The Clock is Ticking: What to do immediately after a ransomware attack

Ransomware is a fast-growing threat impacting organizations of all sizes, across all industries. Earlier this month, national security authorities in the United States, the United Kingdom and Australia issued advisories warning that the threat of ransomware has become increasingly globalized and that cybercrime groups are diversifying the types of businesses they’re targeting. The FBI’s Internet Crime Complaint Center (IC3) received 2,084 reports of ransomware attacks in the first half of 2021 alone – a 62% increase over the previous year, and representing more than $16.8 million in losses. Some experts predict that ransomware damages will grow to $265 billion by 2031.

A major driver for the growth in ransomware attacks has been the rise of ransomware-as-a-service (RaaS). These pre-packaged ransomware toolkits available for sale on the Dark Web make it relatively easy for hackers to execute complex attacks. This, in turn, has made it much more cost-effective for hackers to carry out these attacks far and wide. They are no longer targeting only large corporates for big payouts. From municipal governments to local school districts, critical infrastructure and hospitals, global corporations to mom-and-pop shops, everyone is potentially at risk.

Amid this threat landscape, organizations must assume that it’s no longer a

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