 In the ever-evolving landscape of cyber threats, ransomware stands out as one of the most insidious and damaging forms of malware. Ransomware has quickly become one of the most prominent type of malware, and it has become a growing problem for both individuals and organisations. A ransomware attack can cripple organizations, disrupt lives, and leave victims in a state of turmoil. Understanding what ransomware is, how it operates, and how to defend against it is crucial in our digitally connected world.
What is a Ransomware Attack? Ransomware is a malware designed to prevent users or organizations access to files, databases or applications on their computer. Ransomware is often designed to spread across a network and target database and file servers, and this can quickly paralyze an entire organization. At its core, a ransomware attack is a form of digital extortion. By encrypting these files, databases or applications, and demanding a ransom payment for the decryption key, cybercriminals place organizations in a position where paying the ransom will be the cheapest and easiest way to regain access to their files, databases or applications. Some may add additional functionality, such as data theft, to further push ransomware victims to pay the ransom. Why Is Ransomware Worrying? Ransomware attacks pose a serious risk not only to your company assets and reputation, but also to individual privacy, and even national security. The consequences of ransomware attacks are devastating as not only are individuals’ personal data compromised, but also organizations do suffer huge financial losses and operational difficulties. Ransomware attacks have continuously increased with a report that showed 1 in 31 organizations worldwide experienced a ransomware attack weekly over the first quarter of 2023. From Corvus research, the number of ransomware attacks increased by roughly 180% in June 2023 as compared to the same month last year. This is fueled by the MOVEit attack by Clop ransomware whereby nearly 20% of the alleged June victims were associated with the MOVEit breach. As of 6 September 2023, the number of known impacted victims of this ransomware attack is 1129 organizations and 53.8-58.6 million individuals. What’s shocking is that the number of individual victims are actually much higher than that as only a fifth of the affected organizations have publicly released the total number of individuals who had their personal information exposed. Not to mention, Chainanalysis report revealed a startling reality: ransomware payments are reaching record-breaking levels in 2023. In fact they state that ransomware attackers are on their way to their second-biggest year ever, as they have extorted at least $449.1 million through June. It was even revealed that the cumulative yearly ransomware revenue for 2023 has reached 90% of the 2022 total figure in the first half of the year. How Does Ransomware Work? Step 1: Infection Ransomware usually enters a system through malicious email attachments, compromised websites, or software vulnerabilities. Once the ransomware is downloaded, it begins to execute its code. Another popular mode of infection is via Remote Desktop Protocol (RDP). Cybercriminals who stole or guessed an employee’s login credentials can utilize them to remotely access a computer within the organization. Following this, the cybercriminal can directly download the malware and execute it. Step 2: Encryption The ransomware encrypts files and data on the victim's system using a strong encryption algorithm, replacing the originals with the encrypted versions. This process can happen quickly and can affect a wide range of file types, from documents to images and databases. Some ransomware variants will even delete the backup and shadow copies of files to make recovery without the decryption key even more difficult. Step 3: Ransom Note After encrypting the victim's data, a ransom note is typically displayed on the victim's screen. This note includes instructions on how to pay the ransom and a deadline for payment. It may also include threats of permanent data loss or public data exposure. Usually, the cybercriminal demands payment in cryptocurrency, making it difficult to trace. Victims are instructed to make the payment and, in return, receive the decryption key. Step 4: Decryption (Sometimes) If the victim complies with the ransom demand, they receive the decryption key to unlock their files. However, there are no guarantees that paying the ransom will result in the safe return of data. Best Practices To Prevent Ransomware Attacks Prevention is the absolute key. Once ransomware has infected your system, it can be incredibly difficult to remove. Furthermore, the effects of ransomware, not only on your operation but also on your reputation will be devastating. Here are a few best practices to prevent ransomware attacks:
How To Respond To A Ransomware Attack?
Takeaway Ransomware attacks continue to pose a significant threat in today's digital age. Understanding how these attacks work and implementing robust prevention measures is crucial for individuals and organizations alike. By staying informed and adopting a proactive stance, we can collectively defend against this relentless and damaging form of cybercrime, protecting our data and digital lives from the clutches of ransomware attackers. Securing Your Organization With TAFA With the current cyber environment, organizations are facing increasingly sophisticated cyber threats such as the MOVEit theft-attack. To protect against these threats, it is necessary to utilize cybersecurity solutions that can prevent zero-day and advanced cyber threats, and help ensure regulatory compliance. With our prevention first and zero-trust approach to security using Machine Learning (ML) and Artificial Intelligence (AI), TAFA Shield will strengthen your company's ability to prevent and block cyber attacks and threats. Not only do we protect your endpoints, but we also proactively detect and respond to cyber threats, provide managed SOC services to further improve your security posture, and lastly provide you with professional cybersecurity services that delivers guidance, support and expertise in designing, implementing and managing cybersecurity solutions tailored to your specific needs. Furthermore, with our comprehensive customized vulnerability assessment and penetration testing (VAPT) service, not only do we ensure the safety and security of your organization’s operation and data, but also we ensure that you will meet the required industrial and regulatory compliances. To learn more information about TAFA Shield and our VAPT service, and how we can help your company, do not hesitate to contact us for more information. Related Topics Unraveling the MOVEit Data Breach: More Than 554 Organizations & 37 Million Individuals Affected Ransomware - A Growing Problem & Best Practices For You and Your Company Ransomware Payments Skyrocket in 2023: The Unprecedented Surge and its Implications Cybersecurity Wake-up Call: The Skyrocketing Breach Costs of 2023 At All-Time High Comments are closed.
|
Archives
June 2024
Categories
All
|
RSS Feed