Ransomware is a type of malicious software that encrypts files on a device and demands payment in order to restore access. It has become an increasingly common cyber threat in recent years. Fortunately, there are steps individuals and organizations can take to avoid becoming victims of ransomware attacks.
What is ransomware and how does it work?
Ransomware is a form of malware that locks access to a computer system or data until a ransom is paid. It works by encrypting files so they cannot be opened without a decryption key. Once installed, ransomware displays a message demanding payment within a certain timeframe. If the ransom is not paid, the data may be deleted or remain locked forever.
Ransomware is typically spread through phishing emails containing malicious attachments or links. Once clicked, the ransomware installs itself and begins encrypting files. It may also spread through unpatched software vulnerabilities. The ransom demand is usually for cryptocurrency, such as Bitcoin, to preserve the attacker’s anonymity.
What are the different types of ransomware?
There are several major families or types of ransomware:
- Cryptolocker – One of the earliest ransomware strains, first appearing in 2013. Known for using AES encryption to lock files.
- CryptoWall – Emerged in 2014. Used RSA-2048 public key cryptography.
- Locky – Active since 2016. Spreads via phishing emails with malicious Office doc attachments.
- Cerber – First seen in 2016. Known for speaking to victims and using the .cerber file extension.
- WannaCry – Notorious 2017 attack that spread via an NSA hacking tool exploit. Crippled systems worldwide.
- Ryuk – Targets large organizations and demands high ransoms paid in Bitcoin.
- REvil – Also known as Sodinokibi. Conducts “big game hunting” against major corporations.
These represent some of the major families of ransomware, but new strains are constantly emerging. Attackers are continually developing new tactics, techniques, and procedures.
Why is ransomware so dangerous?
Ransomware is extremely disruptive and costly for several reasons:
- It can spread quickly and affect entire networks.
- It effectively holds data and systems hostage for ransom payments.
- Decryption is difficult without the attacker’s private key.
- Downtime and recovery costs can be crippling for businesses.
- It targets vulnerable hospitals, schools, and critical infrastructure.
- Paying the ransom funds future criminal activity.
In 2020 alone, ransomware attacks cost businesses worldwide around $20 billion in ransom demands, downtime, and recovery efforts. The FBI estimates over 4,000 ransomware attacks occur daily. This massive disruption makes ransomware one of the top cybersecurity threats today.
What are the ways ransomware enters a system?
Ransomware uses several infection vectors to infiltrate systems and networks:
- Phishing emails – Malicious emails with infected attachments or links are the primary method. Users are tricked into downloading ransomware.
- Software vulnerabilities – Unpatched apps and operating systems can be exploited to install ransomware.
- Drive-by downloads – Visiting malicious sites can trigger automatic ransomware downloads.
- Remote desktop access – Brute forcing RDP passwords provides access for ransomware deployment.
- Malvertising – Malicious ads containing ransomware payloads can infect users.
- App vulnerabilities – Apps with weak security can be compromised to deliver ransomware.
Staying vigilant against these vectors is crucial to avoid infection. Phishing and exploiting unpatched software are among the most common attack methods.
What are the warning signs of a ransomware attack?
Watch for these signs that may indicate ransomware activity:
- Files becoming corrupted, inaccessible, or renamed with strange extensions
- Programs and apps suddenly closing or crashing unexpectedly
- Computer running extremely slow or freezing up
- Messages on screen demanding ransom payment for decryption key
- Encrypting file extensions appearing on documents and folders
- Mapped drives becoming inaccessible
- Critical databases, shared drives, or backups becoming unavailable
Rapid emergence of issues like these, especially across networked systems, likely points to ransomware encryption at work. Time is critical – isolate the infection immediately.
What are best practices to prevent ransomware attacks?
These security measures help protect against ransomware threats:
- Back up data regularly – Maintain current backups offline to restore after an attack.
- Patch and update software – Apply the latest security fixes for apps and operating systems.
- Use antivirus software – Install a reputable antivirus program on all systems.
- Be wary of phishing – Train employees to identify and avoid suspicious emails or links.
- Segment networks – Isolate critical systems to limit spread of ransomware.
- Control privileges – Only allow admin access to necessary users.
- Disable macros – Block Office macros to prevent malware delivery.
- Filter email attachments – Scrutinize or block files downloaded from emails.
Following cybersecurity best practices minimizes exposure to ransomware. But since incidents can still occur, having an incident response plan is also vital for rapid containment and eradication.
What steps should be taken in the event of a ransomware attack?
If ransomware encryption is detected, these response steps are recommended:
- Isolate the infected devices immediately.
- Determine the strain of ransomware if possible.
- Check for impacted data backups or systems.
- Notify senior management and incident response teams.
- Evaluate options: restore backups vs. pay ransom.
- Potentially contact law enforcement for support.
- Communicate status updates to executives and staff.
- Contain the attack by wiping affected systems.
- Remove ransomware from the environment.
- Restore data from clean backups once the environment is secure.
- Conduct a forensic analysis of the incident.
- Update defenses and patch vulnerabilities exploited.
- Provide training to prevent similar future attacks.
Speed is critical to limit damage caused by ransomware outbreaks. The faster an organization can isolate, contain, and recover operations – the better.
Should ransom payments be made if infected?
Many experts advise against paying ransom demands. Considerations include:
- Paying encourages more ransomware attacks overall.
- There is no guarantee files will be decrypted after payment.
- The encrypted files may be corrupted during encryption.
- Ransoms often increase if victims appear willing to pay.
- Payment may be considered illegal depending on the circumstances.
However, payment may make sense if backups are out of date and the destruction of data would severely impact business operations. Organizations should weigh the risks before making any decisions.
What are some famous ransomware attacks?
Major ransomware attacks that made global headlines include:
- WannaCry – Cripplied 200,000 computers across 150 countries in 2017.
- NotPetya – Cost billions in damages across Europe, Asia, and the Americas in 2017.
- Ryuk – Attacked major corporations like Garmin and Xerox in 2020.
- REvil – Disrupted over 1,000 companies by compromising Kaseya software in 2021.
- Colonial Pipeline – Forced shutdown of key U.S. fuel pipeline in 2021.
These cases demonstrate how damaging ransomware can be when it targets large organizations and infrastructure. The potential for major business disruption makes ransomware dangerous to enterprises, government agencies, utilities, and healthcare organizations.
What cyber insurance policies may help recover from ransomware?
Certain cyber insurance policies may cover some costs if a ransomware event occurs. Policies to consider include:
- Cyber liability insurance – May cover ransom negotiations, payments, crisis management expenses, and PR services.
- Business interruption insurance – Can replace income lost while operations are disrupted.
- Contingent business interruption insurance – Covers lost income from supply chain disruptions.
- Digital data recovery insurance – May cover costs to recover or replace encrypted data.
Ensure policies cover ransomware attacks specifically as standard property and liability policies often exclude cyber events. Work with qualified insurance professionals to find appropriate cyber risk insurance for your organization.
How can organizations defend against ransomware in the future?
Long-term ransomware resilience involves:
- Training employees on cybersecurity best practices
- Keeping software, OS’s, and firewalls updated
- Securing backups and recovery processes
- Monitoring networks for threats
- Establishing an incident response plan
- Controling remote access and privileges
- Deploying email filters and anti-ransomware software
- Disabling unnecessary ports and services
- Conducting penetration testing and risk assessments
Fighting ransomware also requires securely configured networks, constant vulnerability management, controlled access, end-user training, and collaboration with cybersecurity professionals to improve an organization’s overall security posture against threats. Defense-in-depth principles to detect, resist, and respond to incidents are key.
Conclusion
Ransomware represents a severe cyber threat capable of debilitating organizations through data and system encryption. Damage can be limited by keeping software updated, controlling network access, training employees on phishing, maintaining reliable backups offline, and developing comprehensive incident response plans. Understanding the ransomware threat landscape enables organizations to implement proactive measures for reducing their attack surface and improving resilience.