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Cybersecurity Ventures released a report that estimates ransomware attacks will occur every 11 seconds and cause nearly $20 billion worth of damages, often targeting businesses or individuals more likely to pay extortion scammers to retrieve their files.
Data is one of the company's most vital assets, and any loss could prove fatal for an operation. Staying proactive against ransomware attacks and protecting data are vital.
Continue reading to see how to secure yourself against future attacks!
What Is Ransomware?
Ransomware, an advanced form of malware, infiltrates computers to hold sensitive personal information (PII) hostage until payment of its ransom fee has been made by victims.
Cybercriminals use binary encryption keys to restrict data access while demanding money as ransom from those targeted by ransomware attacks.
Ransomware attacks can be particularly destructive for businesses, hospitals and schools that depend on this data for daily operations.
Failure to pay the ransom often leads to permanent data loss or disclosure if payment isn't forthcoming.
Ransomware can spread in several different ways.
- Phishing emails
- Visit corrupted sites (drive-by download)
- Downloading malicious attachments or file extensions
- Vulnerabilities of systems and networks
- Remote desktop protocol (RDP) attacks
Types Of Ransomware
Ransomware attacks can affect anyone, whether an individual user or a large corporation, including both of them directly.
Ransomware can lock down individual files like images or documents and entire databases, resulting in massive data breaches with access to sensitive personal information being exposed.
Ransomware can be divided into four main categories. These categories include:
- Encryption : Encryption ransomware, one of the most prevalent types, locks up your data so it cannot be read without access to a key.
- Lockers : Lockers prevent you from accessing and performing essential functions on your computer until the ransom payment has been made.
- Fearware : Scareware is software designed to coerce users into purchasing unnecessary programs by flooding them with pop-up advertisements that require payment to be removed.
- Doxware/Leakware : Doxware will release information about businesses or individuals unless an administrative fee is paid to prevent this data leakage.
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How Does Ransomware Work?
Ransomware attacks aim to gain entry to an organization's computer system and then encrypt files to render them unusable by other users before issuing a demand for payment from threat actors.
They typically accomplish this goal via one of several means, including:
Infection And Distribution Tactics
Threat actors employ various infiltration tactics to gain entry to systems and gain entry. Some common strategies used by threat actors for infiltrating databases include:
- Phishing Emails: Members receive emails containing malicious malware from outsiders that contain ransomware infections, often disguised as legitimate links that urge recipients to click them. Once clicked on, ransomware infiltrates their system and infects it permanently.
- Drive by downloading: Members who access malicious websites unwittingly become victims of malware attacks that infiltrate local devices and infect company infrastructure with encryption schemes that encrypt company data and compromise company operations.
- Remote Desktop Protocol (RDP) compromise: An attacker with access to login credentials on any given device can remotely gain entry and authenticate themselves within an organization's internal network, then gain control of said device by downloading malware or initiating ransomware attacks.
- Direct Infiltration: Some ransomware attacks involve threat actors gaining entry directly into an organization's networks and infecting infrastructure themselves, leaving their target unpatched and leaving themselves exposed.
Multiple tactics may be utilized to gain entry for an attack with massive ransomware potential.
File Encryption
Ransomware acts to encrypt data once an organization's IT infrastructure has been breached, rendering it inaccessible to others and prompting ransomware actors to demand payment to unlock it.
Encryption capabilities are built into operating systems, implementing encryption attacks extremely straightforward.
Access to files through previously installed malware becomes simple when encrypted with keys controlled by attackers; new files replace older ones so the organization can no longer access its data.
Demanding Ransom
Ransomware is designed to demand payment as soon as an organization has been locked out, usually by communicating a ransom message that can either be programmed into the background image of their device or hidden away within an encrypted directory.
Notes handed to victims provide them with the amount needed to regain access to their infrastructure, typically using cryptocurrency as payment.
Once paid, victims receive either their encryption keys or copies that can be entered into decryptor software provided by the attacker, which gives access to files and data stored.
These three elements comprise the core components of any ransomware attack; however, their implementation depends on who poses the threat to the actor group in question.
How To Avoid Being Ransomware
Ransomware can take many forms.
- Encryptors: As its name implies, an encryptor is designed to encrypt data on a computer system and make it inaccessible without access to a decryption key. Encryptor ransomware has quickly become one of the most widespread types, with potentially destructive consequences for individuals and corporations alike.
- Doxware/leakware : Doxware/leakware steals confidential data from an organization and threatens to release it unless it pays a ransom fee. Due to employees fearing an attack will damage their reputations, Doxware/leakware can be highly effective as ransomware.
- Scareware: Scareware can coax victims into paying to resolve a problem, often via pop-up alerts that bombard your screen. In contrast, others lock the device so only personnel can access it.
- Lockers aren't encryption software: They prevent users from accessing their infrastructure unless a ransom is paid first. A ransom demand typically appears as an image with time remaining to prompt an organization into acting quickly enough.
- Ransomware-as-a-service: RaaS has become increasingly prevalent over time. It refers to anonymous threat actors acting on behalf of another party to attack while being compensated with part of their ransom payment for their services.
Examples Of Ransomware Attacks In Real Life
Wannacry
WannaCry was a ransomware attack targeting Microsoft Windows users in May 2017, which encrypted data and demanded Bitcoin ransom payments in return.
EternalBlue exploit developed by NSA was used against organizations worldwide but stolen and leaked by Shadow Brokers weeks before the attack by increasing spread quickly across a wide variety of industries.
Petya
Petya ransomware attacks Microsoft systems by encrypting data and preventing operating system launches. First seen in March 2016, demanding ransom payments via Bitcoin email attachments, it later spread through other means such as TTP attacks.
NotPetya was one of the most notable variants to emerge, using it to launch ransomware attacks across Europe and America, primarily targeting Russia and Ukraine on Constitution Day of those countries.
These events may have been politically motivated attacks.
Bad Rabbit
Petya Bad Rabbit ransomware first appeared in 2017 disguised as Adobe Flash installers on compromised websites that hosted drive-by downloads, infecting those visiting these pages unknowingly via drive-by downloads and demanding payment within 48 hours for unlocking devices if still active on them.
Payment worked, however.
Revil
REvil was a Russian RaaS group that conducted ransomware attacks by threatening to reveal sensitive data belonging to organizations without paying a ransom fee.
One prominent instance saw REvil acquire secret schematics for yet-to-be-released tech products.
REvil made headlines again when it launched an unprecedented attack against global IT infrastructure provider Kaseya by infiltrating their Virtual Systems Administrator software and spreading REvil ransomware among users.
This attack affected thousands of organizations due to exploiting vulnerabilities within Kaseya's Virtual Systems Administrator software.
Conti
Conti ransomware first surfaced in 2020. Since then, its distribution methods have included spear-phishing campaigns and weak RDP credentials.
Chat logs from February 2022 revealed identities associated with Conti's team and details regarding its operation; nevertheless, Conti continues to operate undeterred and remains an imminent threat in today's ransomware landscape.
Colonial Pipeline
DarkSide, an illegal hacking group, launched a ransomware attack against the Colonial Pipeline of American oil pipe, leading to its temporary suspension and containment by law enforcement and payment of 75 bitcoins or approximately $4.4million to DarkSide as ransom; in return, they provided IT tools which allowed for restoration of the system.
By June 2021, it had been reported that 63.7 bitcoins, or roughly $ 2.3 million, had been returned from DarkSide for their ransom payment.
Kronos
Ultimate Kronos Group, a workforce management provider, was attacked in December 2020, leaving many organizations, such as some large enterprise firms, unable to process payrolls as required by employee obligations and leading several customers who accused UKG of negligence in terms of data security events and privacy to sue over it.
This incident highlights why organizations should implement best practices to safeguard themselves and their users.
Ransomware Trends
Organizations should remain aware that ransomware attacks have grown increasingly aggressive against them in recent months.
Ransomware In Numbers
Governmental agencies and healthcare organizations, although accounting for only a minor share of victims overall, experienced a sharp surge in attacks - government institutions experienced a 1,885% spike while healthcare organizations saw 7555%.
With remote working becoming increasingly prevalent among organizations today, organizations become even more susceptible to attacks.
Ransomware attacks have grown more aggressive over time, and those behind them have developed methods of encouraging victims to pay.
Companies being pressured into giving in to ransom demands by attacking critical events like an initial public offering (IPO). Attackers share confidential data through victim-shaming websites and threaten to sell stolen information to outside parties who will pay.
Boards Considerations: Ransomware
Ransomware has long been recognized as a severe threat across multiple sectors, and organizations must ensure their security professionals team has an action plan to deal with breaches legally and effectively.
Attacks continue to become more severe over time, and boards must play an active role in safeguarding their organizations against cyber threats.
Ransomware attacks accounted for 75% of cyber insurance company claims, reflecting an upsurge in attacks and organizations' need to stay safe against an attack.
Unfortunately, cyber insurers could not keep pace with this surge of business; some, like AXA, even announced ransomware would no longer fall within their coverage policies.
Meanwhile, legal authorities are tightening standards on organizations to report attacks. The circumstances under which paying the ransom can legally occur - changes that would put businesses into an even stricter spot should ransomware strike, and preventive actions are therefore best.
10 Best Ransomware Prevention Practices
There are various methods available to you for protecting yourself against ransomware. As technology develops, it's vital to remain aware and proactive regarding cybersecurity practices - this way, your business or yourself are never vulnerable to ransomware attacks.
1. Backup Your Data
One effective strategy to mitigate risk is backing up data on an external hard drive regularly - just in case ransomware compromises your computer, the files from the backup will enable you to restore everything quickly.
At a minimum, organizations should back up critical files once every day.
The 3-2-1 rule is an excellent way to approach this problem: keep three copies of all data, with two stored on various media types and one stored offline.
2. All Systems And Software Should Be Updated
Upgrade to the most up-to-date versions of antivirus, operating system, browser and other software applications such as malware protection to keep up with evolving malware such as ransomware or viruses that appear continuously.
Malware evolves fast - do you really want your protection outdated too quickly?
Attackers frequently target large companies that rely on outdated legacy systems that haven't been updated recently.
WannaCry ransomware crippled major corporations worldwide - even forcing NHS hospitals in Britain and Spanish telecom firm Telefonica to close for four days as over 230,000 computers globally were affected.
This attack targeted computers running outdated versions of Microsoft Windows. Users and organizations who did not take immediate steps to update with recent patches that would have prevented malware from spreading fell prey to this scam; security solutions experts worldwide urged companies to update as quickly as possible.
3. Install Antivirus Software & Firewalls
Anti-malware and antivirus software provide the most effective defense against ransomware attacks, as they can detect and respond quickly to cyber threats.
You will also need to configure your firewall since antivirus can only operate at an internal level.
Firewalls provide the first line of defense against external threats and attacks from software- and hardware-based sources.
Firewalls are essential to any private or business network as they filter suspicious data packets before passing them onto them for further processing.
4. Network Segmentation
Network segmentation allows organizations to limit ransomware attacks as much as possible and isolate systems affected.
By creating smaller networks within their larger one, ransomware attacks are limited as much as possible, and less damage occurs overall.
Each subsystem must possess separate security system controls and firewalls to thwart ransomware attacks and protect target data.
Restricting access stops ransomware from spreading to the main network and gives security teams ample time to identify, isolate and eliminate threats.
5. Email Protection
Email phishing was previously the leading cause of malware infections; 54% of managed service providers reported in 2020 that ransomware distribution occurred via this method.
A Federal Bureau of Investigation report listed email phishing scams as one of the top five cybercrimes that year. It led to losses or theft of over 4.2 billion dollars.
Email can be used to infiltrate users with ransomware.
- Downloading suspicious email attachments
- Clicking links to infected sites
- Social Engineering (tricking users into divulging sensitive information)
You can also take extra precautions using technologies or practices such as:
- Do not open emails sent by unknown senders . Stay clear of files or links from unknown addresses or sources, especially if they come with attached files or links leading to unfamiliar domains or sources.
- Update email clients --Don't give cybercriminals an opening to exploit security vulnerabilities through outdated technology.
- Sender Policy Framework - Email authentication allows users to specify specific servers from which email messages may originate and be delivered.
- DomainKeys-Identified Mail (DKIM). . - These tools allow for secure email communications by providing encryption keys and digital signatures that help verify whether or not any emails have been altered, falsified, or falsified in transit.
6. Applications Allowlisting
Allowlisting software such as Windows AppLocker enables administrators and employees to control which application security may be executed and downloaded on a network while restricting any unapproved ones that don't belong in this way.
Should an employee or user accidentally download or visit corrupt websites, any unauthorized program that isn't allowed could be blocked immediately and restricted access granted accordingly. You may even "blacklist" certain websites using allowlisting tools like Windows AppLocker.
7. Endpoint Security
Expanding businesses must prioritize endpoint security. As businesses grow, endpoints such as laptops and smartphones will increase; therefore, it is vitally important that these endpoints be secure because criminals may gain entry through remote endpoints to sensitive data or potentially even gain control of entire networks.
Whether your business operates from home or as part of an organization, all users should implement endpoint protection platforms or endpoint detection response (EDR).
These technologies enable system administrators to manage each remote device securely. At the same time, EDR focuses more on responding to and countering threats already present in a network than EPP does.
EPPs or EDRs often include several tools for protection, including:
- Antivirus and anti-malware
- Data encryption
- Data loss prevention
- Intrusion detection
- Web browser security standards
- Mobile & desktop security
- Security intelligence team should conduct network security assessments
- Security incidents alerts in real-time
8. Limit User Access Privileges
Limiting user access and permissions is another effective means of protecting your network. Adherence to the "least privilege" principle limits access to essential data, helping prevent ransomware from spreading within an organization and protecting users by restricting functions and resources through security policies defining role-based access controls (RBAC).
The most miniature privilege model operates under a zero-trust principle that holds that any user, internal or external, cannot be trusted, and thus identity verification must occur at every access level; two-factor or multi-factor authentication methods should also be utilized as preventative measures against potential breaches gaining entry to target data.
9. Regularly Test Your Security
Implementing new security measures must remain an ongoing effort for companies. They should perform periodic assessments and tests to ensure their systems adapt to changing environments, including conducting assessments to detect any weaknesses that might exist within.
Companies should:
- Reevaluate access and privileges for users
- Find new vulnerabilities in your system
- New security protocols
Sandbox testing is an approach software development firms and security intelligence team commonly use to evaluate current software against malicious code in a controlled environment, helping determine whether security issue protocols are adequate.
10. Security Awareness Training
Security awareness training can be one of the most vital services a company provides; end-users are frequently the targets of cyber criminals' attacks via social engineering and phishing attacks that use uninformed individuals as victims, so basic cybersecurity knowledge is crucial in order to avoid attacks and lessen their effects.
Initial security training should cover:
- Safe web surfing
- Creating strong, secure passwords
- Use secure VPNs to avoid public WiFi.
- Emails and attachments that are suspicious can be identified.
- Updating your systems and software
- Confidentiality Training
- Reporting suspicious activities in an emergency
Also Read: Top Risks to Businesses Cyber Security
What To Do After A Ransomware Attack
Even with the best security controls measures in place, ransomware attacks still pose a real danger. Your security plan must include steps you need to take immediately following infection or attack to minimize damages as quickly as possible.
Organizations should create clear emergency communication channels and response protocols so all users know exactly what steps should be taken when an attack takes place - these might include things such as:
- DO NOT pay the ransom : Security experts and law enforcement agencies advise against paying ransomware attackers because it encourages more illegal behavior from them and does not ensure you will get decryption keys that work - your data could still become infected and be permanently lost even with one available key! Although free decryption programs for some forms of ransomware exist, it remains wise to have backup copies for safety just in case something should go wrong and your files get compromised beyond repair.
- Isolate the infected system : Users who wish to protect themselves against further breaches should immediately disconnect their devices from any network and wireless connectivity (WiFi/Bluetooth) used by WiFi/Bluetooth routers and modems, even if ransomware infection has already spread through other users' computers, isolating one device can help limit further spread of infection.
- Determine the source : Identification of malware sources can assist organizations in pinpointing entry points for ransomware attacks, providing crucial insight that will enable them to enhance security practices and training methodologies for staff and customers.
- Report the attack to authorities : Ransomware must always be reported for further investigation to the authorities since law enforcement officials can access sophisticated software and recovery tools not readily available elsewhere; sometimes, this allows law enforcement officials to recover stolen or compromised information as well as catch those responsible.
Before any ransomware attacks occur, it's wise to devise an effective defense plan. Once an infection has taken hold on your network, it could already be too late.
Be ready for all eventualities by installing antivirus/firewall protection and backing up data regularly while also increasing awareness of cybersecurity best practices.
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Conclusion:
Ransomware attacks pose a growing threat to businesses of all kinds, yet effective defense can be found through best practices like updating software, using firewalls and regularly backing up data. Furthermore, having an incident response plan and training employees could protect businesses against future rogue attacks from ransomware attacks. It's wise not to wait until an attack happens to begin protecting yourself - instead, consider taking an approach that protects data, devices and people alike!
