At this point, ransomware is a common word in and out of the cybersecurity sphere–the majority of individuals and businesses have heard of the term through breaking news and even potential threats, but many aren’t aware of the full danger that ransomware brings to businesses of all sizes. One of the biggest risks that businesses face when it comes to ransomware is simply being unprepared, or even underprepared. Why? Because this leaves their business open to threats with little to no plan of action – it can be argued that being underprepared even provides a false sense of confidence that inhibits organizations from efficient responses.
What is Ransomware?
Diving into the actuality of what ransomware is, let’s look in general terms. Ransomware itself is a type of malicious software that is designed to extort money from victims in a variety of different ways. Depending on how threat actors mobilize ransomware software, and what type of malware is used, it can infect a device or network, encrypt data, and display a message demanding a ransom payment, to name a few.
How does ransomware come into contact with your devices? Organizations and individuals can see ransomware impact devices through a plethora of different means, however many of them are tied to user actions, including phishing, quishing, software vulnerabilities, and malicious attachments. While these are not the only means of attack, they are key ways that threat actors can ensure your devices are infected.
One key element to remember is that not all ransomware is the same. Different methods will result in varying risk levels, challenges, and remedies.
What are some different types of ransomware?
- Lockers: These work to lock a user out of their device and then demand a ransom to regain access.
- Crypto-Ransomware: One of the most prevalent types of ransomware, this uses encryption to make files unreadable. In order to access these files, the cybercriminal demands a ransom from the victim in exchange for decryption keys to “unlock” files.
- Leakware: In these cases, threat actors steal data with the intention of releasing it publicly unless the victim pays a ransom.
- DDoS Extortion: While this does not typically encrypt data, it does threaten victims with a Distributed Denial-of-Service (DDoS) attack, ultimately causing downtime and loss by overwhelming a website with traffic.
While different, all of these elements have at least one thing in common: A demand for a ransom in order to ‘remedy’ the issue. Understanding the types of risk is important, but being aware of the dangers and being prepared to deal with them is crucial.
What are the dangers of Ransomware?
While the main danger is obvious – financial loss due to the requested ransom, often the actual breach has the potential to cause immeasurable damage.
- Financial loss isn’t just related to the ransom itself. If a company loses access to data, their website, etc., that can directly impact the every-day nature of the business. This means that in addition to the financial burden of the ransom, companies are losing money through inability to conduct business, the financial cost of rebuilding after the attack, and lost time.
- Company data is often key in the success of an organization. From sensitive data about running the business to customer/client data and data from connected parties (think third-party organizations or partners), loss of this data is a major downfall. Not
- Outside of losing data, businesses are also at risk of damage to their reputations and disruption to service can have long-term implications when it comes to the success of an organization. Ransomware incidents and loss of data can reduce client and customer trust, along with that of partners or investors.
This is not an all-inclusive list of potential outcomes from ransomware events, but it does outline some of the larger implications that can quickly create more and more issues for a business. It is also important to remember that not all attacks will have the same outcome, and as technology advances, the effects and methods of ransomware will too.
Can you avoid ransomware targeting?
First and foremost, there is no foolproof way to avoid cyberattacks; no matter how strong your efforts, cybercriminals are always learning new ways to circumvent cybersecurity measures. This being the case, you and your organization can not only put measures in place to make it incredibly difficult to cause harm, but also to ensure a quick response in the case of a breach.
When it comes to ransomware, preparation is key. See the below list for key areas that can help you avoid ransomware attempts.
- Conduct regular employee training about cybersecurity, including phishing, safe downloads, public Wi-Fi, and more.
- Work with cybersecurity professionals to complete risk assessments at regular intervals that make sense for your risk level. This could be once every few years, once a year, or more depending on the nature of the organization.
- Backup your data regularly and keep all systems up to date and consider an offsite immutable storage option for key workloads.
- Minimize user privileges by ensuring employees only have access to the data they need. This can help narrow the impact of ransomware.
- Create an environment where the communication and security expectations are clear – whether email, text, video, or phone calls, everyone on the team should understand and be aware of these guidelines, as well as how to verify communication.
- Utilize security software and cybersecurity professionals to monitor and execute best practices.
This is all great, but what do you do if you are targeted?
Before threat actors can even access your systems, you should have a strong Incident Response Plan that defines how the organization will respond to a breach (Read more: Three Steps You Can’t Miss in Your IRP). This plan will not only provide a set of actionable steps that can be taken once a breach is identified, but it will also define long and short term courses of action. All tasks should be assigned to a specified team member, and everyone should be aware of their role in the IRP.
Once you notice that you have been targeted or infiltrated, immediately activate the IRP and ensure all relevant steps are taken. This could include:
- Reaching out to the cybersecurity team
- Removing access (if applicable) from the compromised account
- Ensuring backups are secured
- Monitoring progress
- Isolating the affected accounts or data
- Taking any next steps detailed in cybersecurity laws and regulations
While the ultimate goal of taking cybersecurity seriously is to prevent cyber criminals from causing you and your company harm, there is always risk. In the case of ransomware, especially when we look at the immense amount of human error that can accidentally trigger an attack. Three key items to take away about ransomware, regardless of the size of your business are: Be prepared with an up-to-date IRP; Education is key when it comes to avoiding common attempts, such as phishing; and Ransomware can happen to anyone at any time. If you have not done so already, reach out to a team of cybersecurity professionals to determine your cyber risk and develop a plan of action to protect your company and mitigate risk.
Continued Reading: The Pros and Cons of Paying During a Ransomware Attack