Ransomware is no longer a fringe concern.
It’s a persistent threat facing organizations of all sizes, across nearly every industry. In fact, 2024 recorded the highest number of ransomware incidents since 2021—a total of 5,263 attacks (source).
This means that whether you're in healthcare, manufacturing, education, nonprofits, or utilities, the odds are no longer if, but when you’ll be targeted. (If you'd like to learn more about the why and how behind ransomware as a business, be sure to watch this documentary.)
This is what you need to know to protect, detect, and recover from ransomware.
The State of Ransomware: Three Trends to Watch
- Double and Triple Extortion Is the New Norm.
Hackers don’t just lock up your data—they steal it, leak it, and pressure you publicly. The pay-or-else tactic now includes threats to notify regulators, leak confidential files, and/or contact your customers directly. - Small- to Medium-Size Businesses (SMBs) Are Prime Targets. Attackers know many midsize companies lack dedicated cybersecurity teams or layered defenses. Automated phishing campaigns and vulnerable remote-access protocols (which allow entry to networks and servers) are low-hanging fruit.
- Ransomware-as-a-Service (RaaS) Has Lowered the Barrier. Even unsophisticated criminals can now buy ransomware toolkits on the dark web, complete with 24/7 support. You read that right—there’s customer service for cybercrime (source).
Ransomware Prevention Checklist
Think of ransomware like a building fire. Hoping it won’t happen is not a strategy.
Here's how to protect your business before, during, and after an attack:
1. Fireproofing (Prevention) These measures reduce the likelihood of your business being hit in the first place:
- Multifactor authentication (MFA) on all remote-access and privileged accounts
- Email filtering and phishing detection tools to reduce malicious entry points
- Zero trust access to ensure users only access what they need
- Patch management to fix known vulnerabilities before attackers exploit them
- Security awareness training—your staff is the first line of defense
- Network segmentation, which keeps ransomware from spreading inside your network
- Endpoint-detection-and-response (EDR) agents on all devices, including ones that access your network remotely
Goal: Make it hard for ransomware to get in—or to get farther if it does.
2. Extinguishers & Alarms (Detection) If a breach starts, early detection and rapid response are critical:
- SIEM (security information and event management) for centralized monitoring, investigation, and response
- 24/7 security operations center (SOC) or managed detection and response (MDR)
- Behavior-based alerts to catch anomalies like encryption behavior (where data shows signs of being actively compromised)
- Real-time threat intelligence feeds that watch for indicators of compromise (IOCs) or known signs of a cyberattack
Goal: Detect and contain ransomware early—before it spreads.
3. Evacuation & Recovery (Response) Even the best defenses can fail. The survival of your business depends on how quickly and confidently you respond:
- Incident response plan (IRP) that defines roles, decisions, and communication protocols
- Offline backups that can’t be encrypted or deleted by attackers
- Crisis communication strategy (internal, external, legal, and regulatory)
- Pre-vetted external partners for cyberinsurance, forensics, and legal counsel
Goal: Restore operations without paying, while minimizing damage and downtime.
“Should I Pay Ransomware?”
If the worst happens, and your business is hit by ransomware, you’re going to face the inevitable question: “Should I pay?”
This is never easy to answer. Even among cybersecurity experts, there’s no universal right call. But let’s look at five reasons not to pay ransomware:
- Paying Fuels Cybercrime: Every payment sends a clear message to attackers: ransomware works. The more companies pay, the more lucrative the business model becomes—and the more it spreads.
- No Guarantee of Data Recovery: Just because you pay doesn’t mean you’ll get your data back. Many targets of ransomware receive faulty decryption keys, get hit with follow-up ransom demands, or find their stolen data leaked or sold anyway.
- Legal and Compliance Risks: Depending on who the attacker is, paying the ransom may violate US sanctions. The OFAC (Office of Foreign Assets Control) has strict regulations around engaging with certain foreign groups—violating those regulations could land your company in legal trouble (source).
- Your Company Might Be Marked as a “Soft Target”: Once you pay, you’re often added to a list of companies willing to comply. That list gets shared, traded, and reused—setting you up for repeat attacks.
“Does WYRE advocate paying ransomware? No,” says WYRE CEO Tyler York. “But I think that’s a very difficult situation and could be yes if it had to be. It’s hard to tell anyone to never pay when their lives have been stolen. Having backups is the solution.”
A Better Path: Prevention of and Preparedness for Ransomware
Your best defense isn’t pulling out your wallet—it’s resilience.
Your business needs the right systems, people, and plans in place, so one attack doesn’t take everything down.
Invest in layers of defense, but don’t stop there. Run tabletop exercises. Test your backups. Update your incident response plan quarterly. Know who to call if things go sideways.
Most importantly? Foster a company culture that treats cybersecurity as a business imperative—not just an IT issue. Because at the end of the day, ransomware is no longer just a technical problem. It’s a leadership one.
Questions? WYRE always helps!