WHAT IS RANSOMWARE
Ransomware is a serious threat for organisations around the world. Ransomware is a type of malicious software (malware) that encrypts the victims’ files and demands a ransom to be paid in order to restore access to those encrypted files. In addition, scammers also threaten to publish confidential documents to the public is ransom is not paid.
Ransomware is a criminal moneymaking scheme that can catch employees off-guard when they receive a legitimate looking email that prompts them to click on a link or attachment within that email. That is especially dangerous because that said link or attachment can carry a malware that can infect that computer.
Phishing emails are scammers greatest weapon, if any victims click on the attachment in the solicited emails, it is an opening for the scammers to advance further. The phishing email affect is like ‘one foot in the door’ analogy. Once they have successfully completed the first step using the email, the real chaos begins. Therefore, it is vital for any organisation to spot this type of activity and remove it immediately. Because, no one really knows the type of malicious intent these scammers have.
HOW RANSOMWARE OPERATES
Following on from my previous blog about PHISHING. The dangers of ransomware can be evident if and when the phishing target has been successfully ‘hooked’ though a link that he/she might have clicked on a solicited email. Once the target has unknowingly downloaded a malware that encrypts all files in the network. Sodinokibi is an example of a cybercriminal who targets companies in return of a huge sum of money. They encrypt the files and decryption is only available if the company pays them. However, even if the money has been paid, there is no guarantee that they will decrypt those files back.
A famous ransomware Syndicate. Image by www.acronis.com
An example of a message demanding ransom by Sodinokibi. Image by: www.acronis.com
Sodinokibi’s message above highlighted the fact that the ransom increases in price if its not paid on time. They threaten companies of deletion of files if ransom is not paid.
WHAT ARE THE FIGURES?
Number of ransomware attacks are estimated to increase, with scammers trying to find craftier ways to attack companies, many organisations are bound to fall victim to this threat. Attackers do not focus on one specific industry but they mostly target government organisations. Other industries that are also affected are: manufacturing, healthcare, retail and education. With that said, they are the main industries operating on a worldwide level.
An estimate in the increase of Ransomware worldwide. Image by: Cybersecurity Ventures
EXAMPLES OF RANSOMWARE: RYUK RANSOMWARE
Amidst the Coronavirus mayhem, Ryuk ransomware are targetting hospitals around the world, in the past month alone they have targetted 10 health organisations in the UK and the US.
“Healthcare is the richest target for hackers, who are never going to let the proverbial crisis go to waste,” Colin Bastable, chief executive officer of security awareness training firm Lucy Security AG, told SiliconANGLE. “The pandemic is going to be a big payday for many cybercriminals and state-backed bad actors.”
Cybercriminals are using this pandemic to target the most essential industry at this moment. Unfortunately, in this chaos, they are not slowing down. Majority of them attack health organisations to get ransom in the time when they know everyone is vulnerable.
HOW TO AVOID DATA LOSS TO RANSOMWARE
The most effective method when combatting ransomware or any type of malware attack is to make sure that the company has an up-to-date anti-malware or anti-virus software. Companies should also inform their employees the dangers of phishing emails and how it should be avoided at all costs.
Secondly, companies should have an automatic backup system for all its devices. In case data is encrypted and cannot be returned back, there are the backup files that have been saved in multiple locations, online and offline.
CONCLUSION
When you look at the numbers of attacks that has happened, the numbers don’t seem to be slowing down. Scammers are sophisticated in their scamming endeavours and they target humans, because we are the weakest link in the network. It is vital for companies, especially big corporations, because they are the main targets for these types of attacks, to ward off cyber threats like this to ensure the smooth and continuous running of their enterprise.
Stay safe.
