Ransomware attacks have been making headlines recently as a major cybersecurity threat affecting businesses, governments, and individuals around the world. But what exactly is ransomware? And how can we defend against these insidious cyberattacks?
What is ransomware?
Ransomware is a type of malicious software (malware) that encrypts or locks a victim’s files, making them inaccessible until a ransom is paid. The ransom demand is typically issued by the attackers who installed the ransomware, and payment is usually required in cryptocurrency like Bitcoin to preserve the attacker’s anonymity.
Some key characteristics of ransomware include:
- Prevents access to files, systems, or networks
- Demands ransom payment to restore access
- Encrypts files so they cannot be decrypted without a key
- May delete files or make them permanently inaccessible if ransom isn’t paid
- Spreads through phishing, drive-by downloads, and exploiting vulnerabilities
Attackers distribute ransomware through various vectors, like phishing emails carrying malware-laden attachments or links, compromised websites with drive-by downloads, and exploiting vulnerabilities in systems and software. Once installed, the ransomware encrypts files and displays a ransom note demanding payment, threatening permanent data loss if ignored.
Major types of ransomware
Some major types and families of ransomware include:
- Crypto ransomware – Encrypts files which can only be decrypted with a specific key after paying the ransom. Variants include WannaCry, CryptoLocker, and CryptoWall.
- Locker ransomware – Locks users out of their devices or blocks access to files/functions. Variants include REvil, Petya, and LockerGoga.
- Scareware – Scares users into paying with fake infection notifications, threats of data loss, or FBI warnings. Variants include Reveton and CyberPolice.
- Doxware – Threatens to publish sensitive stolen data if ransom isn’t paid. Variants include Clipsa and Makop.
The most common type today is crypto ransomware, which uses strong encryption algorithms to lock files. Victims cannot access their data without the decryption key held by the attackers.
Recent major ransomware attacks
Some of the biggest ransomware attacks making headlines recently include:
- Colonial Pipeline – Shut down a major US fuel pipeline for nearly a week in 2021.
- JBS – Forced the shutdown of meat processing plants in the US, Canada, and Australia in 2021.
- Kaseya – Impacted over 1,500 businesses globally through a supply chain attack in 2021.
- Ireland’s Health Service Executive – Caused major disruptions to hospital IT systems and patient care in 2021.
- Travelex – Took down foreign exchange services globally for over a month in 2020.
These attacks demonstrate how ransomware can severely disrupt organizations, critical infrastructure, and entire supply chains. The costs can range from millions to billions of dollars in damages.
Recent ransomware trends
Some concerning trends shaping today’s ransomware landscape include:
- Ransomware-as-a-Service (RaaS) – Ransomware kits leased to affiliates, lowering barriers for new cybercriminals.
- Double extortion – Stealing and threatening to leak data, in addition to encrypting files.
- Supply chain attacks – Infecting software providers and IT companies to spread malware downstream.
- High ransom demands – Seven-figure ransom requests becoming more common.
- Sophisticated tactics – Advanced evasion, automation, and worm-like spreading.
These trends demonstrate ransomware gangs are becoming more strategic, organized, and ruthless in their attacks. They are eyeing ever larger targets and disrupting critical infrastructure that have far-reaching impacts across entire regions and supply chains.
Why is ransomware so difficult to stop?
There are several factors that make today’s ransomware attacks incredibly difficult to defend against:
- Human error – Clicking malicious links and attachments in phishing emails are a leading infection vector.
- Weak passwords – Cybercriminals can guess weak passwords or steal them through security breaches to gain access.
- Unpatched software – Unfixed security bugs in operating systems and applications can be exploited by attackers.
- Legacy systems – Older systems often lack the security features of modern systems.
- Lateral movement – Attackers breach one system and then move laterally within networks.
- Lack of backups – Without recent backups, organizations have no way to recover encrypted files without paying the ransom.
Ransomware groups also use stealthy techniques to establish persistent access to evade detection, while employing ransomware that is polymorphic and modifies itself to avoid security tools. Payment in cryptocurrency also makes payments extremely difficult to trace or block.
Best practices for ransomware prevention
Organizations can take various steps to defend themselves against ransomware attacks:
- Train employees to identify phishing emails and use strong passwords.
- Keep all software regularly updated with the latest security patches.
- Utilize antivirus/antimalware software to detect and block known threats.
- Perform regular backups and keep backup copies offline and immutable.
- Enable multi-factor authentication wherever possible.
- Segment networks to limit lateral movement across systems.
- Monitor systems for early ransomware indicators like file type changes.
Building a resilient security posture requires defense in depth across people, processes, and technology. The key is implementing multiple defensive layers so that if one fails, another steps in to prevent a ransomware outbreak.
How to respond to a ransomware attack
If ransomware evades prevention efforts, organizations should respond methodically:
- Disconnect infected systems – Isolate affected devices to prevent broader spread.
- Secure backups – Ensure backups are intact and not infected.
- Assess damage – Determine scope of encryption and impact.
- Reset credentials – Change passwords after removing malware.
- Communicate with stakeholders – Keep leadership, customers, and others informed.
- Consider options – Consult legal counsel and law enforcement before considering ransom payment.
- Rebuild systems – Wipe infected systems and restore from clean backups.
The decision to pay a ransom demand is complex. Crypto payments may fund future attacks but recovering encrypted data otherwise can be difficult for vital systems. Organizations should carefully weigh the legal, ethical, and technical considerations of giving in to extortion.
Looking ahead in the ransomware fight
With ransomware attacks continuing to rise, cybersecurity needs to evolve to counter the growing threat. Some innovations that can help turn the tide against ransomware gangs include:
- Automated threat intelligence – AI and machine learning to detect emerging ransomware strains faster.
- Proactive attack disruption – Identifying and disrupting ransomware operations before damages occur.
- Smart contract-based insurance – Insurance payouts automatically triggered by ransomware attacks.
- Decentralized infrastructure – Distributed blockchain networks with no central point of failure.
- Multilayered cyber-resilience – Comprehensive defenses spanning technology, processes, culture, and advanced training.
While ransomware is continuously evolving, cybersecurity is responding with innovative new ways to predict, prevent, detect, and disrupt these attacks. By adopting a resilience-driven security posture, organizations can empower themselves to withstand ransomware and deny attackers the impacts they seek.
Conclusion
Ransomware remains a serious threat to businesses, governments, and individual users as sophisticated attackers seek larger targets and payments. Attackers are utilizing stealthy techniques to breach networks and are launching ransomware that is highly disruptive. By understanding what ransomware is, how it works, and best practices for prevention, organizations can secure themselves and respond effectively when attacked. While ransomware will remain an evolving challenge, boosting cyber-resilience and denying ransoms offers the best path forward to combating these cyber extortion schemes in the long run.