Early Detection of Ransomware for
Financial Institutions

Ransomware attacks continue to pose a serious and persistent threat, causing widespread disruption to organizations of all sizes. This underscores the critical need for proactive cybersecurity measures to stay ahead of cybercriminals.

For example, over the past twenty years, the financial sector has suffered $12 billion in losses from over 20,000 cyberattacks. Many of these financial institutions, including community banks affected by these attacks, lack adequate backup coverage and dedicated security, which serves as an example of the importance of early detection and a multi-layered defense strategy to protect valuable data from ransomware threats

This blog explores top methods for detecting ransomware, response strategies, and the importance of a multi-layer protection approach.

Detecting Ransomware and The Need for Early Detection 

Ransomware protection strategies commonly focus on various stages of attack detection, as outlined by MITRE. From blocking known variants to detecting signs of compromise before execution and identifying malicious activities during the execution phase, each step plays a crucial role in preventing file encryption and data loss. Here are some top ways ransomware is detected:

  • Blocking Ransomware Variants: Blocking known ransomware variants is common in cybersecurity defense. Organizations can proactively block known ransomware strains from executing on their systems by leveraging threat intelligence feeds and signature-based detection tools.
  • Detecting Signs of Compromise: Detecting signs of compromise before ransomware execution is another crucial strategy in ransomware detection. Organizations can identify a ransomware attack in its early stages by monitoring for indicators of compromise (IoCs), such as unusual network traffic patterns, unauthorized access attempts, or anomalous file modifications.

  • Detecting Ransomware at Execution Stage: Detecting ransomware at the execution stage is a critical step in mitigating the impact of an attack. Behavior-based detection techniques can monitor system activities in real-time to detect and respond to malicious behavior, including ransomware encryption processes. Organizations can identify and contain ransomware before it causes extensive damage by analyzing the behavior of processes and file system activities.

Additionally, leveraging frameworks such as MITRE ATT&CK can provide organizations with a standardized approach to understanding ransomware tactics, techniques, and procedures (TTPs). By mapping ransomware behaviors to the MITRE ATT&CK framework from left to right, organizations can identify gaps in their detection and response capabilities and implement targeted security measures to enhance their ransomware defense strategy.

However, cybercriminals continually evolve their tactics, and ransomware strains emerge, hindering some security approaches. To address the shortcomings of each detection method, organizations can adopt a strategy that combines multiple layers of defense. Ransomware detection capabilities can be enhanced by integrating threat intelligence feeds with advanced behavioral analytics and proactive threat hunting, improving their overall cybersecurity posture.

Adlumin’s Innovative Ransomware Protection Feature   

Adlumin’s Managed Detection and Response (MDR) now includes a ransomware prevention feature focused on file system preservation to combat the evolving ransomware landscape. This new capability safeguards and preserves most files by killing the process at the earliest detection sign.

One crucial aspect of ransomware protection is proactive testing and preparedness. It is important to understand how secure your organization’s security tools are against ransomware by prioritizing testing defenses and response protocols to ensure readiness in the face of potential threats.

Embracing a Multi-Layered Defense Approach 

Ransomware protection is a complex and challenging threat that demands a multi-layered defense approach. Early detection, proactive response strategies, secure backups, and innovative technologies like Adlumin MDR Ransomware Prevention are essential to a comprehensive defense posture against attacks. By understanding the importance of early detection and implementing a multi-layered defense strategy, organizations can significantly enhance their resilience to evolving cyber threats.

The threat of ransomware is large, but by staying informed and leveraging advanced security solutions, the risks can be mitigated, and data assets can be safeguarded. Remember, there is no single answer to ransomware protection – it requires a holistic and dynamic approach to stay ahead of cyber adversaries. With 24×7 coverage and innovative technologies, you can protect your organization against the threat of ransomware and ensure organization continuity in the face of evolving cyber risks.

We’re here to help answer questions, schedule demos, setup free trials, and respond to attacks immediately.