Ransomcloud: Why your business should be concerned

Ransomcloud: Why your business should be concerned

Ransomware is one of the most dangerous threats to businesses today. In fact, according to Cybersecurity Ventures, global ransomware damage costs are predicted to exceed $265 billion by 2031, as ransomware perpetrators progressively refine their malware payloads and related extortion activities

Ransomware is primarily known to work by encrypting a computer’s local file system, preventing a user from accessing their data until a ransom is paid. However, did you know that it also poses a threat to cloud-based platforms?

In this blog, we’ll talk about ransomcloud and what your business needs to do to keep your data secure.

What is ransomcloud, and how does it work?

Ransomcloud is a strain of ransomware that infiltrates cloud-based systems like Microsoft 365 and Google Workspace to encrypt emails. It makes use of phishing emails, or messages that appear to be from Microsoft, Google, or another legitimate entity to gain the user’s trust. The emails typically contain a link that, when clicked on, will ask the user to sign in to their account. The page will then ask for permission to access the user’s data, read their contacts and calendars, and sign in as them, among other things.

If the user falls for the trap, ransomcloud will start encrypting the user’s emails and files to make them unreadable. It will then demand a ransom for the user to regain access to their emails.

Ransomcloud makes use of phishing emails, or messages that appear to be from Microsoft, Google, or another legitimate entity to gain the user’s trust.

Why should your business be concerned about ransomcloud?

If one of your employees grants ransomcloud access to your cloud systems, they can lose their access to their email accounts, contacts, and critical files.

What’s more, modern ransomware attacks not only encrypt victims’ data, but the attackers can also threaten to leak sensitive data unless a ransom is paid. This means that, on top of paying the ransom, businesses may also face penalties and a damaged reputation because of the data leak, making recovering from the attack costlier and more difficult.

Note, however, that the FBI discourages victims from sending money to ransomware attackers. If your business pays the ransom, there’s no guarantee that your cloud systems will be decrypted. Doing so also encourages cybercriminals to launch more sophisticated ransomware attacks in the future.

How can you protect your business from ransomcloud attacks?

Ransomcloud shows that ransomware attacks can become even more dangerous than they are now, so it’s important for your business to keep your systems secure. Here are some useful tips to remember:

1. Create offline backups

Back up your files in external hard drives, flash drives, or DVDs, as these cannot be easily infected with ransomware.

We at Complete Document Solutions also offer our StorageWatch service, a powerful and cost-effective backup system for all of your company’s data. We secure your data on our off-site backup locations, protecting from disasters like a ransomcloud attack.

2. Invest in multilayered security

Investing in multiple layers of cybersecurity can mitigate the risk of future ransomware infections. You must implement the following strategies:

  • Deploy antivirus software. Make sure that it has proactive monitoring that can block malicious elements.
  • Use an email protection solution. Ransomware is typically distributed via email, making an email security solution nonnegotiable. This should include end-to-end data encryption, data loss protection, phishing protection, and a spam filter.
  • Implement a web content filtering solution. This prevents users from accessing malicious websites and reduces the risk of a malware infection.
  • Deploy an intrusion prevention system (IPS). An IPS regularly inspects network traffic to detect vulnerabilities and prevent attackers from exploiting them.

3. Implement role-based access controls

If everyone in your organization can access all of your company’s files, cybercriminals will only need to infect one account with ransomcloud to steal your critical data. To prevent this, implement role-based access control (RBAC). RBAC regulates network access based on an employee’s role in your organization. This means that a worker can only access the files they need to perform their job, limiting the files cybercriminals can access.

4. Educate your employees

It takes only one wrong click by an employee for your business to fall victim to a ransomcloud attack.

Mitigate this risk by teaching your staff how ransomcloud works and training them on cybersecurity best practices such as refraining from opening unsolicited emails and suspicious links, using strong passwords, and enabling multifactor authentication.

Finally, conduct cybersecurity awareness training every six months and regularly send simulated ransomware attacks to see how your employees will react to the real thing.

Complete Document Solutions can protect your California-based business from ransomcloud attacks and other threats so you can ensure better employee productivity and efficiency. Request a FREE, no-obligation network and IT assessment today.

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