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8 December 2022

How Can CyberArk Help To Reduce The Risk Of Ransomware?

A Quick Reminder: What Is Ransomware?

Ransomware is a specific type of malicious software (or ‘malware’), designed to block access to a network or system until a ransom (a sum of money, usually demanded via cryptocurrency to ensure the anonymity of the recipient) is paid.

The malware usually works by encrypting key files on a network, rendering all users (even network admins) unable to view them. The hackers will then contact the organisation requesting a ransom be paid in exchange for the decryption key. Sometimes, the ransomware will also have the functionality to exfiltrate data from the encrypted network, allowing the hackers to steal as much data as they can access. Essentially, these attackers put their victims in a position whereby the quickest, easiest and often cheapest way to regain access to their organisation’s data is to pay the ransom.

You can find out more about ransomware and the reasons for its rise in popularity here.

The Potential Ramifications Of A Ransomware Attack

Thanks to its ability to spread quickly, impair systems and processes, and exfiltrate valuable data, ransomware is one of the most dangerous and costly forms of malware. And it’s growing fast, too. Roughly 37% of all organisations across the globe were victimised by a ransomware attack in 2021.

The most prominent ramification of a ransomware attack is the financial losses associated with it. According to an IBM Security report, the average total cost of a ransomware breach is somewhere around 4.62 million USD (£3.76 million).

It isn’t just about the money, either. Ransomware attacks can lead to:

– Loss of valuable company data
– Leaks of personal customer/employee information, which could lead to impersonation and/or personal financial losses
– A decrease in customer trust and brand loyalty
– Unexpected downtime for important business processes and/or systems
– An inability for the business to meet customer needs/requirements, potentially leading to a breach in contractual obligations and/or service agreements
– Dangers to customer safety (particularly in public infrastructure, public service and/or medical organisations)

The Best Solution

The good news is there are ways to protect your organisation from ransomware attacks – but traditional anti-virus solutions won’t cut it. These dated solutions use signature patterns to identify and block known malware variants, but contemporary ransomware is too smart for this. The latest malware programs continuously morph, ensuring they can’t be detected using signature-based methods.

The best way to successfully defend your network against today’s ransomware threat is by taking a multi-layered, ‘defence-in-depth’ approach to security.

This approach should include the following:

– A combination of Identity and Access Management (IAM) capabilities (e.g. multi-factor authentication, or ‘MFA’)
– An Endpoint Privilege Management (EPM) program
– A Privileged Access Management (PAM) solution

How CyberArk Can Help

Our partners at CyberArk are the masters when it comes to ransomware protection.

Identity and Access Management (IAM)

CyberArk Identity, CyberArk’s Identity and Access Management solution, allows organisations to quickly achieve their workforce identity security goals while enhancing operational efficiency. A SaaS-delivered solution, CyberArk Identity is designed for easy consumption and scalability, making it suitable for businesses of any size.

Find out more about the solution here.

Endpoint Privilege Management (EPM)

CyberArk Endpoint Privilege Manager is designed to remove local admin rights, enforce least-privilege security, defend against ransomware and cached credential compromise, and enable application control at the endpoint – thus helping to contain attackers at the point of entry, before they can traverse your network and inflict serious damage.

Find out more about the solution here.

Privileged Access Management (PAM)

CyberArk Privileged Access Manager is a solution designed to continuously discover and manage privileged accounts and credentials, isolate and monitor privileged sessions, and remediate risky activities across environments. With the option to purchase it as a SaaS or as a self-managed solution, CyberArk PAM can be implemented in organisations with or without experienced security teams.

Find out more about the solution here.

Are you looking for support implementing a CyberArk solution? You’re in the right place!

With a team packed with CyberArk experts (and even some past CyberArk employees!), there is no one more qualified to successfully implement and manage your CyberArk solution than Infosec K2K.

Get in touch with us to find out more about how we can help you.

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