AGCO Ransomware Attack: What Is It and How Do You Protect Yourself From It?

On May 5, 2022, the agricultural manufacturing giant, AGCO, was hit by a ransomware attack that halted its operations. This cyber attack resulted in data exfiltration, financial losses, and operational disruption. Luckily, due to AGCO working outside of retail, no consumers lost their data in the attack.

The AGCO ransomware attack is just one of the countless cyber attacks that target businesses in the USA. San Antonio and Austin, TX, are thriving business hubs, and if you’re based here, you need to take steps to protect your data.

If you manage your business operations in-house, a lack of resources could leave you vulnerable to a cyber attack.

How could you defend against the AGCO cyber attack? What exactly is AGCO ransomware? How can you keep your data safe?

This AGCO guide will help you. Read on and let’s get started!

How Does an AGCO Ransomware Attack Work?

We know what happened in the AGCO ransomware attack, or at least, we know the end result: damage to a major corporation. Entire cities are targets: The city of Oakland entered a state of emergency in February 2023 after a ransomware attack plagued its IT systems.

Ransomware is one of the most damaging forms of malware. Let’s see how it sinks its teeth into your data.

Ransomware works by getting into your system files, encrypting sensitive data, and then threatening to delete it unless you pay the hacker a financial ransom. For big businesses, the ransom to get the data back can be 7 figures or more, and there’s no guarantee the hacker will keep their word.

Most businesses use encryption to protect their data, and consumer computers often come with whole-disk encryption software pre-installed. When the decryption key is personal to you, no one else can read your data. Ransomware poses such a huge threat because the hacker holds this key.

AES-256 encryption uses a 256-bit key to encrypt your data. It is a form of symmetric encryption which uses the same key to encrypt and decrypt the data. In a brute force attack, with no knowledge of the victim, AES-256 is almost impossible to crack, taking multiple years even for a supercomputer.

So, you see the dilemma you face if AGCO ransomware gets hold of your data. You need to protect yourself, and one of the best ways is with managed IT services with specialized training in cyber security.

The benefits of investing in ransomware protection far outweigh the costs. Damage to your business reputation, loss of consumer data, and financial costs can be hard to recover from.

How to Protect Yourself From an AGCO Ransomware Attack

Managed It services can protect you from ransomware in a number of ways. These are some of the basic strategies you can implement, but there are new techniques arising every day to match the evolving cyber threats. Without assistance, it can be time-consuming to keep track of them all.

Data Backup, Recovery, and Cloud Services

Cloud services, like Azure Cloud, make it harder for attackers to reach your data. They also protect your data from physical theft of equipment, like hard drives, while making it easier for your team to collaborate. Cloud backup lets you recover your data, even if the hacker decides to delete it.

Managed service providers keep track of your backups for you. When you’re busy with your business, it can be easy to forget to make backups at regular intervals. Miss one, and you could lose something essential.

Even though cloud services give you a remote backup, offline backups still have their place too! They can be stolen, but without them, you rely on your cloud service entirely – plus you can disconnect them if you detect a breach. Use a mix of physical and cloud backups to ensure you can access your data even if the worst happens.

Team Cybersecurity Training

Training your team in cybersecurity is one of the best ways to protect yourself. Human error accounts for the majority of data breaches – all you need to do is download the wrong email attachment – so team training is vital. Plan for an AGCO cyber attack the same way you plan for any business threat.

That said, training an in-house team dedicated to cybersecurity often costs you more than teaming up with a managed services provider. They have experts in cybersecurity ready to help you, and they can help train your other team members too. This combination frees up your resources and saves on your total expenses while offering you optional protection.

Remote Management and Monitoring (RMM)

RMM enables your managed services provider to help you from anywhere. They can schedule manual updates and backups, mitigating security threats and keeping you updated. Your cybersecurity experts can patch holes in your security and perform regular analysis to find any additional gaps.

Endpoint Detection and Response (EDR) Services

AGCO ransomware fails to hurt you if it fails to reach your files. Having up-to-date firewall and antivirus systems helps to keep you safe, but you need to keep regular updates scheduled to stay ahead of ransomware as it evolves. Your managed services provider will take of this for you.

EDR can be complex to implement in complicated business infrastructures. Without special training, you may leave gaps in your protection, and as we all know, antivirus software can affect your computer performance – this is multiplied in an interconnected network, and you need things to run fast to stay efficient.

Upgrade Security for Your Business

An AGCO ransomware attack can devastate businesses of all sizes, and as we’ve seen, even city departments can fall victim to ransomware. The right managed services provider can give you peace of mind.

Terminal B can keep your sensitive data out of the wrong hands. We offer managed services packages tailored to your needs. We have helped businesses in San Antonio and Austin, TX, keep their data safe for over 15 years.

We offer cybersecurity management, Azure Cloud, Azure Virtual Desktop, support, and consultancy services. We specialize in the construction, healthcare, hi-tech commerce, and pharmaceutical sectors.

Ready to tighten your cybersecurity? Book your strategy session today!