Ransomware attacks are among the most pressing threats facing organisations. The latest statistics illustrate this alarming reality.
In the first half of 2024 alone, Rapid7 tracked more than 2,570 ransomware incidents. Another research from Coalition revealed that the average ransomware demand has now reached $1.3 million.
No organisation is immune to these pervasive attacks and the escalation in ransomware has pushed cybersecurity into the boardroom – it is no longer just an IT issue, but a critical business risk.
Yet, despite the growing frequency and severity of attacks, many C-suite executives remain unprepared to handle a ransomware crisis effectively.
This article tells you everything you need to know about how C-suite executives and decision-makers prepare for a ransomware crisis.
Aligning Goals With Cyber Security Teams
Executives need to align their goals with cyber security teams. One of the greatest challenges organisations face is the disconnect between the C-suite and cybersecurity teams.
Often, when a ransomware attack occurs, executives turn to the IT department to resolve the issue, treating it as a technical problem.
However, this approach not only delays crucial business decisions but also demonstrates a lack of understanding of the broader financial, legal, and reputational risks involved.
In fact, research shows that 75% of consumers are ready to shift to a competitor should a company suffer a ransomware attack, highlighting the need for executive-level involvement.
Having dealt with many attacks firsthand, it’s easy to see how this disconnect can lead to confusion in the heat of a ransomware crisis.
Executives often ask the wrong questions, focus on immediate technical concerns, and fail to consider broader business impacts such as downtime, regulatory compliance, and reputational damage.
The board’s role in such crises is crucial and requires making informed decisions, managing stakeholder communication, and aligning the response with long-term business goals.
Bridging The Gap During Ransomware Attack
The key to closing the gap between the C-suites and cybersecurity teams is for executives to ask the right questions before a crisis occurs. This ensures they have a detailed understanding of their responsibilities in the event of a ransomware attack.
This should start with questioning whether the threat is critical, who to contact, what the legal and financial obligations are, the potential downtime and impact of this, and how to communicate with stakeholders and customers.
By understanding these questions, the board can ensure they are prepared to make decisions that protect not just the company’s data but its reputation and long-term viability.
Cyber Risk – Critical to Response
The financial toll during a ransomware crisis solely makes it a board-level priority. In 2024, the recovery costs of ransomware attacks have soared, with a significant number of organisations choosing to pay ransom due to inadequate preparation.
However, recovery isn’t just about regaining access to encrypted data. It also involves navigating legal liabilities, restoring customer trust, and ensuring business continuity.
To ensure they are prepared for incidents involving sensitive encrypted data, executives must take proactive steps to make ransomware preparedness part of their corporate governance.
This includes integrating Cyber Risk Assessments (CRA) and regularly reviewing incident response plans to ensure they align with both the technical capabilities of the IT department and the broader business strategy.
Incorporating a CRA is crucial in the armoury of a response to an attack. A maturity assessment will provide an understanding of an organisation’s current cyber security posture with a thorough analysis of existing security defences.
This helps identify vulnerabilities and areas for improvement to ensure the business is aware of its strengths and weaknesses in cyber security.
Regulatory requirements can also prove to be a minefield, so consideration of compliance can help ensure that the organisation not only meets but exceeds, these requirements, safeguarding against potential legal and financial penalties.
Managed endpoint detection and response (EDR) services offer continuous monitoring and response to threats at the endpoint level. This is particularly vital where the confidentiality and integrity of client data are paramount.
In the case of a security breach, a timely response is crucial. Acting quickly to contain breaches, mitigate damage, and recover data will enable organisations to resume normal operations with minimal downtime and impact.
Crisis Simulations: Prepping for the Worst
One of the most effective ways for C-suites to get ransom-ready is through crisis simulations. These exercises allow executives to practice their response to ransomware attacks in real-time, simulating everything from the initial ransom demand to managing media inquiries and negotiating with attackers.
Simulated training also helps clarify each executive's role during a crisis, fostering better communication between the board, IT, legal, and communications teams.
The importance of these simulations in ensuring that executive teams don’t treat ransomware attacks as a “hot potato,” passing responsibility from one department to another.
Instead, simulations encourage a coordinated, holistic response, where each team understands its role and how it contributes to mitigating the cyber security crisis.
Recommended Ransomware Actions for C-suites
Preparing for ransomware is not a one-time effort but an ongoing process that requires regular updates, education, and alignment with overall business objectives. The following steps can help boards become ransom-ready:
- Clarify Roles and Responsibilities
Ensure that board members know who to contact, how to assess the credibility of a threat, and when to involve external authorities or crisis response agencies.
- Develop a Ransom Demand Plan
Have a clear, actionable plan for responding to ransom demands. This includes understanding the legal implications of paying ransoms, the options for negotiation, and how to manage public relations during the crisis.
- Integrate Cyber Risk Management into Business Strategy
Cyber risk should be reviewed regularly by the board and integrated into the overall risk management framework. This will ensure that cybersecurity isn’t siloed but is part of the broader corporate governance strategy.
- Continuous Education and Information Sharing
Boards must stay informed about evolving cyber threats. Regular updates from the cybersecurity team will help board members make informed decisions and align their strategies with the latest trends in ransomware and other threats.
Ransomware Response to Resilience
The goal of ransomware preparedness isn’t just to respond effectively when attacks happen but to build resilience that ensures long-term business continuity.
By integrating cybersecurity into the broader risk management framework, regularly practising crisis response, and preparing the board for its role in managing ransomware threats, companies can navigate these crises with confidence.
Executives who take ownership of cyber risk will not only protect their data but also safeguard their company’s reputation, customer trust, and long-term success.
Taking these steps can ensure C-suites are ransom demand-ready, with a clear strategy in place to lead their organisations through a potential cyber attack.
