The Growing Threat of Ransomware: Protecting Your Organization from Attacks

Did you know that Global incidents of ransomware have been on the upward trend?. According to a report released by the Asean Anti-Cybercrime Task Force, the number of ransomware reported globally increased to more than 136 million cases in 2022 alone, an increase of about 2.3 times over previous years. Ransomware has become a lucrative crook throughout the years and is enabled by an approach known as the Revenue model, or ransomware as a service (RaaS), that allows any novice crook to procure ransomware without requiring any coding skills or familiarity with how malware works.

A popular example is the LockBit ransomware-as-a-service (RaaS), a publicly accessible ransomware that claims to serve over 1,000 users per month and, in 2021 alone, made over $62 million in illicit profits, likely exclusively from ransom payments. To stay competitive, many ransomware groups have transitioned to an as-a-service model, and RaaS allows low-risk, debt-free gangs – who previously could only reach financially constrained clients – to organize large scale controlled crime without risking capital or developing complex networks. Major groups in this field are: Evil Corp, REvil gangs (Ransomware Evil), CONTEG and DarkSide. According to experts, it is possible to eliminate most forms of ransomware in the near future. The reason is hackers lack any business model, which renders their concept obsolete and irrelevant.

Proactive measures have to be taken by organizations to prevent againstRansomware. The first step that should be taken is updating software regularly. Outdated systems are replete with exploitable vulnerabilities that have been recognized and ignored for quite a long time. Picture it as coming home and forgetting to lock the front door: once a hacker gets inside, they can just go out the back door if they want to.

Keeping your software up to date ensures that these doors are shut and that there are no doors left unattended for attackers to exploit the vulnerabilities.

Another major protection is the data backup and that should be done of the organization’s critical data regularly and securely in a physical offline location. In case the adversary attacks and the information is encrypted, then the backup works to restore this information without the need for the ransom. This is similar to having a spare key to a house, in this case, the key is not needed to unlock the door. There are other ways of entering the house without the cost of a ransom to the burglars.

Training your staff is also important. The primary mode of attacking ransomware is through spam emails which are very common. For instance, a hacker can send a fake message that seems to have come from your bank requesting you to click a link provided for “verification” purposes. Such a click would mean introducing ransomware onto the network. It is possible to minimize the risk of a successful cyber attack by training employees to identify potential phishing emails and report them.

Ransomware is a persistent danger which still adapts and progresses. However, as cybercriminals get more advanced, organizations will need to become more alert and fortify their defenses. Organizations can substantially stay safe from the ransomware assault by updating their software, regularly backing up their data, and educating their employees.