Ransomware is malicious software that cybercriminals use to extort money from organizations. It encrypts the victim's files with a robust algorithm, making them inaccessible until a hacker grants access, presumably after paying the ransom. The criminals will generally demand payment via digital currencies such as Bitcoin or Ethereum. They often threaten to disclose confidential information or permanently delete critical files.
So, how exactly do systems get infected, and who are the most likely victims? Is there anything your business can do to mitigate this risk?
The Prevalence of Ransomware Attacks in the Modern Business World
Ransomware attacks are on the rise worldwide. Even in areas where attacks decline in numbers, there is an increase in the money demanded and the overall cost of resolving the situation. One Forbes article reports that 37% of organizations worldwide experienced ransomware attacks in 2021. Critical infrastructure organizations suffered a disproportionate number of attacks, with 80% of these companies reporting incidents in 2021.
Colonial Pipeline experienced one of the most severe ransomware incidents in 2021. America's most prominent fuel pipeline went offline, and hackers compromised the personal records of almost 6,000 people. They demanded millions of dollars as ransom, and the company paid $4.4 million to restore its services and protect personal data. Thankfully, it later recovered some of the ransom money paid.
Experts believe that ransomware attacks will continue to increase in the number of incidents and costs. They also think that hacking groups will continue to target more high-profile companies and that cryptocurrencies will play a vital role in the payment process. Hackers have relied on the reputation of cryptocurrency as being untraceable. But, as the Colonial Pipeline incident has shown, a partial recovery is sometimes possible.
The Most Common Infection Vectors of Ransomware
Ransomware statistics have shown more than a penchant for targeting critical infrastructure companies. It has also shown a tendency to hone in on specific entry points to organizations' networks.
Phishing Attacks
Phishing remains one of the most popular means for criminals to spread ransomware. Attackers create malicious emails that appear to originate from legitimate sources, such as banks or government agencies, to trick unsuspecting people into downloading malicious attachments.
Organizations should ensure that users are educated on spotting malicious emails and know the importance of not clicking links or opening attachments from unknown sources.
Unsecured Remote Services
The most common way for ransomware to make its way into a system is through unsecured remote services. Remote Desktop Protocol (RDP) is a standard gateway. Attackers exploit these unsecure channels and deploy the malicious software once they gain access.
Organizations should ensure proper configuration of remote services and restrict access to authorized personnel only.
Software Vulnerabilities
In these cases, attackers exploit known software flaws or weaknesses to access systems and deploy malicious code.
Organizations should ensure that their software receives regular patching and updates, which can help prevent these attacks.
Malicious Websites
Cybercriminals often use malicious websites as a way of distributing ransomware. Typically, they create sites that look legitimate but contain code designed to download and install malicious software onto visitors' devices.
Organizations should use the appropriate tools to secure web browsing, detect malicious sites, and alert the IT team.
Actions Systems Users Take That May Expose Organizations to Risk
Experts have long identified human error as a top contributor to cybersecurity risks. However, hackers that use ransomware methods are sometimes even more brazen. One Forbes article reports that 65% of executives and their employees have been contacted by hackers seeking their cooperation in ransomware attacks.
Companies cannot make workers do the right thing, but they can help them identify errors or poor habits that create vulnerabilities. Consider the following.
Poor Password Management
Hackers often invade systems by stealing credentials. Users who write down passwords or use the same password for multiple accounts increase their likelihood of becoming victims.
Organizations should remind employees that using strong, unique passwords is one of the most effective ways to protect against hackers.
Suspicious Software Downloads
Many ransomware victims unknowingly download malicious software through insecure websites or emails. Others might select the wrong apps online while looking for the legitimate versions they resemble.
To reduce this risk, users should receive training on screening downloads for validity and only install programs from legitimate sources. Some companies ban downloads altogether, leaving this function up to the IT team alone.
Accessing Public WiFi Networks
Public WiFi networks are convenient, but they also carry risks. Unsecured networks allow hackers to monitor data traffic and potentially intercept sensitive information without the user's knowledge.
Organizations should encourage the use of VPNs when accessing public WiFi networks.
How Hackers Choose the Organizations They Target
No organization is safe from a potential ransomware attack. Even small businesses and individuals have reported attacks. Still, hackers tend to gravitate to specific types of companies. Here are some features shared by most targets.
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Big Financial Payoffs: Organizations with large financial resources are often prime targets because they can afford to pay the ransom. Banks, casinos, and other financial institutions have frequently faced attacks from ransomware hackers.
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Valuable Customer Data: Companies that hold customer data, such as healthcare providers and retailers, are also attractive targets. Hackers may threaten to leak confidential data if they don't receive the ransom within a specific period.
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Lack of Security Controls: Hackers also target organizations that don't have robust cybersecurity measures in place, including small businesses or even small blogs. The lack of security controls makes it easier for hackers to penetrate and deploy ransomware attacks.
The Importance of Deepening Your Understanding of Ransomware
Affected organizations are often disappointed to learn that hackers do not keep their word. Hackers do not always restore the data they encrypt. Additionally, nothing can stop them from releasing the confidential information they just received payment to delete. These are some reasons companies should choose proactive measures to protect themselves from ransomware attacks.
The most effective ransomware defense plans depend on the most well-informed techniques, so managers must take steps to broaden and deepen their knowledge of cybersecurity. Our team at Hiplink has created an eBook that explains the three stages of ransomware prevention. Download our eBook to start building your new and more effective cybersecurity solutions.