The Last Line of Defence for Ransomware – Webinar

Florin Soltan
Florin is a Cyber Security Product Manager at Acronym. He helps organizations protect against digital threats by developing and implementing robust security strategies to safeguard sensitive data and infrastructure.

Acronym’s Cyber Security Product Manager Florin Soltan hosted a webinar with Sagar Vyas, Chief Information Security Officer and Paolo Del Nibletto, Channel Business Chief from Jolera discussing the prevalence of ransomware attacks, and the need for comprehensive defense strategies. The Last Line of Defense for Ransomware webinar addressed critical aspects of modern cybersecurity, including a few solutions.

Ransomware has evolved over the years, from its early days of simple system locks to today’s sophisticated double extortion schemes and Ransomware-as-a-Service (RaaS) models. RaaS was identified as a growing trend, enabling even non-technical individuals to launch attacks. The way these Ransomware operators have primarily demanded payments is in cryptocurrencies like Bitcoin. However, due to traceability concerns on Bitcoin exchanges, there’s now an emerging trend of using privacy coins like Monero, which are essentially untraceable and undetectable.

There have been an alarming 83% increase in ransomware attacks since last year, with many organizations opting to pay ransoms, albeit with mixed data recovery results. All organizations, regardless of size, are potential targets. Paolo discussed the impact of inadequate global cyber governance and standards on the rise of cyberattacks. There is a lack of robust cyber governance, combined with gaps in cybersecurity, particularly during the recent pandemic, that has made it easier for cybercriminals to target and conduct attacks.

Sagar stressed the importance of understanding risks, setting tolerance levels, and conducting regular risk assessments and security posture reviews. The panelists all agreed that there needs to be proactive measures in cybersecurity, including the establishment of a comprehensive security strategy encompassing technology, processes, and people.

They also discussed the total costs of ransomware incidents, highlighting not just the ransom payment but also the costs of incident response, recovery, data and privacy counsel, and potential insurance claims. It underscored the importance of meeting cybersecurity insurance requirements, such as having robust backups, multi-factor authentication, cyber awareness training, and a cyber incident response plan.

So what were the takeaways? The strategies for establishing a cybersecurity investment plan, emphasizing the role of managed security service providers (MSSPs) in improving cybersecurity performance and efficiency. The significance of endpoint protection technologies like Endpoint Detection and Response, Managed Detection and Response, and Extended Detection and Response in ransomware defense, while acknowledging their limitations.

Companies need to implement robust cybersecurity measures, regular patching, multi-factor authentication, secure network practices, and employee cybersecurity awareness training in order to prevent Ransonware attacks. It is of great importance that IT teams stay proactive in cybersecurity, considering the high costs and risks associated with ransomware attacks.

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About Acronym

Acronym Solutions Inc. is a full-service information and communications technology (ICT) company that provides a range of scalable and secure Network, Voice & Collaboration, Security, Cloud and Managed IT Solutions. We support Canadian businesses, large enterprises, service providers, healthcare providers, public-sector organizations and utilities. We leverage our extensive network expertise to design and build customized, fully scalable solutions to help our customers grow their businesses and realize their full potential. With more than 20 years’ experience managing the communications system that enables Ontario’s electrical grid, Acronym is uniquely positioned to understand the mission-critical needs of any business to deliver the innovative and reliable services that respond to the changing demands of businesses, and support rapid growth and digital transformation initiatives.

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