Today, ransomware attacks have become one of the most destructive cyber threats we face. These attacks disrupt operations, steal sensitive data, and cause millions of dollars in damages. Whether in healthcare, finance or any sector; no industry is left unscathed. As these attacks increase in frequency and sophistication, understanding ransomware is key to helping your organization harden its defenses before it's too late.

Remember WannaCry ? Back in 2017, it ripped through over 150 countries in a matter of days. Britain's National Health Service got knocked offline, causing total chaos. Since then, ransomware has only gotten worse.

And these hackers fight dirty. They're not just encrypting your files anymore. It steals your data first and threaten to leak it if you don't pay. It's a two punch known as double extortion. Just ask companies like Travelex and Kaseya how much fun that is.

What is Ransomware?

At its core, ransomware is malicious software that locks or encrypts your files, making them inaccessible. The cyber thieves, then, request a ransom, usually settled in cryptocurrency, to give a decryption key. Should you not pay, there is a risk of losing your data forever - or worse still, having it exposed in public.

It commonly enters systems via phishing emails and malicious attachments, as well as through vulnerabilities in outdated software. Some of the most infamous ransomware variants include WannaCry, Ryuk, and REvil (Sodinokibi), all of which have resulted in causing significant destruction through differences in attacking methods but with one common purpose: extortion.

Notable Ransomware Attacks:

• Ryuk (2018)

Ryuk is a ransomware strain, known to be used in targeted attacks on large firms, especially organizations working in healthcare and government sectors. In 2019, Ryuk attacked the city of New Orleans, resulting in a shutdown of essential city services.

Whereas WannaCry was highly indiscriminate, Ryuk operates with precision and sophistication. It demands exorbitant ransom payments, often reaching millions of dollars.

Ryuk typically infiltrates systems through other malware like Emotet. Once inside, it encrypts critical files and demands a hefty ransom.

• Sodinokibi (REvil) (2019)

REvil, also known as Sodinokibi, came out in 2019 and gained a name for its double extortion tactics: encrypting data and stealing sensitive information and threatening to release it unless a ransom is paid.

In 2020, REvil targeted a major financial service provider, Travelex. The attack saw a widespread disruption in ATM services. The attackers demanded $10 million, complicating the recovery process due to the compromised customer data.

Forensics Insight: The double extortion technique is on the rise. Hackers encrypt files and steal sensitive data, forcing victims to choose between paying for decryption or risking the exposure of confidential information.

Why Is Ransomware Getting Worse?

Ransomware is no longer just a nuisance - the bad guys got organized. They're running ransomware like a business now. Some groups even have customer service to help victims pay the ransom. Here's why it's getting worse:

1. Hitting Critical Infra

Critical sectors, namely healthcare, energy and transportation are juicy targets. Such sectors cannot afford downtime, so they are more likely to pay the ransom to avoid a major system disruption.

2. Double Extortion

The threat of leaked data is sometimes scarier than being locked out of files. This has brought ransomware attacks to a whole new level, double extortion meaning pressure on organizations to pay up.

Exemplification: The REvil Group in 2021 used double extortion to target the software firm Kaseya. They encrypted files, stole data, and threatened to leak it unless a ransom was paid. This attack targeted thousands of businesses globally, showcasing the resultant attack outcome from such an approach.

3. Ransomware-as-a-Service (RaaS)

Due to RaaS, even not-so-tech-savvy punks have now become able to embark on complex attacks with rented ransomware tools. As a result, most attacks are performed by organized cybercrime groups.

Exemplification: In 2020, the Maze ransomware group popularized RaaS, allowing criminals with minimal skills to execute large-scale attacks. This model has since been embraced by several other groups, simplifying the initiation of such operations.

How Can You Protect Your Organization?

There’s no silver bullet, but these can make your org a harder target to attack, a multi-layered approach:

• Regular Backups - Always back up critical data and store the backups securely, offsite. Always test your backups to ensure they can be restored.

• Patch Management - Keep your systems updated with the current security patches. Exploited vulnerabilities are one of the main entry points for ransomware.

• Employee Training - Because attacks often target employees, training staff to recognize suspicious emails and attachments is important.

• Use Endpoint Protection - Use advanced security tools such as Endpoint Detection and Response (EDR) to detect and prevent ransomware from spreading.

• Network Segmentation - Divide your network to limit damage in case of attack. You can confine the ransomware to a small section of your system.

• Multi-Factor Authentication (MFA) - MFA adds an additional layer of protection. Even if a thief steals login credentials, he won't be able to get access to your system without the second factor.

• Incident Response Plan - Create and periodically update an incident response plan. A well-planned strategy can reduce downtime as well as impact of an attack in general.

Should You Pay the Ransom?

Paying the ransom may seem to be the fastest way out. But there are risks to consider:

• No guarantee of access to your files when you pay the ransom, nor will this stop attackers from leaking your data. It fuels cybercrime, making attacks more profitable and encouraging future ones by paying the ransom.

• In some countries, providing a ransom may even be illegal because attackers are tied to criminal organizations against whom sanctions have been placed.

Experts generally advise against paying ransoms. Instead, focus on prevention, recovery, and working with law enforcement.

Conclusion

Ransomware attacks are increasingly gaining pace, but if careful planning is taken, you can save your organization. A crucial defense against such attacks is a set of well-regularly updated backups, best security practices, as well as proper employee training. The only way to prepare for the worst is by staying informed and vigilant.