Consider Both Ransomware Prevention and Remediation
Attacks are becoming more common and more complex. Add in unstable global conditions, and banks are understandably making an effort to prioritize prevention and reduce the risk of compromise. With the average cost of a ransomware attack in the financial sector now topping $2 million, this makes sense, but prevention alone isn’t enough. Banks must assume that ransomware attacks will successfully compromise their networks at some point. What then?
To effectively address this reality, financial organizations should prioritize both prevention and remediation. Prevention starts with robust data backups that follow the 3-2-1 rule: three copies of data, two onsite and one in the cloud or stored on other media.
These backups enable banks to quickly get back on track if potential ransomware activity is detected and systems are temporarily shut down. Regular backups of critical data ensure only minimal continuity loss if protection takes precedence.
Comprehensive disaster recovery, meanwhile, helps banks significantly reduce downtime after an attack, even if primary data storage is corrupted or destroyed. Robust DR solutions see critical data synchronized across two (or more) instances such that if one fails or becomes otherwise inaccessible, banks can quickly swap over and keep working.
Find the Right Talent to Take on Ransomware
While there are glimmers of hope that the security skills gap is starting to close — the number of open positions has fallen for two consecutive years — about two-thirds of businesses surveyed say the continued shortage of security talent is putting their organization at risk.
Managed security services, such as those from CDW, can help banks close the gap between InfoSec needs and available talent. This starts with robust vulnerability assessments that include both cloud and on-premises operations to determine where networks are vulnerable and help bank IT teams get a handle on where new solutions are needed.
These solutions might include immutable data backups that are encrypted at rest, in transit and at their destinations. Other options include third-party penetration testing to pinpoint potential vulnerabilities, or the addition of virtual CISOs that offer industry expertise without the full commitment or cost of hiring a full-time executive.
The bottom line is that ransomware isn’t going anywhere. To secure key data and survive ongoing attacks, banks need to prioritize shared responsibility, address both prevention and remediation, and leverage the right talent and technologies to reduce their total risk.