As we reflect on the past five years of businesses falling victim to ransomware, it becomes evident that the rise in malicious cyber-attacks poses a significant and tangible threat. In 2022, 71% of businesses reported attacks, a massive jump from the 55.1% facing ransomware threats in 2018. And as more companies move to the cloud and data stored digitally, ransomware attacks will only become frequent and more damaging.
It's no longer enough to simply be aware of ransomware's potential risk. Businesses must proactively work to do everything possible to protect themselves from a successful attack. That includes crafting an effective cybersecurity strategy, regular data backups, recovery strategies, and thorough user education & awareness training.
This article will offer a comprehensive overview of the threat — from defining it and discussing its underlying characteristics to breakdowns of the various types, infection vectors, and the lifecycle of an attack. We'll discuss preventive measures and techniques for responding if an attack is successful.
You might ask yourself, does ransomware steal data or just lock it? The answer is both. Ransomware is a type of malware (malicious software) that encrypts or locks data on computers and other digital devices, rendering them unusable until a sum of money (the "ransom") is paid. It is the most common form of cyber-attack used today, with attackers targeting individuals, businesses, and public institutions.
Ransomware exploits weaknesses in a system, such as insecure passwords or outdated software, to gain access and spread within networks. Once a computer is infected, the ransomware will often encrypt all files, making them inaccessible without a decryption key. The attackers then demand a ransom (usually paid in cryptocurrency) to release or decrypt the files.
While the list of ransomware attacks grows daily, some of the most significant and high-profile attacks to make headlines in recent years include the CNA Financial Corp incident in March 2021. The Chicago-based insurer was attacked by a group called Phoenix using the ransomware known as Phoenix Locker. The company eventually paid $40 million in ransom to regain access to their data.
In another case, Kaseya, an IT solutions provider, was targeted by REvil in July 2021. The attackers demanded $70 million in Bitcoin ransom from the company but eventually backed down and released a universal decryptor key to those affected.
One of the biggest ransomware attacks 2023 was the PharMerica incident, an American pharmacy services provider that fell victim to the Money Message ransomware. The attack exposed the personal data of 5.8 million patients, including full names, addresses, dates of birth, social security numbers (SSNs), medications, and health insurance information.
According to Capterra's ransomware impact survey, 47% of small-to-medium businesses paid a ransom, with 13% of those paying unable to recover their data. While these extortion attacks are becoming more frequent, ransomware come in many forms. They can be broadly classified into the following categories:
Encrypt ransomware uses strong encryption algorithms to lock access to a whole volume or individual files. This ransomware prevents victims from accessing their files unless they pay a ransom to receive the decryption key. It is similar to how encryption is used to secure web traffic, such as HTTPS, where encryption technologies like transport layer security (TLS) are used to protect data traffic on the web.
However, cybercriminals also use encryption techniques to hide malware and launch malicious attacks. This poses a challenge for managed service providers (MSPs) and managed security service providers (MSSPs) responsible for securing customers' web traffic, as detecting and protecting against these encrypted attacks becomes more difficult.
Locker ransomware attacks lock users out of their devices and prevent them from logging into their systems. This ransomware is commonly spread through phishing emails containing malicious links or attachments. Once a user clicks on the link or downloads the attachment, the ransomware is installed on their device.
Locker ransomware exploits any vulnerabilities in the system, such as weak passwords or outdated software, to spread throughout the system. That gives the attacker full access to the system interface, locking victims from their devices. The attacker then demands a ransom in exchange for unlocking the device. A locker ransomware attack example is WannaCry, which made headlines in 2017 when infected over 250,000 computers in 150 countries.
According to Security Researchers, a 48% increase in cyber attacks targeted email accounts in the first half of 2022, with 68.5% of those attacks using credential phishing. This makes it even more critical for businesses to have a strong password management policy and employee education program to protect against locker ransomware attacks.
Master Boot Record (MBR) ransomware encrypts the master boot record (MBR), which contains information about how the computer boots up. When the computer is rebooted, the ransomware prevents it from loading up and then displays a ransom message, demanding payment in exchange for a decryption key.
This type of ransomware can be challenging to detect as it does not leave any footprints in the system's files or programs. In addition, MBR ransomware has been known to spread quickly through networks if a vulnerable system is connected, making it difficult to contain the infection before it spreads.
Mobile ransomware has become increasingly common in recent years as more people rely on their mobile devices for work and personal use. This ransomware attacks an unpatched security vulnerability, sends malicious links in an SMS message, or disguises the ransomware as a legitimate app.
Once installed on the device, mobile ransomware often encrypts data and makes it inaccessible until the ransom is paid. It can also lock devices by displaying a false message that demands payment in exchange for unlocking access.
These attacks pose a serious threat to businesses, as they could potentially lead to the loss of sensitive company data if devices are not adequately secured. It is, therefore, important for organizations to have a mobile device security policy in place and ensure all mobile devices are updated with the latest security patches.
Distributed Denial of Service (DDoS) attacks have become increasingly popular among cybercriminals in recent years. A DDoS attack overwhelms a system or website with traffic, making it inaccessible to legitimate users.
Cybercriminals are now using this technique to launch ransomware attacks that demand payment from victims in exchange for releasing the networks or websites affected by the attack. This type of ransomware can be particularly damaging as it affects an organization's ability to access its data and leads to significant downtime and a loss of customers.
Protecting against DDoS-based ransomware requires organizations to have the proper security measures, such as firewalls, intrusion prevention systems (IPS), web application firewalls (WAFs), and load balancers. Additionally, they should ensure their networks and system are constantly updated with the latest security patches.
Cybercriminals are constantly developing new tactics to spread ransomware virus, and IT teams must understand how they operate. While there are numerous methods used to spread ransomware, some of the most commonly observed virus infection vectors include:
According to CISCO's 2021 Cybersecurity threat trends report, at least one person in over 86% of organizations clicked on a malicious link. The attackers typically send out malicious links disguised as legitimate messages that appear to come from trusted sources such as banks, government agencies, and even friends and family members. Once clicked on, these malicious links can install ransomware on the victim's system, encrypting their data and making it inaccessible until a ransom is paid.
Ransomware can also be hidden in malicious attachments sent by email or malicious websites. Unlike phishing emails, these attachments may contain legitimate-looking documents such as invoices, orders, and financial reports. Once downloaded and opened on the victim's device, the malicious code is activated and encrypts the data on the system. In some cases, the ransomware even spreads to other connected devices on the same network.
Exploit kits are automated programs that exploit vulnerabilities in unpatched software, allowing attackers to access a target's computer system. Once inside, they can install ransomware to encrypt all their files. While exploit kits are often used to spread ransomware, they can also be used for other malicious activities, such as stealing data and spying on victims.
Drive-by downloads happen when a user visits an infected website or clicks on a malicious link, automatically downloading malware onto their computer. Attackers commonly use this method to spread ransomware, allowing them to silently download and install malicious programs without the user knowing.
Watering hole attacks are similar, except instead of using malicious links or websites, the attacker targets a specific website the victim is known to visit. The attacker will then infect this legitimate website with malware which can then be used to spread ransomware.
Once ransomware has infected a device, it typically goes through four phases: infection, encryption, communication, and payment.
From financial losses to reputational damage, ransomware attacks can have a devastating effect on both individuals and organizations.
The best way to protect yourself from ransomware is to be proactive and take preventive measures against potential attacks. Here are some effective cybersecurity practices that can help:
Regular backups of sensitive data serve as a potent shield against ransomware attacks. With secure and reliable backup solutions, you can virtually rewind time, restoring your system to a state before the attack. Simply put, a ransomware attack could be rendered negligible if you have a secure backup at your disposal.
However, it's essential to understand that ransomware developers know that backups can thwart their malicious intentions. As a result, many advanced ransomware attacks are programmed to target and corrupt connected backup drives first, thereby blocking victims from restoring their systems to a pre-attack condition. In addition, certain ransomware encryption techniques operate slowly and discreetly, which could result in losing several weeks of data, even when a backup system is in place.
To safeguard your backups from ransomware, consider employing the following strategies:
Regular updates are fundamental for preventing ransomware attacks, whether you're using operating systems, applications, or plugins. Such updates not only introduce new features but also include important security patches that address existing system vulnerabilities.
Moreover, certain cyber threats specifically target those devices and software versions that have not been updated recently to exploit the known weaknesses in outdated programs. Therefore, keeping all your software as up-to-date as possible is essential.
In addition to regular backups and updates, organizations should consider employing enterprise-grade security solutions such as antivirus and antimalware programs or security suites that offer multiple layers of protection against ransomware.
You should also consider deploying security measures such as firewalls, intrusion detection systems, and other endpoint security tools to protect your system from external threats. To further strengthen the security of your system, you can use multi-factor authentication (MFA) or two-factor authentication (2FA), which adds an extra layer of protection against potential attacks.
No amount of technical security measures can substitute for well-informed users. Therefore, investing in user education and training programs is essential to keep them abreast of the latest cyber threats and best practices. Regularly remind your team members about the standard security protocols, such as avoiding suspicious links or emails from unknown sources and reporting any unusual or suspicious activity to the IT team.
Organizations should also consider investing in simulation-based awareness training courses to help employees understand and identify common attack trends such as phishing emails or malicious attachments. Such training programs can go a long way in reducing the possibility of ransomware infections due to user errors.
While the best approach is to prevent ransomware attacks in the first place, it is also essential to have a ransomware removal response plan in place. The critical steps of responding to a ransomware attack are:
As soon as a ransomware attack is detected, it is crucial to contain the infection to prevent it from spreading to other systems. Although server and endpoint antimalware, email antimalware, and network protection solutions should automatically manage and mitigate known ransomware, certain variants may bypass these protections. In such cases, Microsoft outlines the following actions are necessary:
Involving law enforcement and incident response teams in a ransomware attack is crucial for holding the perpetrators accountable for their actions. It also helps organizations in several ways. It ensures the incident is appropriately investigated and evidence is collected to support potential legal actions.
The FBI's Internet Crime Complaint Center (IC3) provides a platform for victims of cybercrime to report and seek assistance in recovering from cybercrime incidents. Submitting a cybercrime complaint to IC3 helps prevent additional crimes by identifying and holding criminal actors accountable.
The information reported to IC3 helps the FBI better understand the motives, evolving threats, and tactics cybercriminals use, enabling them to work effectively with partners to mitigate the damage to victims.
Additionally, IC3 has strengthened its relationships with industry and other law enforcement agencies to reduce financial losses resulting from scams like Business Email Compromise (BEC). Through initiatives like the Recovery Asset conducted by the National Cybersecurity and Communications Integration Center (NCCIC), IC3 has successfully frozen a significant amount of funds obtained illicitly, demonstrating a high success rate in recovering losses.
If a ransom is paid, the cybercriminals may or may not provide access to the decryption key. It is important to note that payment of ransoms does not guarantee access to the decrypted data or systems and could result in further exploitation by the perpetrators. Organizations should also know the legal and financial implications of paying ransoms, which could vary depending on the region or country.
Apart from recovering from the attack itself, it is vital to take steps to prevent future occurrences. Organizations should analyze past incidents to identify any vulnerabilities and weak spots in their security posture. They should also document the lessons learned from such attacks and use them to inform future measures against ransomware.
While most ransomware attacks are financially motivated, organizations should also be aware of ransomware variants that could have been used for other purposes, such as data destruction. Such incidents can be even more damaging and difficult to recover from due to the irreparable damage to an organization's reputation and trustworthiness.
Staying informed about the latest ransomware trends and techniques and regularly assessing an organization's security posture can help improve its resilience against ransomware attacks. Organizations should also invest in user education and awareness training to reduce the number of successful phishing attempts or other social engineering tactics often used to infiltrate systems.
Of course, no single solution can guarantee complete prevention against every ransomware attack. And while some organizations might be willing to pay the ransom, this does not guarantee a successful outcome. Thus, individuals and organizations must understand the evolving ransomware landscape and take proactive steps to protect against such attacks. Staying informed and vigilant and regularly backing up data can go a long way in mitigating the effects of a ransomware attack.
Even with all the necessary precautions and security measures in place, chances are high that an organization will eventually have to deal with a ransomware attack at some point. It is vital to have an effective incident response plan and strategies in place to prepare for the worst. This includes having the right people and tools to quickly contain any infection, recover data, and inform relevant authorities about the attack.
Make cybersecurity a thing of the past with Trava. Our platform provides an all-in-one solution that simplifies and streamlines the cyber risk assessment process, giving you complete control over your security measures. With Trava, you can easily detect potential threats while ensuring compliance with various industry regulations. Get in touch to learn more about how we can help protect your business against ransomware attacks.
You might think of ransomware as a virus, but it is typically classified as a different type of malware. A computer virus is a malicious program that replicates itself and spreads to other computers, while ransomware is a type of malware that blocks access to data or systems and demands payment for its access.
The WannaCry ransomware attack in May 2017 was one of the biggest ransomware attacks in history. A hacker group called Shadow Brokers used a hack allegedly developed by the US National Security Agency, the EternalBlue, to exploit a vulnerability in Microsoft Windows PCs. The attack spread across 150 countries, holding hostage the files of 250,000 Microsoft Windows users.
One of the most common ways ransomware enters a system is through phishing emails. Phishing emails contain malicious attachments or links that install the ransomware on your system when opened. It is important always to be vigilant and double-check any suspicious emails before opening them.
We can help! Talk to the Trava Team and see how we can assist you with your cybersecurity needs.