Securing Your SaaS Data Against Ransomware Attacks
There are increasingly more reasons to invest in cybersecurity – especially for small and mid-sized businesses.
Ransomware protection, in particular, is a critical investment for businesses looking to avoid an IT crisis. And the problem is growing…currently, 1 in 3 companies will lose SaaS data. SaaS is an acronym for “Software-as-a Service”, think Office365, Dropbox, G-Suite etc.
With the increased use of SaaS applications and reliance on cloud databases, ransomware attacks on businesses are becoming more common.
Ransomware attacks are a major concern for all Canadian businesses. The loss of SaaS data in these attacks are destructive for businesses – even catastrophic. Loss of data can cost small businesses around $8,500 an hour (IDG) and yet many businesses (including companies that approach us for advice) are not prepared for attacks that could compromise their SaaS data.
Ransomware protection has now become a necessity for any business to operate with continuity.
The downtime associated with a ransomware attack is even more costly than the ransom fee itself, and definitely not worth the risk. An initial investment in protection is the best way to prevent the costs of downtime and ransom fees associated with ransomware attacks.
Demonstration in real time
A recent demonstration by one of the world’s most famous hackers, Kevin Mitnick, proves just how easy it is for hackers to exploit vulnerabilities in a company’s SaaS infrastructure to access and encrypt user data.
Kevin now runs a company as a “white hat” hacker where he teaches companies about security by first exposing their vulnerabilities, and then telling them how to protect themselves.
In this demo, Kevin, compromising a user’s cloud email and encrypts their Data. The data is then inaccessible to the user without payment of a ransom, usually in the form of bitcoin.
The only solution to this type of attack is to either pay the ransom, or have a cloud backup product like Backupify in place prior to the hack to facilitate restoration of the encrypted data.
Even with an antivirus solution in place, 93% of IT service providers have reported ransomware infections. Unfortunately, many businesses are not prepared for the possibility of data loss. Products like Datto’s Backupify offers SaaS protection for Office 365 and G-Suite to prevent the loss of SaaS data during a ransomware attack, such as the one demonstrated by Kevin.
Protection before you need it
We highly recommend implementing a cloud backup product, like Backupify, to reduce costs and protect your valuable data. Being prepared for such threats by implementing solutions like Backupify before an attack can mitigate the risks and significantly reduce the losses associated with an attack.
SaaS protection allows you to recover your data instead of paying a ransom, preventing the worst outcomes from ransomware. It also protects the company from accidental or intentional deletion of data by the end users. The security of SaaS data is crucial to the continuity of a business, and backing up your data, is the best way to prevent an unexpected loss.
Backupify is an inexpensive, reliable, and fully automated way to back up your Microsoft Office 365 mailboxes, including OneDrive, and SharePoint data, and / or your Google G-Suite mailboxes and data. Backupify can provide protection for your SaaS data allowing you to maintain control of your business, while reducing your costs and giving you peace of mind.
Here are more articles about the state of ransomware and how to protect yourself:
Want more ways to protect against ransomware and cyber threats?
Netcetera is partnered with several industry-leading manufacturers that provide products for a variety of protection. Contact us with your questions, for advice, or if you are thinking about making a technology change.