Ransomware is likely today’s biggest threat to cybersecurity around the world, and more and more, it’s becoming the biggest threat to the wealth management sector.

According to ICIT, “financial institutions are likely the next major sector to be targeted by ransomware, if their systems have not been infected already.” The report further says that ransomware cybercriminal, “[threaten] the lifeblood of their victims — information” and “law enforcement has neither the time nor the resources to track down the culprits.”

Both industry leaders and cybercrime law enforcement members agree that the best defense against ransomware, is a robust and multi-faceted strategy. Have you invested in one for your firm?

That’s why it’s so important for you to have a well-informed plan for ransomware:

  • Use a browser with ad blocking (Google Chrome with uBlock Origin is highly recommended).
  • Don’t open invoices from people or companies you don’t do business with, as most ransomware infections arrive via web ads or infected word/xls/zip files. Block the ads and avoid opening trojans to lower your risks.
  • Backup your data on-site and off-site.
  • Test your backups regularly.
  • Create a plan for getting infected, and regularly test your plan.
  • Consult cybersecurity and I.T. professionals.

That said, I strongly urge you to assume that you WILL get infected. The simple fact is that ransomware-spreading criminal gangs are relentless, so it’s just not enough to try to prevent it; you also need contingencies for when you are infected, such as a comprehensive backup.

For those without backup capability, often your only option is to pay the ransom.  For those with a backup, I urge you to consider the following the event of a ransomware attack:

  • Immediately disconnect or shutdown the infected computers.
  • Restore any available backed up data to trusted machines.
  • Get appropriate help from an I.T. support provider.

Want a foolproof plan against ransomware? Get in touch with Brainlink today at (917) 685-7731 or raj@brainlink.com to develop a proven backup capability for your wealth management firm.