a successful ransomware attack, organizations have three choices: 1) they can attempt to recover from the compromise; 2) they can pay the ransom or attempt to negotiate; or 3) they can do nothing at all. The FBI’s stance is to NOT pay or negotiate with cybercriminals. While this is certainly a best practice and the outcome you hope for, it might not always be possible – for example, hospitals with patients’ lives on the line or companies that will go out business if they don’t pay up may have no choice but to pay. This decision is up to each individual company – and it should be part of a coordinated response led by the C-suite and board, executing according to a pre-established IR plan.

It’s also important to note that having an IR plan is not enough – it also must be tested and reviewed on a continuous basis, and important procedures must be practiced frequently. Professional basketball players, for example, will practice hundreds of free-throws even though those shots are worth only a single point. Companies should spend the same amount of rigor on issues as important as responding to a ransomware attack that could cost their company millions of dollars.

The Evolution of Ransomware

Ransomware attacks, as they are executed today, are stressful enough for companies .... and it’s about to get worse. In 2021, we expect ransomware to become increasingly sophisticated and even more dangerous. Specifically, we believe:

1) Ransomware attacks will start to compromise our critical infrastructure, potentially holding entire regions of the country hostage.

2) Deepfake videos will move beyond a way to spread misinformation and morph into a new form of ransomware (i.e., extorting companies for money with the threat of releasing a damaging deepfake video).

3) As internet-enabled technology becomes more embedded in physical systems and medical devices, the loss of human life due to ransomware attacks will become a real consequence.

Having a coordinated business and cybersecurity IR plan is one of the most effective ways to overcome the fear of ransomware and minimize the business impact of these attacks. And, with ransomware attacks expected to become more complex and dangerous in the coming months, IR plans will become mandatory for an organization’s response capability and survivability.

If you don’t know where to start, learn from the experiences of companies that have previously been targeted by ransomware campaigns and seek the advice of cybersecurity experts. Don’t wait to act until it’s too late and your company is in full-fledged crisis mode. Put a plan in place today that will shore up your defenses against ransomware, and reduce the potential damage of successful attacks.

Featured

  • AI Is Now the Leading Cybersecurity Concern for Security, IT Leaders

    Arctic Wolf recently published findings from its State of Cybersecurity: 2025 Trends Report, offering insights from a global survey of more than 1,200 senior IT and cybersecurity decision-makers across 15 countries. Conducted by Sapio Research, the report captures the realities, risks, and readiness strategies shaping the modern security landscape. Read Now

  • Analysis of AI Tools Shows 85 Percent Have Been Breached

    AI tools are becoming essential to modern work, but their fast, unmonitored adoption is creating a new kind of security risk. Recent surveys reveal a clear trend – employees are rapidly adopting consumer-facing AI tools without employer approval, IT oversight, or any clear security policies. According to Cybernews Business Digital Index, nearly 90% of analyzed AI tools have been exposed to data breaches, putting businesses at severe risk. Read Now

  • Software Vulnerabilities Surged 61 Percent in 2024, According to New Report

    Action1, a provider of autonomous endpoint management (AEM) solutions, today released its 2025 Software Vulnerability Ratings Report, revealing a 61% year-over-year surge in discovered software vulnerabilities and a 96% spike in exploited vulnerabilities throughout 2024, amid an increasingly aggressive threat landscape. Read Now

  • Motorola Solutions Named Official Safety Technology Supplier of the Ryder Cup through 2027

    Motorola Solutions has today been named the Official Safety Technology Supplier of the 2025 and 2027 Ryder Cup, professional golf’s renowned biennial team competition between the United States and Europe. Read Now

  • Evolving Cybersecurity Strategies

    Organizations are increasingly turning their attention to human-focused security approaches, as two out of three (68%) cybersecurity incidents involve people. Threat actors are shifting from targeting networks and systems to hacking humans via social engineering methods, living off human errors as their most prevalent attack vector. Whether manipulated or not, human cyber behavior is leveraged to gain backdoor access into systems. This mainly results from a lack of employee training and awareness about evolving attack techniques employed by malign actors. Read Now

New Products

  • Unified VMS

    AxxonSoft introduces version 2.0 of the Axxon One VMS. The new release features integrations with various physical security systems, making Axxon One a unified VMS. Other enhancements include new AI video analytics and intelligent search functions, hardened cybersecurity, usability and performance improvements, and expanded cloud capabilities

  • FEP GameChanger

    FEP GameChanger

    Paige Datacom Solutions Introduces Important and Innovative Cabling Products GameChanger Cable, a proven and patented solution that significantly exceeds the reach of traditional category cable will now have a FEP/FEP construction.

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises.