Incident Response and Ransomware: How Is Your Business Handling Security Incidents?

You only have three days to submit payment or else your data will be lost forever…does this sound familiar to your business? Financially motivated cybercrimes happen often, but did you know that one of the most common ones that businesses will face is ransomware? Given the prevalence of ransomware, your business should have a clear incident response plan in case of such threats. If you don’t have a solid plan in place, or if you aren’t sure what your business should be looking out for, we have you covered.  

In this blog, we are going to discuss the different types of ransomware your business could come across, how to handle security incidents if they were to arise, and how AI (artificial intelligence) and ML (machine learning) could potentially play a big role in helping your business respond to these attacks. Let’s get started! 

Types of Ransomware 

Ransomware is malicious software that can encrypt a file or computer system and demand a payment in exchange for restoring access to corrupted data. It is crucial to initiate an effective ransomware incident response plan to mitigate the impact and further reduce the damage that your business might experience. There are several types of ransomware that cybercriminals can utilize to carry out crimes. Here are some common ones your business should look out for: 

• Crypto Ransomware: This type of ransomware encrypts files on individual’s systems, making them inaccessible until a ransom is paid.  
• Locker Ransomware: This form of attack locks the victim out of their entire system, denying anyone access to desktops or applications.  
• Scareware: Also known as fake antivirus ransomware, scareware can trick an individual into believing that their computer is infected with malware. The ransomware will then demand payment for a fraudulent program that gives the illusion that it will remove the threat from the computer.  
• Mobile Ransomware: These varia