SpartanTec, Inc. Columbia: Why Business Should Beware Of Ransomware

Ransomware is rampant and targeting organizations and industries. This is also posing significant cybersecurity risks. Ransomware is a cyber-attack that encrypts key files by hackers to make it impossible for victims to access their data. Ransomware is used criminals by cybercriminals to demand money and promises data restoration when ransom is paid.

Ransomware is used by hackers to exploit and obtain financial benefits. Ransomware is a well-known cybersecurity threat that has been around for more than two decades. While basic ransomware malware has been used since the 1980s, it has recently become more popular and dangerous. Ransomware has become a cyber weapon of choice for criminals due to the interconnectedness of digital commerce and growing attack surfaces.

Cybercriminals are like bank robbers. They go wherever the money is. It is easier to get extortion benefits. Hackers now have the ability to demand cryptocurrency payments and pre-paid cards that are anonymously transacted. These digital payments can be difficult to track down by law enforcement

It’s not only about the financial gain. While hackers may use ransomware for extortion, it can also serve to harass or demonstrate vulnerabilities to critical infrastructure. State actors and criminal gangs may use ransomware to gain geo-political influence. Hackers are often supported by criminal organizations and nation states. Ransomware has been used to attack critical infrastructures, raising the security of the world.

Ransomware attacks: The Costs and Targets

Ransomware attacks are increasing in number and reputation, making the current cyber-affairs especially worrying. There are three statistics that highlight ransomware trends.

1)Trend Micro recently reported that 84% US companies have experienced ransomware or phishing security incidents within the past 12 months. 84% of US Organizations Have Experienced Ransomware and Phishing Type Threats within the Last 12 Months (yahoo.com).

2) According to Palo Alto Networks’ Unit 42 security consultancy group, the average ransomware payments climbed 82% to $570,000 in 2021, up from $312,000 in 2020. As aggressive tactics pay off, ransomware criminals’ demands rise – Fox Business

3)Cybersecurity Ventures predicts that Ransomware costs will reach $265 billion by 2031. Cybersecurity Ventures predicts there will be a new ransomware attack every 2 seconds, as ransomware criminals improve their malware payloads. Global Ransomware Damage Costs Predicted To Exceed $265 Billion By 2031 (cybersecurityventures.com)

Ransomware attacks can often cripple companies’ networks and systems, causing panic and confusion. Companies and organizations that rely on logistics planning and supply-chain coordination are especially at risk. Ransomware malware can quickly spread to any company’s computers or organizations’ networks.

Hackers are not only able to use the most advanced malware, but they also have other options. Hackers can do it easily. Hackers tend to choose the most vulnerable target, given the ease of online attacks. Hackers have an extensive library of malware to choose, with over 120 ransomware families.

Ransomware Attacks: A Summary

CryptoLocker ransomware was used by hackers to encrypt files. In 2017, WannaCry was launched, a ransomware attack that was used four years later. Many, especially in the media, saw the WannaCry global attack in 2017 as a wake up call about the destructive implications of ransomware. WannaCry ransomware spread quickly and was self-replicating.

It reached over 100 countries. Many industries, government agencies, and organizations were affected in different countries. Ransomware caused disruption to hospitals, schools, and organizational networks. These industries are low-hanging fruit for hackers. Although the attacks were not as deadly as initially thought, they did highlight the vulnerabilities of interconnected devices and networks.

The Colonial Pipeline, a 5,500-mile natural gasoline pipeline that runs through the United States, was shut down by the Darkside ransomware gang earlier this year. Gas stations along the Eastern coast of the United States were left without gas, and many service and product supply lines were also disrupted.

Ransomware attacks have been targeting hospitals and healthcare over the past few years. The University of Vermont Health Network was infected with ransomware in October 2020. Their systems were unable to access electronic health records for almost a month due to the ransomware attack.

It was discovered that malware was on every computer at UVM Medical Center. The health dangers of ransomware attacks in hospitals was revealed by the pandemic – The Verge

Poor cybersecurity made it easy for hospitals like UVM to be vulnerable. They also used many devices and networks that allowed for an increased attack surface.

Covid 19 ransomware attacks were escalated because hackers took advantage of stressed conditions. Ransomware often demands that vital medical facilities be kept open because they cannot afford to close down.

Hackers’ soft targets are numerous, particularly in the manufacturing, healthcare, and financial industries. We can expect more of these attacks as hackers continue to have access to vulnerabilities in many networks.

Hackers are becoming more aggressive in their illegal activities as hackers continue to get payments from victims. Accenture recently revealed that Ransomware hackers are becoming more sophisticated and bold in their attacks against IT and OT environments.

According to the report, criminal gangs share hacking tools via the Dark Web and cooperate with each other. They are targeting critical infrastructure sectors such as agriculture, finance, energy and manufacturing. According to the study, hackers use more aggressive tactics to increase infection consequences.

Preventive actions to help mitigate attacks

Ransomware attacks can affect anyone. However, there are protections that can help you to mitigate these threats such as hiring IT services. You must have a risk management strategy and be proactive.

It is essential to keep your software up-to-date by patching them and updating them regularly. Many companies and organizations fail to update patches in a timely manner, which can lead to breaches.

Some basic precautions can also be taken to protect yourself from threats. These include training employees on how to recognize malware and phishing attacks, disabling macro scripts and cloaking data. Also, keep systems and applications up-to-date. Software and identity management policies are useful tools.

In the event of a data breach, you should have an incident response plan. This plan should include the possibility of contacting law enforcement to help with recovering files and investigating the hacker.

Cyber hygiene is an important aspect of fighting ransomware. Hackers prefer phishing and the best advice is to avoid clicking on files you don’t know. Hacker tools can use automated phishes to mimic banks and businesses.

Pay attention to URLs to ensure they are genuine and not spoofs. Be on the lookout for fake job offers, invoices for products you didn’t order, and other messages that your company sends. You should also make it a habit of verifying email senders are real and be cautious when opening attachments.
To see which data your apps are accessing, check your permissions. You can revoke access rights to your apps and delete cookies if you don’t agree to it.
Individuals and companies should use anti-malware and anti-ransomware platforms. You can also protect your devices with technologies such as multi-factor authentication and firewalls.

Machine learning (ML) as well as artificial intelligence (AI), are emerging technologies that can detect anomalies and provide user behavior analytics. These tools can also help to mitigate threats. Companies should consider AI and machine learning (ML) as options to enhance their security.

Everybody online, whether they are consumers or companies, needs to remember the importance of backing up sensitive or important files. Backup procedures are quick and inexpensive and can help to keep company operations running in the event of a breach.

Managed Security Services (MSS), and Managed Service Providers(MSP) can be used for incident response and prevention if you’re a small or medium-sized company.