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8 Steps to Avoid a Ransomware Attack: Lessons Learned from ION Trading's Hacking Nightmare

Updated: Mar 22, 2023

The recent ransomware attack against ION Trading UK, which was reported by Routers last week, emphasises the significance of adhering to recommended practises for defence against attacks of this nature. The following actions may have been done by ION Trading to prevent this hack:

  1. Frequent backups: ION Trading might have avoided paying the ransom by constantly backing up their data, which would have allowed them to recover from the attack fast. This would have necessitated encrypting backups and keeping them in a safe, off-site location.

  2. Up-to-date software: Software that is up to date is essential for avoiding newly discovered vulnerabilities. To avoid exploitation, ION Trading could have made sure that all of the software running on their network was maintained current.

  3. Employee training: ION Trading may have provided training to their staff on how to spot suspicious emails, avoid phishing schemes, and handle sensitive information safely. This would have lessened the possibility of a successful phishing assault, which is frequently the first point of entry for ransomware.

  4. Strong passwords: Using a password manager and requiring staff to use strong passwords would have helped to ensure that every employee used distinct and safe passwords.

  5. Multi-factor authentication: Using multi-factor authentication would have given ION Trading's login procedure an additional layer of security and made it harder for hackers to access confidential data.

  6. Anti-malware software: Anti-malware software would have made it easier to find and get rid of any harmful software, including ransomware, if it had been installed on all of the machines connected to their network.

  7. Network activity monitoring: By regularly keeping an eye on network activity and noting any unusual activity, ION Trading would have been able to spot threats in real time and take immediate action.

  8. Restricted access to sensitive information: Implementing access control mechanisms and restricting access to sensitive information to only those employees who require it would have prevented unauthorised access to sensitive information.

By adhering to these best practises, ION Trading might have lessened the likelihood that a ransomware assault would be effective and shielded their business from the negative repercussions of such attacks. To secure their systems and data, businesses must prioritise security and take the appropriate precautions.

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