Business Insights

Ransomware Response Plan: Shield Your Financial Fortress

A Guide to Ransomware in the Mortgage and Finance Industry

Picture this: It’s a typical busy day at your financial institution. Suddenly, your critical systems grind to a halt. An ominous message pops up, demanding a ransom to unlock your encrypted files. This isn’t a plot twist from a thriller novel but a real threat in the world of finance called ransomware. Do you have a robust ransomware response plan in place to fight back?

Ransomware is akin to a digital stick-up. First, unseen criminals (malicious actors) use harmful software (malware) to encrypt your vital files, rendering them useless. Then, they demand a hefty ransom to unlock them. Sometimes, they even steal sensitive data and threaten to spill it into the public domain if you don’t meet their demands.

Such an attack could wreak havoc on any financial institution, especially mortgage companies, which rely heavily on secure and seamless access to vast amounts of confidential data. Moreover, the monetary loss and the harm to your reputation could be staggering during the attack and the long recovery process.

There are strategies to fortify your financial institution against these digital threats. Here are some best practices to prepare for, prevent, and respond to these dangers. Implement as many of these practices as possible, depending on your available resources, to have a robust ransomware response plan in place.

Backups: The Lifeline of Your Data

Ensure you have offline, encrypted backups of all critical files, mainly customer loan information, mortgage applications, and financial records. Unfortunately, many ransomware variants try to find and delete or encrypt backups, making restoration impossible unless the ransom is paid. Also, keep up-to-date ‘snapshots’ of your critical systems, like loan processing or risk assessment software. Think of them as spare tires, ready to replace a flat in a jiffy.

Ready, Set, Drill: Cyber Incident Response Plan

Train your team to respond swiftly and effectively in a cyber emergency, like a fire drill. Be cognizant of your state’s laws regarding data breach notifications, and always consult with legal counsel when necessary. If any customer data is compromised, notify them so they can take steps to protect themselves. If you’re storing data on behalf of other businesses or third parties, they, too, need to be informed. Finally, ensure the CEO approves your emergency plan, and everyone in your organization knows what it entails.

When Under Siege: A Ransomware Response Checklist

Despite your best efforts, if a ransomware attack occurs, here’s how to respond:

1. Identify and isolate the affected systems (loan processing, client database, etc.).

2. Power them down if you can’t disconnect them to stop the ransomware spread.

3. Prioritize systems for restoration and recovery, starting with the most critical.

4. Contact law enforcement, as they may know ways to unlock your files without paying the ransom.

5. Reset all passwords on the affected systems and patch any identified security gaps.

Remember, paying the ransom doesn’t guarantee your data’s return or security. The most effective strategy against ransomware is preparedness, continuous vigilance, and a swift, coordinated response plan.

Don’t wait until it’s too late – fortify your digital fortress against malicious actors. To learn more about how Richey May’s Cybersecurity team can help defend your organization from cyberattacks, please reach out to info@richeymay.com.