In the event of a damaging attack that comes in the form of ransomware, turning incident response over to a team of competent and certified third-party security vendors may be the best thing you can do if your in-house IT team lacks the knowledge and expertise do so.
Here are the top six reasons that your business needs to hire a ransomware recovery expert to help your enterprise bounce back from a ransomware attack:
1. Reduce liability
Assigning an internal IT team to perform ransomware incident response for which they are inadequately equipped or capable exposes an organization to potential consequences. Should the attack spread to third party vendors or customers connected within the network, they may sue the company to recover costs and damages. It is potentially dire for an organization to carry out recovery efforts without adequately certified employees in forensics or IT credentials.
Hiring outsourced vendors with the credentials and the capability will ensure that they have what it takes to satisfy the parameters of corporate legal counsel. Also, these security service providers can be held accountable for any mistakes they incur, thereby pushing some of the potential liability in their direction.
2. Perform an unbiased investigation
When it comes to liability, assigning appropriate responsibility to enable evidence gathering for potential legal action is important. Whether a team member might have intentionally (through malice) or unintentionally (through negligence) caused the attack, delineating responsibility is crucial.
An external third-party vendor is particularly helpful in providing an unbiased assessment of the root cause of the problem and providing objective, forensic experts to gather the appropriate evidence. This will help organizations avoid the possibility of assigning incident response and recovery to anyone who might have played a role in the attack who might be tempted to tamper with the evidence to cover their tracks.
3. Decrease downtime
In recent memory, the events surrounding the Colonial Pipeline attack showed us the dangers of ransomware in critical infrastructure. On the 29th of April, hackers gained entry into the virtual private network account that allowed employees to access the company’s computer network remotely. This cyberattack took down the largest fuel pipeline in the U.S. and, consequently, led to shortages across the East Coast.
Companies would do well to create a measure of the cost per hour of downtime. A way of doing this would be to consider the average revenue and the cost to the business if they suffer inoperability for an hour, a day, or several weeks. The identification of these costs will help frame the budget that needs to be allocated for incident response and what severity of attack would necessitate outsourcing more experienced security vendors.
4. Augment a lack in expertise
If an organization might lack adequate expertise to deal with complex attacks, the scale of the attack may necessitate the organization to outsource significant portions of their incident response or recovery process to more capable security vendors.
The State of Cybersecurity 2021 report made by ISACA noted that 55% of respondents were incapable of filling all their open cybersecurity positions. It is financially burdensome for most companies to train cybersecurity experts, thus explaining why experts tend towards service providers who can deploy their expertise in various environments. This trend towards outsourcing consequently leaves other organizations without internal personnel equipped with the resources to deal with more sophisticated attacks.
5. Fulfil contractual obligations
Some clauses in contractual agreements contain specific terms on how to respond to ransomware incidents. These contracts can be made with key customers that mandate an incident response to be documented in a certain way or handled by security vendors certified to perform forensics.
In the past, Cyber Insurance companies furnished clients with a list of potential vendors approved and vetted by the insurer. With the rising cost of data breaches, insurers draft policies that require the victim to contact them beforehand to enable incident management through their vendors exclusively.
Law firms that provide help with incident management will want similar control. Lawyers will want certified experts to carry out the services, in a manner consistent with the rules of evidence, and by persons who may provide testimony in future litigation.
6. Ensure business longevity
Data breaches cost businesses an estimated $3.62 million per breach on average. But apart from the already dire consequences of the breach, network security is of paramount importance for any business because an attack compromises the trust and undermines consumer confidence in your brand.
With 60 percent of small companies going out of business within six months of falling prey to cyber attacks, the financial security and future of your enterprise are dependent on your ability to prevent and possibly bound back by having security measures in place to monitor suspicious network activity.
The future of your business is dependent on your ability to get your business back up and running after a debilitating ransomware attack. By hiring vetted security experts who possess the certifications and ability to address increasingly sophisticated cyberattacks, your business stands a better chance of recovering operability quickly and may wind up saving you money.