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Ransomware is malware that uses encryption to hold victims’ information for ransom. Valuable data from victims are encrypted so they can’t access files, databases, or applications. Then threat actors demand a ransom in return for access to the data. Ransomware is developed to spread through the network targeting databases and file servers, resulting in a massive disruption throughout an entire organization. Ransomware has become a growing threat as cybercriminals are raking in billions of dollars in payments and causing significant damage to businesses and government organizations.
Ransomware utilizes asymmetric encryption called cryptography, which uses encryption and decryption keys on victims’ files. These public-private keys are developed uniquely by the attackers for each victim with the private use to decrypt files stored on the attacker’s server. Once the files are encrypted, the group demands the victim to pay the ransom within 24 to 48 hours or risk losing the data forever. Sometimes victims are faced with paying the ransom to recover their data if a backup is unavailable or the backups themselves are encrypted. If the ransom is paid, the attackers provide the victims with the private key, without which file decryption is impossible.
There are numerous variations of ransomware in the world with some distributed through email spam campaigns or targeted attacks. For ransomware to be implemented, malware needs an attack vector to establish its presence on an endpoint.
Once its presence is established, malware will stay on the system until it completes its tasks. After the exploitation is successful, ransomware drops and implements a malicious binary on the infected system. The binary searches and encrypts valuable files including documents, images, and databases. Additionally, ransomware may exploit network and system vulnerabilities, spreading to other systems and even the entire organization.
There are several reasons why ransomware attacks and their variants are continuing to evolve to counter preventive technologies.
Ransomware marketplaces are appearing online offering new cybercrooks malware strains and generating extra profit for authors looking for a cut of the ransom payments.
Following the money trail and tracking down cybercriminal groups can be difficult because most of them use anonymous cryptocurrencies like Bitcoin and develop schemes for quick profit. With open-source code and drag-and-drop platforms available for development, the creation of new ransomware variants has accelerated. This has helped amateur scripters develop their own ransomware. Ransomware is usually polymorphic by design, allowing cybercriminals to bypass traditional signature-based security built on file hash.
Ransomware-as-a-service (RaaS) is an economic model malware developers utilize to earn money for their creations without having to distribute their threats. Non-technical criminals would buy their products to deploy the infections and pay the developers a percentage of the ransom payment. Customers do much of the work while developers run minimal risks. Some RaaS use subscriptions and others require registration to access the ransomware.
Follow these tips to avoid ransomware and mitigate damage in case of an attack.
Having basic knowledge about ransomware and how they are implemented will help companies stay current with the latest threat landscape and improve their network’s security posture. At SpearTip, our certified engineers continuously monitor your networks 24/7 at our Security Operations Centers for potential threats. Being proactive is the most effective way to protect your company’s data. SpearTip’s ShadowSpear, our endpoint detection and response platform, is a great proactive tool to prevent ransomware from encrypting your data. To learn more about how SpearTip defends you from malware, reach out at info@speartip.com.
If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.
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Steps individuals or organizations can take to protect themselves from ransomware attacks may include regularly updating and patching software and operating systems, using strong and unique passwords, implementing multi-factor authentication, regularly backing up important data, and educating employees or users about phishing scams and suspicious links or attachments. Employing robust security measures such as firewalls, antivirus software, and intrusion detection systems can also help mitigate the risk of ransomware attacks.
Certain sectors such as healthcare, finance, and government organizations have historically been targeted more frequently by ransomware attacks due to the sensitive nature of their data and the potential impact on public safety or financial stability. It's also important to note that ransomware attacks can affect any industry or organization that relies on digital infrastructure.
Law enforcement agencies and cybersecurity firms collaborate to investigate and track ransomware attacks, often involving international cooperation. Various techniques, such as analyzing attack infrastructure, tracking financial transactions, or leveraging digital forensics, may be employed to identify and apprehend ransomware operators. Additionally, organizations affected by ransomware attacks may report incidents to law enforcement agencies, which can initiate criminal investigations and work towards prosecuting the responsible individuals or groups.
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