In order to unlock the user’s data, ransomware encrypts them & then demands money from the victim. Cybercriminals are increasingly employing ransomware to extort money from people and companies, making it one of the most rapidly expanding cybersecurity threats.
Devastating disruptions to business operations, monetary losses, & reputational harm can result from a ransomware assault. Companies have paid ransoms of hundreds of thousands of dollars in order to decrypt their data.
Table of Contents
Introduction
There is a growing consensus among cybersecurity professionals that ransomware is among the most serious and pervasive dangers currently facing the industry. Files on a victim’s computer can be encrypted in a ransomware attack, making them unavailable until a ransom is paid.
Individuals & businesses alike are vulnerable to considerable financial loss, data theft, as well as reputation damage as a result of the rising frequency & sophistication of such attacks.
Due to the prevalence of internet-connected devices today, ransomware poses a serious risk. Several social engineering techniques are used by cybercriminals to deceive consumers into downloading and installing malware without their knowledge.
Further motivating attackers to initiate ransomware assaults is the advent of cryptocurrency, which allows payments to be paid to them anonymously.
It is crucial for individuals and businesses to take preventative actions against ransomware as it continues to develop and spread.
This involves doing things like backing up important data on a regular basis and investing in cutting-edge threat detection & response capabilities, including imposing stricter cybersecurity standards.
We can protect ourselves & our digital assets from ransomware by maintaining a high level of vigilance and proactivity.
What Is Ransomware?
Ransomware is a form of malware that encrypts users’ files or locks them out of the devices in order to demand payment from the infected user. It often spreads by phishing emails, malicious websites, or by exploiting software and network flaws.
When ransomware attacks a system or network, it often displays a message demanding payment in return for the encryption key to free the encrypted contents.
For both people and businesses, the effects of ransomware can be devastating. Data loss, monetary losses, & reputational harm are all possible outcomes. Companies have paid ransoms of huge amounts of money in order to decrypt their data.
The victim’s files can be encrypted via encrypting ransomware, while locker ransomware can lock the victim out of the device totally. Some ransomware variants might even steal data or threaten to leak private information until the victim pays a ransom.
Individuals and businesses alike should employ many lines of cyber defense in order to thwart ransomware attacks.
Important data should be backed up frequently, strong passwords & authentication methods should be put in place, and personnel should be taught to recognize and prevent phishing scams.
Organizations also need to have enhanced threat detection and mitigation capabilities to rapidly identify & stop ransomware attacks before they could even do substantial damage.
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The Rise in Network Security Breaches
Hackers are still finding ways to get through firewalls despite attempts to teach staff not to click on external sites & investments in cyber security. The number of ransomware attacks increased by 168% in North America & 62% globally, according to a report by PBS Newshour.
Over 2,500 ransomware complaints were filed by the FBI in 2020, a 20% increase from the previous year. Over $29.1 million was lost due to ransomware attacks, which is a significant increase from the $8.9 million lost the year before.
Attacks Using Ransomware Recently
More damage can be done by a ransomware attack. After 800 businesses all over the world had their data compromised by ransomware this summer, the U.S. IT firm Kaseya paid the hackers $300,000 in bitcoin.
In exchange for restoring access to the stolen information, the hackers demanded a Bitcoin payment of $70 million.
A ransomware attack upon Colonial Pipeline Co. in April 2016 disrupted essential U.S. infrastructure, whereas the Kaseya attack did not.
There were oil shortages all along the East Coast because members of the Russian-linked hacking gang DarkSide used a simple, intercepted password to break Colonial Pipeline’s infrastructure security & closed down the nation’s largest gasoline pipeline.
According to Bloomberg News, Colonial paid the hackers the 4.4 million dollar ransom demanded by them.
Furthermore, the hackers threatened to expose nearly 100 GB of data that they took. The White House has formed a task force to address rising domestic & international cyber threats in response to the increasing frequency and severity of ransomware attacks.
According to NPR, if intelligence leads to the identification of state-sanctioned cyber activities against critical infrastructure, the Biden Administration will pay $10 million.
To further assist enterprises and state and municipal governments, the federal govt will also develop stop ransomware.gov.
Penta Security compiled a list of other notable ransomware attacks in 2020:
Suspension of Delivery Services: Toll Group
Toll Group, a logistics provider in Australia, was targeted by the NetWalker ransomware in 2020, effectively crippling a large portion of its transportation and distribution. Customers had trouble communicating, delivering, and tracking packages for several days.
Once the ransomware spread to 1,000 systems in 50 countries, the whole company’s international workforce had to cut off their Internet connections. The Toll Group’s online portal was again attacked by ransomware in May, rendering it inaccessible to users.
The hackers also made threats to leak private information. While Toll Group openly opposed paying the attackers, the company nonetheless spent months fielding customer complaints, making payments, and satisfying regulatory requirements.
Grubman, Shire, Meiselas, & Sacks: Celebrity Data Was Stolen and Auctioned Off
Grubman Shire Meiselas & Sacks, a New York City legal firm specializing in the entertainment and media industries, was the target of the REvil ransomware attack.
The personal information of numerous famous people, including Lady Gaga, Madonna, Elton John, Bruce Springsteen, Mariah Carey, Barbra Streisand, and many others, was stolen and encrypted by hackers.
The criminals first demanded $21 million in ransom, however, the law company refused to give in. The next step was for the attackers to auction out data about Madonna for a minimum of $1 million.
Academic Research at the University of California, San Francisco Is Compromised
Several databases at the University of California, San Francisco were hit by the NetWalker malware.
Classified Material May Have Been Compromised at Westech International
Westech International, a U.S. defense subcontractor, was hit by a ransomware attack that encrypted company data. The LGM-30 Minuteman III is a three-stage ICBM designed to deliver nuclear weapons, and Westech maintains and repairs them.
A chunk of the stolen information was published online after being exfiltrated & encrypted by hackers. There is a chance that further military secrets have been exposed.
Intense Worldwide Service Interruptions Due to Garmin
As a result of a cyberattack in July 2020, Garmin, a global leader in GPS navigation & wearable technologies, was forced to temporarily suspend all operations around the world. Garmin had to turn off all systems to stop the spread of the infection.
It was impossible to contact Garmin via phone, email, or live chat. No communication with Garmin was possible. Later on, the Garmin app that pilots had utilized for flight planning and scheduling was also taken down.
Security Breach Causes Fatality at Dusseldorf University Hospital
Due to a ransomware attack, the University Hospital of Dusseldorf had to shut down its emergency room, and a German woman was murdered while being transported there.
The decryption key was released by the ransomware’s creators without any demand for payment, making this the first known human fatality caused by ransomware.
Disclosure of Private Information from LG Electronics & Xerox
Stolen information from LG Electronics & Xerox was published on the data dump site for the Maze ransomware. The second stage of the double extortion attempt occurred when neither company paid the ransom.
LG Electronics product source code was included in its published data. Employee and customer data were among the Xerox files that were compromised.
All Argentine Border Crossings Are Closed
There was a ransomware attack on Argentina’s Directorate of National Migration, which led to the shutdown of internal IT systems as well as the forced suspension of Argentina’s crossing points for four hours.
After a week of nonpayment, the thieves increased the price from $2 million to $4 million for such decryption as well as the deletion of the stolen data.
Improving Corporate Safety
Better protection of data and IT assets from threats like ransomware is a top priority for governments and businesses throughout the world. Data encryption & backups are two security measures suggested by Penta Security.
When data is backed up, it is copied to a different network so that it can still be accessed even if the original database is encrypted. Nevertheless, not every business can afford to take the time to make multiple copies of its most crucial data.
If data is encrypted, it cannot be read by an outsider and hence cannot be used as a bargaining chip in an extortion attempt.
Importance of ransomware
The focus and awareness of this form of cyber threat are crucial for individuals & organizations to comprehend and tackle; ransomware itself is not important.
In addition to demanding payment for the release of encrypted data, ransomware attacks may wreak havoc on businesses by preventing them from functioning normally and costing victims money and even ruining their reputations.
These kinds of assaults have become more common in recent years, while cybercriminals are using them to extort money from victims both large and small. Ransomware’s value rests in the fact that it drives people and businesses to take cybersecurity more seriously.
It emphasizes the importance of stringent security measures such as frequent data backups, robust passwords & authentication methods, and continuous employee training to spot & avoids phishing frauds.
Role of an ethical hacker
An ethical hacker, often known as a white hat hacker, is someone whose job it is to evaluate and improve the security of systems, networks, & applications using their understanding of computer systems & security flaws.
In order to avoid cyber assaults & data breaches, businesses often employ ethical hackers to identify and fix security flaws.
To find security holes, ethical hackers employ strategies like vulnerability assessments, penetration testing, & social engineering. With the knowledge and approval of the business being tested, they employ the same tools & techniques as malevolent hackers.
Once a security hole has been found, ethical hackers collaborate with the company to find a permanent fix. Moreover, they may instruct workers on how to maintain their own internet security.
In light of the ever-increasing sophistication of cyber threats, the job of ethical hackers has never been more important.
Ethical hackers aid in the prevention of data breaches, the protection of sensitive information, and the protection against cyber attacks by discovering weaknesses and working with enterprises to strengthen security.
Conclusion
While “ethical hacker” may sound like an oxymoron, there is a high need for skilled computer users who can assist businesses identify security holes, fortifying networks, and preventing ransomware assaults.
When ransomware spreads to a machine, it encrypts the user’s data so that it can no longer be accessed by the user without paying a ransom.
After that, the criminal will lock you out unless you pay a ransom. Attackers will often exfiltrate a copy of the material in advance and then threaten to reveal the info to the public if they’re not paid.
