Everything you need to know about ransomware

Everything you need to know about ransomware

25 Tem 2022

5 dk okuma süresi

Ransomware incidence data varies, but several estimates imply that most businesses globally have been impacted. Even more cautious measurements indicate a pervasive security issue. According to a newly released report by IDC, 31% of firms worldwide have experienced ransomware attacks in the last year. (IDC discovered a far lower rate among businesses based in the US.)

Such data points also seem to indicate an increase in ransomware assaults. According to Statista, the percentage of enterprises globally affected by ransomware has progressively increased each year from 2018 to 2021.

By any standard, ransomware is a serious and potentially costly threat. And the reason it exists is fundamentally straightforward. Ransomware is making a lot of headlines these days. But, in the end, it's just another way to monetize attacks on IT systems.

Everything you need to know about ransomware

Any IT or business leader should be aware of this fundamental fact regarding ransomware: To infect and encrypt an organization's systems and data, attackers employ a variety of approaches. What's next is obvious from the name: They keep those systems and data hostage, demanding payment for access to be restored.

Ransomware causes havoc. The attack on the Colonial Pipeline exemplifies this idea perfectly. It's also profitable for attackers and costly for victims according to several press accounts, Colonial first paid roughly $5 million to its assailants, part of which was eventually recovered by law enforcement officials.

Let's go over that point and a few other facts regarding ransomware that IT executives and business leaders should know, especially in a developing crisis.

Ransomware is widespread because it is effective

Ransomware would not exist if it weren’t working. In truth, ransomware is effective. The genuinely startling statistic in IDC's survey has nothing to do with infection rates and everything to do with payment rates: According to the research agency, 87 percent of organizations affected by ransomware in the previous 12 months paid the ransom.

The average ransom payment in that survey sample was around $250,000. However, IDC adds that the figure was inflated by a few huge payments of more than $1 million.

When considered collectively, the financial consequences are staggering. Cybersecurity Ventures previously anticipated that global ransomware damage would exceed $20 billion in 2021, up from $325 million in 2015.

IDC also discovered that it was not uncommon for companies that have been breached to be attacked many times, with systems and data held ransom. This implies that cybercriminals will cheerfully hit the same target until it no longer pays off.

According to experts, cryptocurrency has made it easier for attackers to collect payments an overlapping trend that has made ransomware more effective.

Ransomware has grown in popularity since 2010 when businesses and people began to use Bitcoin and other new cryptocurrencies. Hackers may collect money from their targets much more easily with these cryptocurrencies.

Ransomware does not distinguish between sectors and scale

Unfortunately, these figures indicate that ransomware has become a lucrative business. This illustrates another truth: you can't dismiss ransomware as an exaggerated threat. It can affect virtually any organization, regardless of size or industry. In addition to the ransom, there is collateral damage, such as reputation and trust. This is not the way you want to generate headlines.

Ransomware is one of the fastest-growing cybersecurity threats. Throughout the epidemic, ransomware has attacked several new areas, including healthcare, real estate, and law. The government and key infrastructure are always likely targets.

Don't think your company is too small or too big to be a victim. You should also not be overconfident in your security posture because, like other threats, it is a dynamic terrain that requires constant analysis and change.

Ransomware attacks are on the rise, and it's no more a matter of if a hacker will attack you but of when you'll be hit.

Ransomware attacks know where to hit

Now let's talk about the facts surrounding attack strategies and defense. Many of the older methods should be known.

Ransomware targets all of the specific weak points in an IT infrastructure, such as inadequate or untested backup methods, unpatched software including those connected to a lack of scanning of containers and other components of the software supply chain, and user mistakes.

As with many other types of malware and security risks, attackers frequently hunt for weak points in your company, such as an outdated VPN that lacks multi-factor authentication (MFA).

This is a common pattern in IT security: gain access through a single-entry point and wreak havoc from there. Basic security hygiene is far from simple; it is a key basis for risk management.

It just takes one ransomware infection to possibly affect additional workstations on your network, depending on the configuration of your network and your patching practices. The rapid application of OS, third-party, and documented workaround fixes can aid in limiting the network-wide propagation of malicious payloads.

Security flaws have an underlying issue like this. Many organizations are unaware that they exist until they are taken advantage of.

Organizations should conduct a security gap analysis to determine their weakest points. Speaking with executives from other divisions of the company can assist in identifying the organization's true vulnerabilities and facilitate the appropriate security planning and tactical implementation.

Phishing is the precursor activity to ransomware attacks

Ransomware headlines tend to get more attention than phishing scams do. Phishing has been around for so long that it seems uninteresting compared to ransomware, which sounds bigger and scarier.

There is a crucial connection between the two. One of the main sources of infection is user error. As a result, phishing is frequently the first site of infection for ransomware. Security experts generally concur that email and other fraudulent link vectors are one of the tried-and-true methods for distributing ransomware.

Phishing assaults, which happen when staff members receive suspicious or misleading emails and click on harmful links, are the source of many ransomware attacks. This brings us to a fundamental security practice: phishing. It's as "simple" as it gets, but it's still very common. Be cautious not to sleep on this important vector.

The most frequent method of compromise is via email, where a careless employee clicks on a dangerous file or download link. Other technologies that can do URL-rewriting and attachment sandboxing must ban known malicious websites and record who clicked them.

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