Ransomware
Ransomware is dead!
What is ransomware?
The term “ransomware” is outdated, and in many ways, “ransomware is dead.” The cyber threat landscape has evolved far beyond simple ransomware attacks.
Despite this evolution, we continue to use the term “ransomware” due to its widespread recognition and familiarity within the cybersecurity community and the broader public.
As the nature of these threats continues to evolve, it is crucial for organizations to stay informed and adapt their security strategies accordingly. By acknowledging that “ransomware is dead” in its traditional form, we can better prepare for the complex and ever-changing landscape of cyber threats.
Ransomware “Then”
Traditionally, ransomware refers to a type of malicious software designed to block access to a computer system or data, typically by encrypting it. The goal of these attacks is to extort a ransom from the victim in exchange for the decryption key, allowing them to regain access to their compromised systems or data.
This form of digital extortion has been a significant threat for many years, affecting individuals, small businesses, and large corporations alike.
Ransomware “Now”
However, the tactics and strategies employed by cybercriminals have become increasingly sophisticated. Today’s threats often involve multi-stage attacks that combine ransomware with other malicious activities, such as data exfiltration, credential theft, and the deployment of additional malware.
These advanced threats require a more comprehensive approach to cybersecurity, one that emphasizes not only prevention but also detection, response, and recovery.
What is the impact of ransomware?
The impact of cyber attacks has evolved into a multi-faceted threat that goes far beyond financial damage.Â
With the notion that “ransomware is dead,” it’s crucial to recognize the broader implications of these advanced cyber threats.
→ Financially, these attacks can lead to significant losses, not just from ransom payments, but also from the downtime caused by the loss of access to critical data. The operational disruption can halt business processes, affecting sales, delivery, and production, leading to substantial revenue loss.
→ Operationally, the evolved nature of cyber attacks, moving beyond traditional ransomware, can bring entire business processes to a standstill. This disruption affects critical functions such as sales, delivery, and production, leading to significant operational inefficiencies and potential revenue loss.
→ Reputationally, a breach can destroy trust with customers, partners, and other stakeholders. The long-term loss of business due to damaged relationships can be catastrophic, as trust is difficult to rebuild once compromised.
→ From a human perspective, the stress and pressure on employees during and after an attack can significantly impact mental health and job performance. The well-being of the workforce is a critical factor that organizations must consider in their response and recovery strategies.
→ Politically, such attacks can strain international relations and provoke governmental responses, influencing policy and legislation. The geopolitical implications of these threats underscore the need for a coordinated global effort to enhance cybersecurity measures.
How does an advanced attack work?
While the traditional concept of ransomware may seem straightforward, the reality is that “ransomware is dead,” and cyber threats have evolved into more complex and multi-faceted attacks. Here’s how these advanced threats typically work:
1. Infiltration: Cybercriminals gain access to a target computer or network, often through sophisticated methods such as phishing emails, malicious websites, or exploiting other security vulnerabilities. This initial breach is just the beginning of a more elaborate attack.
2. Compromise: Once inside, attackers may deploy various malicious tools, not just encryption. This can include data exfiltration, credential theft, and the deployment of additional malware to maximize damage and leverage.
3. Extortion: Victims are presented with demands, often for cryptocurrency payments, in exchange for regaining access to their data or preventing its public release. However, paying the ransom does not guarantee data recovery or prevent further exploitation.
4. Response and mitigation: Organizations must decide how to respond, whether to negotiate with attackers or refuse and face potential data loss. Regardless of the decision, recovery involves restoring data from backups (if available), removing malicious software, and strengthening security measures to prevent future incidents.
5. Resilience: Beyond immediate recovery, organizations must focus on building resilience. This includes enhancing detection and response capabilities, implementing robust backup solutions, and continuously updating security protocols to adapt to the evolving threat landscape.
How to improve your cyber resiliency
First of all let’s start with a promising fact: you can prevent attacks! There are some easy straightforward tactics every organization should implement to avoid modern attacks. When done correctly and implemented as they should, these tactics can prevent 80% of the modern attacks:
A person who is aware of the risks and can recognize them is the best defense out there, so make sure your personnel is trained in the latest cyberattack techniques.
Develop and implement a detailed incident response plan that includes steps for isolating infected systems, notifying relevant stakeholders, and restoring data from backups. Regularly test and update this plan to ensure effectiveness during an actual attack, you can compare it to an evacuation exercise for a possible fire.
Make sure to keep regular backups of your most important and critical data in a secure location. Preferably one that isn’t connected to your main network. This protects you in case of an attack, allowing you to restore your files without paying the ransom.
Always keep your software and operating systems updated. Regular updates patch security vulnerabilities that could be exploited by ransomware. Software providers are doing everything they can to keep their software secure, that’s a win for them but also for you!
But what if they ask ransom?
When fallen victim to modern attacks, the chances the attackers ask for money (cryptocurrency) is substantial.
Do not pay in any case!
You are not sure that the attacker will release your data after payment. And even if they release your data, you are not sure that they will not encrypt your data again with another key. Another reason to not pay: you also prevent the cybercriminals from obtaining funds to further develop their activities.
So what should you do?
ACT fast! The longer you wait, the larger the damage can be! First of all contact ACEN for expert support, next isolate, immediately disconnect affected systems from the network to prevent the spread of the ransomware.
At ACEN we check to make sure that specific type of ransomware is not cracked and that decryption keys are available to the public. If not, our expert will guide you through the process to get your data back and with the least financial and reputational damage.
ACEN, your co-pilot against ransomware attacks
Get in touch with William Rosenhek, our cybersecurity advisor and discover how we go beyond the basics to guard your business from ransomware. Let ACEN be your co-pilot and work together to protect your operations and your reputation.
