According to a recent article in the Institutional Asset Manager Newsletter, the financial sector was one of the most targeted by cybercriminals in 2020 during the Covid-19 pandemic at a time when rapid shifts in working practices left organizations vulnerable.
In the first emergency phase of the pandemic in Q2 2020, ransomware attacks on financial organizations using data extortion techniques were up 417% compared to Q1. The sector reported 31 attacks between March and May alone.
Although the financial sector may not have been hit the hardest, it is reported the extortive cost of cyber-attacks for this industry is higher than any other. The average annual cost of cybercrime on the financial sector is estimated at USD18.5 million.
The data also highlights financial organizations have become one of the main targets for ransomware attacks, meaning now, more so than ever, organizations need to invest in and strengthen their cybersecurity defenses.
IP Services Response to Ransomware:
For our typical managed services client, risk of ransomware is greatly mitigated by our Virtual Private Cloud solution.
For example, when we manage a client internal network server infrastructure, we hold the client data (snapshots) in two locations which are inaccessible from the client’s network subnet (thus protecting from any infection that could arise inside their network) in an encrypted state which further protects the client.
In the event there was a ransomware attack which locked up a client’s network, IP Services would immediately isolate and disable the client network to avoid further damage. Once completely isolated, we would then pull a snapshot from before the ransomware infection and verify there was no sign of the infection within and clean them of any trace if necessary. Once completed, we would bring client servers back online. At this point, we would begin working with end-users to clear their machine and/or image their machine as necessary. All client critical data would be safe and pulled from the clean snapshots, desktops may need to be rebuilt, but that should not be where critical data is stored.
We believe our client’s file servers and data are well protected due to our strict encryption protocols and segmentation we use when storing those data snapshots.
Call us today to see how IP Services can assist you!