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I Got Hit by Ransomware: What Should I Do?
October 21, 2024
Discovering that your escrow company’s computer systems or network have been infected with ransomware can be incredibly stressful. Ransomware is a type of malicious software that encrypts your files and demands a ransom to release them. For escrow companies, which handle sensitive financial transactions and personal information daily, such an attack can lead to severe data loss, financial damage, and significant disruption to your business operations.
If your escrow business has been hit by ransomware, it’s crucial to act quickly and carefully to minimize the damage and explore recovery options. Here’s a step-by-step guide tailored for escrow companies to help you navigate this challenging situation.
1. Don’t Panic and Don’t Pay the Ransom Right Away
The first thing to remember is not to panic. While it’s tempting to think that paying the ransom is the fastest way to recover your data, paying is generally not recommended for several reasons:
- No Guarantee: Cybercriminals may not provide the decryption key even after payment, leaving your data encrypted.
- Future Targeting: Paying could make your escrow company a target for future attacks, or your information may be shared with other cybercriminals.
- Funding Cybercrime: Paying the ransom supports and encourages further criminal activities.
Instead of paying immediately, follow the next steps to contain the attack and assess your options.
2. Disconnect the Affected Devices from the Network
To prevent the ransomware from spreading to other systems, immediately disconnect the infected devices from the internet and your internal network. This is especially critical for escrow companies, where multiple systems may be interconnected.
Actions to take:
- Disable Wi-Fi and unplug Ethernet cables from the affected devices.
- Disconnect any external storage devices, such as USB drives or external hard drives, to prevent the ransomware from encrypting backups.
- Shut down shared drives or networked systems if possible.
3. Identify the Type of Ransomware
Some ransomware attacks leave a ransom note with instructions and sometimes the name of the ransomware strain. Identifying the type of ransomware is helpful because some strains may have known decryption tools available.
Use resources like:
- No More Ransom: An initiative by cybersecurity companies and law enforcement that provides free decryption tools for various ransomware strains. Search for your ransomware type here to see if a solution is available.
4. Alert Your IT Team and Report the Incident
As an escrow company handling sensitive client data, it’s imperative to report the incident immediately:
- Inform Your IT Department or Managed Service Provider (MSP): They can assess the extent of the damage, contain the infection, and begin recovery efforts.
- Notify Law Enforcement: Ransomware attacks are criminal activities. Report the incident to authorities such as:
- The FBI’s Internet Crime Complaint Center (IC3)
- The Cybersecurity & Infrastructure Security Agency (CISA)
- Inform Regulatory Bodies: Depending on your jurisdiction, you may be required to notify regulatory agencies, especially if client data has been compromised.
5. Assess Backups and Restore Data
Regular backups are crucial for escrow companies. If you have recent, clean backups of your data, you may be able to restore your systems without paying the ransom.
Steps to follow:
- Verify Backups: Ensure your backups were created before the ransomware infection and are free from malware.
- Isolate Backups: Keep your backups disconnected from the network until you’re ready to restore.
- Restore Data: Work with your IT team to safely restore data from backups to clean systems.
6. Consider Decryption Tools
Some ransomware variants have decryption tools available that can help you recover your files without paying the ransom.
- Check Reputable Sources: Use resources like No More Ransom to see if a decryption tool is available for your ransomware strain.
- Consult Cybersecurity Professionals: They may have access to tools and techniques not publicly available.
7. Consult a Cybersecurity Expert
Given the sensitive nature of escrow operations, consulting a cybersecurity expert is highly recommended.
They can assist with:
- Removing Ransomware: Safely eliminate the ransomware from your systems.
- Data Recovery: Help recover encrypted data from backups or through decryption.
- Forensic Analysis: Determine how the breach occurred to prevent future attacks.
- Regulatory Compliance: Ensure you meet any legal obligations regarding data breaches and client notifications.
8. Weigh Your Options Before Paying the Ransom
If backups are not available and no decryption tools exist, you might consider paying the ransom as a last resort. However, consider the following:
- Consult Professionals: Before making any payments, consult with cybersecurity experts and law enforcement.
- Understand the Risks: Even if you pay, there’s no guarantee your data will be restored.
- Legal Implications: In some jurisdictions, paying a ransom may have legal consequences, especially if the recipient is a sanctioned entity.
9. Clean Your Systems Thoroughly
After resolving the immediate threat, ensure that all affected systems are thoroughly cleaned.
Actions to take:
- Reinstall Operating Systems: If necessary, reinstall operating systems on infected devices.
- Update Software: Ensure all software is up-to-date with the latest security patches.
- Run Security Scans: Use reputable antivirus and anti-malware tools to scan systems.
- Change Passwords: Reset passwords for all accounts, especially administrative accounts.
10. Implement Preventive Measures
To protect your escrow company from future ransomware attacks:
- Regular Backups: Implement a robust backup strategy with frequent backups stored securely offsite or in the cloud.
- Employee Training: Provide regular cybersecurity training focused on phishing and social engineering tactics.
- Email Security: Implement advanced email security solutions to filter out malicious emails.
- Multi-Factor Authentication (MFA): Require MFA for all remote access and critical systems.
- Endpoint Protection: Use advanced endpoint security solutions with real-time threat detection.
- Network Segmentation: Segment your network to limit the spread of ransomware if an infection occurs.
Act Quickly and Strengthen Your Defenses
Dealing with ransomware is challenging, but with prompt action and professional assistance, you can minimize damage and recover critical data. For escrow companies, protecting client information and maintaining trust is paramount.
After addressing the immediate threat, focus on strengthening your cybersecurity posture to prevent future incidents. Regular assessments and updates to your security protocols are essential.
If you need assistance recovering from a ransomware attack or enhancing your cybersecurity measures, contact us today for expert support tailored to the escrow industry.