Ransomware

Different types of malware attacks have been getting stronger and more damaging every day. Some of them even go back to the early times of the internet. While many of them have declined through the years, others have come back even more robust, causing severe and irreversible damage.

Ransomware is a type of malware that relies on demanding a ransom, hence the name. This type of malware is most commonly used for the sole purpose of financial theft. Ransomware attacks were at their highest at the beginning of the internet era. They declined for quite some time just to come back again and cause more trouble.

How Does Ransomware Work?

The attacks follow a series of steps to restrict access to a victim’s data and demand payment for its return. Here’s a breakdown of the process:

1. Infection

• Attackers use various methods to deliver the malware onto a victim’s device. These include:
  • Phishing emails: Emails containing malicious attachments or links that, when clicked, download and install the ransomware.
  • Software vulnerabilities: Exploiting known weaknesses in software or operating systems to gain access and deploy the ransomware.
  • Remote access vulnerabilities: Taking advantage of unsecured remote desktop connections (RDP) to install the ransomware remotely.

2. Encryption

• Once on the device, the ransomware program scans for specific files or entire drives.
• These files are then encrypted using a complex algorithm, essentially scrambling their contents and rendering them unusable.
• This encryption process can be very fast, affecting large amounts of data quickly.

3. Ransom Demand

• After encryption, the ransomware program activates, displaying a ransom note.
• This note typically explains that the victim’s files have been encrypted and demand payment, usually in cryptocurrency like Bitcoin, for the decryption key.
• The note often includes threats of permanent data loss or even public exposure of the stolen information if the ransom is not paid within a specific timeframe.

Different Types Of Ransomware

• Crypto-ransomware: This is the most common type, targeting specific, high-value files like documents, photos, and financial records and rendering them inaccessible through encryption.
• Locker ransomware: This variant doesn’t encrypt individual files but instead locks the entire device or operating system, preventing users from accessing any data or applications.
• Data-leak ransomware: This type not only encrypts a victim’s data but also steals it and threatens to leak or sell it publicly if the ransom is not paid, adding another layer of pressure.

How Ransomware Infects Your Devices

Ransomware doesn’t magically appear on your device; it relies on various methods to gain access and initiate an attack. Here are some common attack vectors used by cybercriminals to spread ransomware:

1. Phishing Emails

• This is a prevalent method. Criminals send emails disguised as legitimate sources like banks, delivery companies, or even friends and colleagues.
• These emails typically contain:
  • Malicious attachments: Documents (e.g., PDFs, Word files) or executable files (.exe) that, when opened, download and install the ransomware.
  • Suspicious links: Clicking on these links directs users to websites that download the ransomware onto their devices.
• Phishing emails often rely on urgency, fear, or curiosity to trick recipients into clicking on attachments or links.

2. Unsecured Remote Desktop Connections (RDP)

• Remote Desktop Protocol (RDP) allows users to remotely access and control a computer.
• If an RDP connection is not properly secured with strong passwords and two-factor authentication, attackers can exploit vulnerabilities and gain unauthorised access to the system.
• Once inside, they can deploy ransomware and lock out legitimate users.

3. Malicious Software Downloads Disguised as Legitimate Programs

• Attackers create websites or utilise online platforms to distribute malware disguised as legitimate software, such as:
  • Free software downloads (e.g., video editing tools, games)
  • Cracked versions of paid software
  • Updates for popular applications
• Downloading and installing these disguised programs can unknowingly install ransomware on your device.

4. Exploiting Vulnerabilities in Software or Operating Systems

• Software and operating systems often have vulnerabilities that criminals can exploit to gain access to devices and deploy ransomware.
• These vulnerabilities can be in:
  • Operating systems (e.g., Windows, MacOS, Linux)
  • Web browsers (e.g., Chrome, Firefox, Safari)
  • Applications and software programs like video conferencing tools or document readers
• Keeping software and operating systems updated with the latest security patches is crucial to address these vulnerabilities and mitigate the risk of ransomware attacks.

What To Do If Attacked

Unfortunately, most legal authorities cannot take legal action against the hacker if you are threatened to pay the ransom. Besides, paying the ransom doesn’t guarantee you get your data back. So, here are 5 things to do if you get attacked:

1. Do not pay the ransom

• Paying the ransom is strongly discouraged. It financially rewards criminals, incentivises further attacks, and doesn’t guarantee the safe return of your data.

2. Isolate the infected device

• Immediately disconnect the infected device from the internet and any network connections (e.g., Wi-Fi, Bluetooth) to prevent the ransomware from spreading to other devices on the network.
• Power off the device unless you actively use it to gather evidence or follow instructions from a trusted cybersecurity professional.

3. Back up your data (if possible)

• If the ransomware hasn’t encrypted all your data, attempt to back up any unencrypted files onto an external storage device that wasn’t connected to the infected device. However, prioritise isolation first to avoid unknowingly spreading the ransomware.

4. Report the attack

• Report the attack to the appropriate authorities, such as law enforcement and relevant cybercrime reporting agencies. This helps track the criminals and gather data to combat future attacks.
• Additionally, notify relevant organisations like your internet service provider (ISP) or any online service providers potentially affected by the compromised data.

5. Seek professional help

• Consider contacting a trusted cybersecurity professional or data recovery company. They can help assess the damage, attempt data recovery, remove the ransomware safely, and recommend further security measures.

Prevention Tips

Attackers threaten to corrupt all of your sensitive data, leak it to the public, or even delete it altogether until you pay them a ransom in exchange. For that very reason, you need to apply strong practices to protect yourself from ransomware or learn how to remove the malware without paying.

Maintain Strong Passwords and Update Software Regularly

• Implement strong, unique passwords for all your accounts and devices, and change them regularly.
• Enable multi-factor authentication (MFA) whenever possible for additional security.
• Keep your operating systems, applications, and firmware updated with the latest security patches to address known vulnerabilities.

Be Cautious with Email Attachments and Links

• Do not open email attachments or click on links from unknown senders.
• Be wary of emails with urgent language or suspicious offers.
• Hover over links before clicking to verify their actual destination.

Back Up Your Data Regularly on a Separate Device

• Regularly back up your critical data to an external storage device not connected to your primary device.
• Consider cloud storage solutions with strong security features for additional backup options.
• Test your backups periodically to ensure they are functional and complete.

Enable Security Features on Your Devices and Network

• Utilise antivirus and anti-malware software on all your devices and keep them active and updated.
• Enable firewalls on your devices and network to filter incoming and outgoing traffic.
• Configure security settings to block suspicious websites and downloads.

Consider Cyber Insurance for Added Protection

• Explore cyber insurance options that can offer financial assistance in case of a cyberattack, including ransomware incidents.
• Carefully review the terms and conditions of any cyber insurance policy before purchasing.

The Devastating Impact of Ransomware Attacks

Ransomware attacks can have a severe and widespread impact, affecting both individuals and businesses in various ways:

1. Data Loss and Disruption of Operations

• The primary impact of ransomware is the encryption of critical data, rendering it inaccessible to the victim. This can include:
  • Personal files: Photos, documents, financial records, and other irreplaceable data for individuals.
  • Business-critical data: Customer information, financial records, intellectual property, and essential operational data for organisations.
• This data loss can lead to significant disruption of operations, hindering daily activities and hindering the ability to:
  • Individuals may be unable to access work documents, personal files, or even manage online accounts.
  • Businesses may experience downtime, halted production, and interruption of essential services, leading to lost revenue and productivity.

2. Potential Financial Loss from Paying Ransom (Not Recommended)

• While attackers demand a ransom payment to decrypt the data, paying the ransom is not recommended.
• There is no guarantee that attackers will provide a decryption key even after receiving the payment.
• Additionally, paying the ransom:
  • Financially rewards criminals and incentivises further attacks.
  • Sets a dangerous precedent, making you a target for future attacks.
• Instead of paying, individuals and businesses should prioritise data recovery efforts and implement stronger security measures to prevent future attacks.

3. Reputational Damage

• A successful ransomware attack can also cause significant reputational damage, especially for businesses.
• Organisations may face:
  • Loss of customer trust and confidence due to compromised data security.
  • Negative media attention and public scrutiny.
  • Potential legal and regulatory consequences depending on the nature of the data breach.

Conclusion

These are just some of the significant consequences of malware attacks. By understanding these potential impacts, individuals and businesses can take proactive steps to protect themselves and reduce the risk of becoming prey to these malicious cyber threats. Remember, staying informed, practising caution, and implementing proper security measures are essential for protecting yourself from these evolving cyber threats.