Ransomware

What is Ransomware?

Ransomware is a type of malicious software (malware) that locks or encrypts your computer files, until a ransom is paid.

While many companies have backups, attackers have pivoted to double-extortion techniques.

An initial ransom is required to unlock your files.

Then a second ransom is demanded for the attackers to not leak your data publicly.

How Does Ransomware Work?

There are five stages to most ransomware attacks. These include:

1. Infection: Ransomware typically infects a computer via malicious email attachments, infected software downloads, or by exploiting software vulnerabilities.
2. Encryption: The ransomware scans the computer and encrypts important files using an attacker-controlled key. Once encrypted, users are no longer able to access them.
3. Notification: After encryption, the ransomware displays a message or a ransom note informing the user that their files are locked. The note demands a ransom to unlock the files. The note usually provides instructions on how to contact the ransomware gang as well as how to pay the ransom.
4. Payment: The user is instructed to pay the ransom within a specified timeframe. As part of the negotiations, the attackers will often decrypt a small number of files for the victim. This to prove that the ransomware gang is indeed able to unlock all of the files once the ransom is paid.
5. Decryption (Optional): If the ransom is paid, the attackers may send the decryption key to the user. There is no guarantee that the decryption key will work or that the stolen data won’t be leaked.

The Business Impact of Ransomware Attacks

Ransomware attacks can have quite severe ramifications. These often include:

• Financial Loss: Paying the ransom can result in a direct financial loss. There may be additional costs for system restoration, forensic investigations, legal fees, and potential regulatory fines.
• Downtime: Ransomware can encrypt critical data and systems, which can prevent the business from operating.
• Reputational Damage: A ransomware attack can harm a company’s reputation. This can affect customer retention and deter potential clients or partners.
• Data Loss: Even if the ransom is paid, there is no guarantee that data will be fully restored. Permanent data loss can occur. This can be especially damaging when sensitive or proprietary data is lost.
• Increased Costs: Organizations often need to invest heavily in improving their security infrastructure post-attack. This can include purchasing new security software, hardware, services, and training.
• Regulatory and Legal Consequences: Businesses may face legal actions and penalties when they fail to protect customer data. This can result in significant fines and increased scrutiny from regulators.
• Customer and Partner Impact: The compromise of sensitive data or services can result in breaches of contract and the loss of business relationships.
• Insurance Premiums: Cyber insurance premiums may increase after an attack.

Types of Ransomware

There are several different types of malware. Each has a distinct set of characteristics. The main types include:

• Crypto Ransomware: This type encrypts files on a victim’s system, making them inaccessible. The attacker then demands a ransom for the decryption key. Examples include CryptoLocker and WannaCry.
• Locker Ransomware: Rather than encrypting files, locker ransomware locks the victim out of their device. This prevents the victim from accessing to the entire system. A ransom is demanded to unlock the device. Examples include the Reveton ransomware.
• Scareware: Scareware includes fake software that claims to have detected a virus or other issue on the victim’s system. It demands payment to fix the non-existent problems. Although it often does not encrypt files or lock the system, it can still cause significant disruption.
• Doxware (or Double Extortion Ransomware): This type threatens to publish sensitive data or personal information unless a ransom is paid. It leverages the threat of public exposure to coerce the victim into paying.
• RaaS (Ransomware as a Service): RaaS is a model where cybercriminals purchase ransomware kits from developers who provide the infrastructure and tools needed to launch ransomware attacks. The proceeds from successful attacks are typically shared between the developers and the attackers.
• Mobile Ransomware: Targeting mobile devices, this type of ransomware can lock the device or encrypt files stored on it. Mobile ransomware often spreads through malicious apps or websites.
• Fileless Ransomware: This type of ransomware operates without leaving traditional file traces, making it harder to detect and remove. It often exploits legitimate system tools and processes to operate. This is a technique called Living Off The Land.

Can A Ransomware Virus be Removed?

Yes, ransomware viruses can sometimes be removed.

It’s not always easy, and the level of success depends on the type of ransomware and how it affected your system.

Here are some steps you can take:

• Disconnect from the Internet: Immediately disconnect your device from the internet. This will prevent the ransomware from spreading to other devices. This also stops the virus from further communicating with the attackers.
• Use Antivirus Software: Run a full system scan with up-to-date antivirus or anti-malware scanner. Some security programs can detect and remove ransomware.
• Restore from Backup: If you have a recent backup of your data, you can restore your files from there after removing the ransomware. Make sure the backup files are not connected to your network during the ransomware infection.
• Seek Professional Help: If you’re unable to remove the ransomware yourself, try getting help from a professional. They often have more experience and the proper tools to deal with such infections.
• Decryption Tools: In some cases, there are publicly available decryption tools for certain types of ransomware. Always check the reliability of the tool beforehand.

How to Prevent Ransomware Attacks

Here are some strategies to help prevent attacks:

• Regular Backups: Regularly back up your important data. Store backups offline or in a secure cloud service. Ensure that backups are not connected to your main network. This will help avoid the ransomware spreading.
• Use Strong Passwords: Use a password manager to create strong, unique passwords for all accounts.
• Multi-Factor Authentication (MFA): Enable MFA wherever possible. This adds an extra layer of security, making it harder for attackers to gain access even if they have your password.
• Update Software and Systems: Keep your operating system, software, and applications up to date with the latest security patches. This helps prevent the ransomware from exploiting known vulnerabilities.
• Use Network Segmentation: Divide your network into segments. This helps contain the spread of ransomware and limits the threat actors lateral movement.
• Install Security Software: Use a reputable antivirus and anti-malware scanner to detect and block ransomware. Ensure that these programs are always updated to recognize the latest threats.
• Be Cautious with Emails: Avoid opening email attachments or clicking on links from unknown or suspicious sources. Malicious attachments are a common way for ransomware to spread.
• Disable Macros in Office Files: Disable macros in Microsoft Office files received via email. These can be used to execute ransomware.
• Educate Employees: Train employees on cybersecurity best practices. This includes recognizing phishing emails and understanding the risks of ransomware.
• Limit User Permissions: Restrict user permissions to only what is necessary for their role. This limits the damage that ransomware can cause if an account is compromised.
• Monitor The Network: Use firewalls to block unauthorized access. IDS and EDR solutions should monitor and alert you to suspicious activity on your network.
• Implement Email Filtering: Use email filtering services to block malicious emails before they reach your inbox.
• Secure Remote Desktop Protocol (RDP): If you use RDP, ensure it’s properly secured. This includes using strong passwords, requiring MFA, and limiting access to trusted IP addresses.
• Regular Security Audits: Conduct regular security audits and vulnerability scans. This will help identify and fix potential issues in your network.
• Dark Web Monitoring: Implement dark web monitoring tools to continuously scan the dark web for any mention of your company’s data, credentials, or other sensitive information. Early detection enables your to mitigate issues before they escalate.