Ransomware, a form of malicious software that encrypts files and systems until a ransom is paid, has rapidly become one of the most severe cybersecurity threats facing organisations and consumers worldwide. This digital extortion racket is enabling cybercriminal enterprises to reap billions in cryptocurrency profits while bringing businesses and infrastructure to their knees. Understanding ransomware and implementing best practices are crucial to mitigate the risks in this growing pandemic.
Ransomware first appeared in the late 1980s, but it wasn’t until the mid-2000s that more sophisticated variants started proliferating globally.
Crypto-ransomware, which uses robust encryption algorithms to lock files, exploded in popularity after Cryptolocker in 2013 netted hackers millions in ransom payments.
Other prolific strains like WannaCry and NotPetya caused worldwide disruption by infecting hundreds of thousands of systems across 150 countries.
The impact of ransomware recently hit the headlines when a major attack on US fuel transport company Colonial Pipeline led to fuel shortages on the East Coast in 2021.
How Ransomware Attacks Work?
The most common ransomware infection tactics include phishing emails containing malicious attachments or links to infect the target’s system.
Attackers may also exploit security vulnerabilities in public-facing systems and software to gain a foothold on the network.
Once inside, the ransomware will attempt to infiltrate deeper into the network, covertly install on multiple computers, and escalate administrator privileges.
At the appointed time, the ransomware encrypts critical files, folders, network shares, databases, and backups to lock out the owners.
The hackers will then make their ransom demands, often requesting cryptocurrencies like Bitcoin that are difficult to track, and threatening to delete decryption keys or publicly leak sensitive data if payment isn’t received promptly.
With many organisations dependent on their data for business continuity, they will often have no choice but to pay.
Mitigating Ransomware at Organizations
Because today’s ransomware has become extremely sophisticated, regular antivirus and firewalls may not be enough for defence in depth.
Organisations need to follow best practices to mitigate risks, including:
- Conducting extensive staff cybersecurity awareness training
- Maintaining patched and updated systems and software
- Using strong spam filters and blocking suspicious attachments/links in emails
- Deploying anti-malware, network monitoring, and anti-ransomware tools
- Regularly backing up critical data to air-gapped offline storage
- Controlling access carefully via least privilege permissions
Best Practices for Consumers
While ransomware attackers often target lucrative organisations, home users are also at risk. Some key prevention tips include:
- Maintaining an updated operating system, software/apps, antivirus and firewalls
- Using strong unique passwords and enabling two-factor authentication
- Avoiding clicking on suspicious links or attachments in emails
- Only downloading apps from official app stores like Google Play
- Backing up computers to an external hard drive regularly
- Being wary of extortion scams impersonating law enforcement
Responding to a Ransomware Attack
If ransomware evades defences, it’s critical to respond swiftly to minimise damage. Initial actions should include:
- Immediately isolating infected systems from the network
- Identifying the strain and scope of the ransomware infection
- Restoring data from clean offline backups if available
- Consulting incident response experts on potential decryption options
- Reporting the attack to authorities to assist investigations
- Evaluating the risks and costs involved in paying the ransom
- Paying the ransom should be carefully considered based on the strains decryption reputation, importance of encrypted data, and potential recovery options.
But refusing payment when you have no other options essentially hands control to the attackers.
The Future of Ransomware
Ransomware tactics continue to evolve, with new trends like triple extortion, targeting industrial control systems, and increased automation making attacks more devastating.
But greater collaboration between private, public and law enforcement cybersecurity resources can help strengthen future defences.
International agreements to disrupt hacker safe havens, improved security measures reducing the attack surface, and a unified global front may help curtail the ransomware pandemic.
But until then, organisations and users need to remain vigilant with best practices as the threat landscape advances.
Conclusion…
As ransomware attacks continue to threaten businesses, infrastructure, and consumers globally, implementing cybersecurity best practices and layered security defences has become crucial.
Understanding the ransomware business model, infection tactics, and remediation steps can help equip organisations and users with the knowledge needed to combat this cyber pandemic.
While future technological and law enforcement innovations may help mitigate risks, ransomware is likely here to stay as a dangerous digital extortion racket. But with proper precautions and planning, its impacts can be minimised.
