Ransomware remediation: How is it evolving, and why do businesses need it?

Companies are expected to face greater challenges as cybercriminals use AI to produce more-sophisticated and convincing attacks.

However, as cybercriminals become more advanced, so do cybersecurity companies, which are looking for AI-driven tools and technologies to combat ransomware attacks more efficiently.

It's important to note that although AI is providing a new perspective to ransom detection, at OnSecurity, we lead with a manual-first approach, which means that our real testers use business logic when discovering vulnerabilities. With AI tools and automation, it is quite easy to discover false positives that can waste time and resources.

Ransomware remediation in the age of AI will require automation, faster response times and enhanced detection capabilities. However, as AI continues to evolve, so will ransomware attacks, making it crucial for businesses to stay ahead of the curve and continue to review and update their remediation strategies.

Why do businesses need a remediation strategy in the event of a ransomware attack? 

All businesses should implement a remediation strategy in the event of a ransomware attack. Not only do the figures show that attacks of this nature are on the rise and are not going anywhere anytime soon, but they can have severe impacts on many areas of your business — from operations and finances to your business’s reputation. A ransomware remediation strategy allows you to respond quickly and efficiently to minimize damage and enable a faster recovery.

Businesses should evaluate the areas below to begin setting up a remediation strategy. 

Data backup and recovery plan 

Frequently backing up your critical company data to secure offline storage will ensure it’s retrievable should an attack take place.

Incident response plan 

All businesses should create a step-by-step document that details the following: how to detect a ransomware attack, how the attack can be contained from the individual’s perspective, how the incident can be reported and guidance on minimizing future attacks.

Business continuity plan 

Management teams should regularly review their IT systems to ensure that if a ransomware attack takes place, business operations and systems can continue unaffected.

Employee awareness and training  

Businesses should introduce cybersecurity training to educate employees on the signs to look out for if they’re hit with a ransomware attack. This will also prevent ransomware attacks from escalating and causing more damage to the company.

Cybersecurity firm support  

Partnering with a cybersecurity company that can help implement ransomware remediation strategies and provide useful information that can be shared internally with your team will aid recovery.

What will happen if a business doesn’t have a remediation strategy for a ransomware attack? 

Businesses are more at risk from cybersecurity criminals who will exploit vulnerabilities in a online IT system if preventative measures are not in place. The biggest risk following a ransomware attack is financial loss. This can be from a loss in revenue if the company’s IT system is down for an extended period and it is unable to process online orders or payments, or manufacture goods or provide services. But, to minimize reputational damage and make the issue "go away,” some businesses will resort to paying the ransom. 

A report by Onapsis, “ERP Security in the Age of AI-Enhanced Ransomware,” found that 56 percent of construction and real estate companies paid the ransom, followed by retail and wholesale (45 percent), technology (36 percent) and health care (33 percent). If the ransom is being paid and the company isn’t investing in a solid remediation strategy, cybercriminals will continue to attack that company. This report also found that 83 percent of firms suffered ransomware attacks last year, with 46 percent facing four or more attacks.
 
With the growing risks that AI technology brings to the ransomware space, incorporating remediation strategies is more important than ever. However, not only could AI assist cybercriminals in their attacks, it can just as easily be incorporated into businesses’ cybersecurity strategies to protect them from such attacks. Businesses should ensure they have remediation strategies in place ahead of time, to be able to quickly and easily recover should an attack occur.