What is Ransomware?

Ransomware is an ever-present security risk factor that businesses need to be across. All it takes is one successful ransomware attack to impact various facets of your business’s operations, security, and finances.

In this blog, we’ll be covering how ransomware works, why it’s spread, and the steps you can take to proactively protect your business in the event of an attack.

How Does Ransomware Work?

Ransomware is a form of malicious software (malware) that is typically designed to prevent a business or individual from accessing their IT system or data until a ransom is paid. 

The ransom, much as it is in other settings, is typically a sum of money. The wealthier the business or individual affected, the larger the demanded amount will typically be.

Ransomware often works in four main stages:

1. The ransomware makes its way onto a device or system similarly to how other malware or viruses spread – through phishing emails, malicious attachments, compromised websites, etc.
   
2. The data on the infected device or system is encrypted and makes all files inaccessible to the affected individual or company without a decryption key.
   
3. A ransom request is made, often as a note displayed on the victim’s device, demanding a certain amount of money, often in the form of a cryptocurrency – cryptocurrencies make it easier for the attackers to remain anonymous.
   
4. The affected individual or business either pays the ransom or refuses. If they pay it, the attackers may stick to their word and provide a decryption key. Of course, there are no guarantees the attackers will stick to their word.

Why is Ransomware Spreading?

While it’s hard to narrow down the exact cause of ransomware’s proliferation in recent years, a logical conclusion is that online ransom attacks are more viable nowadays. 

With most businesses storing all their records digitally and relying on various online networks to operate, cybercriminals have become more brazen in their efforts. The sensitive information available online has exploded substantially over the past decade.

Add to that the existence of ransomware-as-a-service (RaaS), which has expanded the pool of attackers and cybercriminals willing to target individuals and businesses online. All these factors are likely contributing to the spread.

Why is it So Hard to Find Ransomware Perpetrators?

The simple truth is that tracking down ransomware attackers is an arduous and resource-intensive process for anyone to undertake.

Along with the many ways perpetrators anonymise themselves through the use of cryptocurrencies and things like the Tor network, which keeps its users anonymous, they’re also well-versed in wiping their logs and may use self-destruct mechanisms.

Various jurisdictional factors also impact a victim’s ability to take action against attackers. 

Ransomware perpetrators often operate from countries with loose laws or law enforcement who won’t cooperate with other countries in prosecuting criminals. And with RaaS, which we’ll touch on next, they create multiple layers of operation that make it even harder to track down the responsible parties.

What is Ransomware-as-a-Service (RaaS)?

Ransomware-as-a-service is essentially the dark web equivalent of software-as-a-service. 

With RaaS, experienced ransomware developers and cybercriminals develop and provide ransomware tools and infrastructure to other attackers, who are often referred to as affiliates. 

The basic process is as follows:

• Experienced cybercriminals develop and maintain the ransom software.
• They offer ransomware and services (including payment systems and decryption keys) to affiliates through the dark web or other covert channels.
• These affiliates use the provided ransomware to launch attacks on targeted individuals, groups, or businesses.
• They’ll deliver the ransomware through phishing scams, corrupted websites, malicious attachments, etc.
• If/when the affected party pays the ransom, usually in the form of a cryptocurrency, the affiliates split the profit with the ransomware platform providers.

How to Defend Against Ransomware

So, how exactly do you defend your business against ransomware? The best measures are preventative ones.

Here are some quick essentials for defending against ransomware.

• Back up your data regularly – back it up both to the cloud and to external hard drives for local copies, if needed.
• Educate staff on how to identify phishing scams, malicious attachments, untrustworthy websites, and other tactics like social engineering (a person manipulating another into sharing sensitive information that could be used to gain access to networks).
• Regularly update your software and hardware with applicable patches and firmware updates.
• Have antivirus and endpoint protection software installed.
• Encrypt sensitive data.
• Regularly revise your endpoint security.
• When accessing the network remotely, use a VPN and/or secure your remote desktop protocol with strong passwords, and two-factor authentication, and limit access where possible.
• Hire an IT security professional to monitor your network and address threats before they do extensive damage.

If you’re looking for a team that can help your business stay on top of ransomware threats and other IT security risks, Setup4 is here for you. 

Our team of exceptional professionals can manage and monitor your security on-site and remotely. To get comprehensive ransomware protection, get in touch with us today.