Stay Safe And Learn All About Ransomware

It’s Thursday morning. Some would argue Monday is the worst day of the week but we disagree. Thursday is like Darth Vader. It mocks you by saying the weekend is almost there, yet so far away.
You wake up and grab a cuppa coffee – it’s time to kickstart the day and check your email. #DailyRoutine

It takes you all the willpower you’ve got to swing open your laptop…and bam. No blaring in-your-face Windows wallpaper. All it says is: Your files have been…wait, what… encrypted.

Ok, what’s happening? Should you restart the laptop? What’s this timer? What’s a Bitcoin?

The suspense is building; you could cut the tension with a butter knife. Sweaty palms, you turn the news on and find out that there has been a Ransomware attack worldwide by ‘WannaCry’ affecting almost 2,30,000 Microsoft users. They’re asking for $300 to be paid within three days else all files would be deleted. All your files, client information, sensitive data, years of information… all gone!

What do you do?  Should you pay the money? You need the files. They’re your files. Ok, what if you don’t? What is everyone else doing? Why is this happening for crying out loud?

Well, we may not have the decryption key you need to retrieve your files but we do have the information that can save you from this scenario. Read on to find everything you must know about Ransomware!
 

First Of All, What Is Ransomware?

 
Yeah Angelina, the internet is amazing! Yet, like everything awesome in the world there’s a dark side to it. In 2022, organizations all around the world detected 493.33 million Ransomware attacks, representing roughly 17% of all cybercrime attacks. Moreover, 35% of the respondents reported this attack having a significant impact on their business and lives. #Yikes

So, what is this online threat? Well, Ransomware is a type of malware (malicious software) that locks a victim’s data or device and threatens to keep it locked unless the victim pays a ransom to the attacker. If the ransom is not paid, the device may be bricked (permanently locked) or all the files may be deleted.

So, how did this threat become so rampant? Read on!
 

The History And Evolution Of Ransomware

You’re probably thinking: how did it all begin? Glad you asked.

Like everything great and bad, it starts small and follows a pattern. Let’s deep dive into Ransomware and see how it all began.
 

• 1989

  The first virus known as ‘AIDS Trojan’, or the ‘P.C. Cyborg Attack’ was distributed via floppy discs. If you’re GenZ, a floppy disc is a black lil’ thing we had to store data. (Google it, kids!)

• 1996

  After analyzing the flaws in AIDS Trojan, computer scientists Young and Yung presented the first crypto virology attack at the IEEE Security and Privacy Conference and warned of future forms of Ransomware and its implications.

• 2005

  Ransomware becomes sophisticated. With a rise in infections centered around Europe and Russia, Ransomware ‘actors’ invent their first asymmetric encryption variant which was harder to break.  

• 2009

  Traceable bank transfers were always an issue for Ransomware cybercriminals; how did they solve this? Well, enter cryptocurrency. Untraceable ransom payments gave birth to a Ransomware rampage!

• 2015

  Cybercriminals give birth to RaaS - Ransomware-as-a-service – where you could hire people to conduct Ransomware campaigns.

• 2017

  WannaCry attack causes worldwide havoc and damages in billions of dollars.

• 2022

  Various new methods enter the market, with recent attacks focused on international healthcare, local government and education sectors, in particular. New methods to infiltrate systems give way to sophisticated and more targeted Ransomware attacks.

Today, Ransomware is the leading online threat. To defend against it you need to know how it works – so what are you waiting for?
 

How Does Ransomware Work?
 

Well, Ransomware is a three-step process. Ransomware attacks scan local devices and network-connected storage, helping the attacker gain access to your network. They then establish control by planting malicious software. It’s the classic ‘we’re in’ moment that we love in hacking movie scenes and hate in real life!
 
Once the malware is active, your device will lock up and data is encrypted across the network rendering it inaccessible. Hackers exfiltrate your data and can create copies of it, including sensitive information like login credentials, personal information and more. You then receive an on-screen notification giving the details on how to make the payment, usually in cryptocurrency or another untraceable method in exchange for the encryption key.

The three steps can be thought of as:
 

• Access
• Activate
• Demand Ransom

Any individual, business, organization, or system with active access to the Internet is at risk of Ransomware attacks. Another thing to worry about is that there are types of Ransomwares – read all about it next!
 

Types Of Ransomware
 

Cybersecurity experts have identified five major types of Ransomwares based on their different forms and their impact on the system. Here they are:
   

• Locker

  Completely locks you out of your system making your files inaccessible. The screen displays the ransom demand, instructions and usually a deadline for the payment.

• Encryptors

  Encrypts your data and demand a ransom in exchange for a decryption key. This is the most well-known and damaging type of Ransomware.

• Leakware

  In this attack, the data is stolen and encrypted by a malicious party, threatening to distribute data publicly if the ransom is not paid.

• Scareware

  Installs fake software and directs you to a payment page. A pop-up usually claims to have detected a virus and once opened asks you to pay up in exchange for the solution. Some may lock your screen, while others simply flood your page with pop-ups.

• Ransomware-as-a-Service

  A hacker handles all the aspects of a targeted Ransomware attack, in exchange for a cut from the ransom.

If you’re not scared of Ransomware, we respect your courage. Yet, here’s why you should be worried.
 

Why Should Businesses Worry About Ransomware?

Whilst it may sound like we’re raising a false alarm; you are at real risk! Malicious Ransomware attacks are random and can cause havoc, especially for businesses that store and manage tons of data and information. If affected, it not only impacts businesses due to the impending data breach but also puts clients’ sensitive data in danger. Moreover, think of the security risks, financial losses, disruptions to business operations, downtime, reputational damage and loss of trust.

Although the good news is that security solutions and frequent data backups can help you out in such a situation. Your IT security teams need to evaluate all endpoints and network nodes to ensure there are no open gaps that Ransomware attackers can exploit.

Yes, Ransomware is flagrant but so are the forces against it. Many businesses today are in the process of adopting zero-trust security architectures (ZTAs) that treat every device and user as a threat, requiring multiple verifications and acting as a significant barrier to malicious activities. As always, artificial intelligence (AI) and machine learning (ML) show great promise for effectively detecting Ransomware threats. Businesses can also detect early signs of a Ransomware attack via platforms such as XDR (Extended Detection and Response) Platforms and remediate within seconds.

If you still aren’t worried, maybe it is time you think about the future of Ransomware.
 

What Does The Future Hold For Ransomware?

 
Well, would you like the good news first or the bad? Let’s get done with the bad ones. Researchers uncovered a 60% increase in ransomware victims in March 2023, marking the highest monthly victim count observed in the past two years.

Add to that the fact that hackers are constantly evolving and changing code into new variants to avoid detection. These are some new ways developers are targeting users with Ransomware. These include:
 

• Spear-phishing

  Targeting HNWI (high net worth individuals) instead of masses for a better chance of getting a payout.

• Web Servers

  Malware will soon be shared on web hosting environments that affect all associated sites hosted on the server. This makes the task easier for the hacker and much more challenging for the business.

• DLL and Side Loading

  Hackers are adopting DLL (Dynamic Link Libraries) and other services that look legit to avoid detection.

The future will see evolved Ransomware attacks and businesses will innovate to fight off the threats.
 

Parting Thoughts

Ransomware is no joke – the victims can vouch for this. Data is the new currency of the world, which is as valuable if not more than actual money. Ransomware is now a billion-dollar industry. If under attack, cybersecurity experts suggest that you do not pay the ransom, as it does not ensure the safety of your data or the assurance of the decryption key. Defend your devices and data against Ransomware by monitoring your server and network, setting up back-ups, using secure email gateways, avoiding clicking on suspicious links or phishing emails and contacting the relevant authorities immediately.

We hope this article explained all about Ransomware. Stay safe!