Ransomeware

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School

Florida International University *

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Course

4717

Subject

Information Systems

Date

Feb 20, 2024

Type

pdf

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8

Uploaded by moalam497613

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8/2/22, 11:45 AM What is ransomware and how can you defend your business from it? What is ransomware and how can you defend your business from it? B August 02,2022 & The Hacker News I (https://thehackernews.com/new-images/img/b/R29vZ2x|/AVvXsEgr- YoKx82MvSsA1ionOokd8dX0ULyfyuDArQin9i6BW9DAgloLprYGKS_AutYe1JnSu09gnBUdUIXILU_LjYz 4tmxaqdarpoY_XYEuqITTDueCvlcJwQXuwd4YgMU2SJMe1EngShiQ5eXminA2K-3kUQEojGbyUt e100/ransomware.jpg) Ransomware is a kind of malware used by cybercriminals to stop users from accessing their systems or files; the cybercriminals then threaten to leak, destroy or withhold sensitive information unless a ransom is paid. Ransomware attacks can target either the data held on computer systems (known as locker ransomware) or devices (crypto-ransomware). In both instances, once a ransom is paid, threat actors typically provide victims with a decryption key or tool to unlock their data or device, though this is not guaranteed. https://thehackernews.com/2022/08/what-is-ransomware-how-to-defend-your.html 1/8
8/2/22, 11:45 AM What is ransomware and how can you defend your business from it? Oliver Pinson-Roxburgh, CEO of Defense.com (https://www.defense.com/) , the all-in- one cybersecurity platform, shares knowledge and advice in this article on how ransomware works, how damaging it can be, and how your business can mitigate ransomware attacks from occurring. What does a ransomware attack comprise? There are three key elements to a ransomware attack: Access In order to deploy malware to encrypt files and gain control, cybercriminals need to initially gain access to an organization's systems. Trigger The attackers have control of the data as soon as the malicious software is activated. The data is encrypted and no longer accessible by the targeted organization. Demand The victims will receive an alert that their data is encrypted and cannot be accessed until a ransom is paid. Big business for cybercriminals The motives of cybercriminals deploying malware may vary but the end goal is typically that of financial gain. What is the cost of being targeted by ransomware? https://thehackernews.com/2022/08/what-is-ransomware-how-to-defend-your.html 2/8
8/2/22, 11:45 AM What is ransomware and how can you defend your business from it? The average pay-out from ransomware attacks has risen from $312,000/£260,000 in 2020 to $570,000/£476,000 in 2021 - an increase of 83%. One report also showed that 66% of organisations surveyed were victims of ransomware attacks in 2021, nearly double that of 2020 (37%). This highlights the need for businesses to understand the risks and implement stronger defenses to combat the threats. Ransomware continues to rank amongst the most common cyberattacks in 2022, due to its lucrative nature and fairly low level of effort required from the perpetrators. This debilitating attack causes an average downtime of 3 weeks and can have major repercussions for an organization, for its finances, operations and reputation. Because there is no guarantee that cybercriminals will release data after a ransom is paid, it is crucial to protect your data and keep offline backups of your files. It's also very important to proactively monitor and protect entry points that a hacker may exploit, to reduce the possibility of being targeted in the first place. Who is at risk of being a target of ransomware? In the past, cybercriminals have typically targeted high-profile organizations, large corporations and government agencies with ransomware. This is known as 'big game hunting' and works on the premise that these companies are far more likely to pay higher ransoms and avoid unwanted scrutiny from the media and public. Certain organizations, such as hospitals, are higher-value targets because they are far more likely to pay a ransom and to do so quickly because they need access to important data urgently. However, ransomware groups are now shifting their focus to smaller businesses, in response to increased pressure from law enforcement who are cracking down on well-known ransomware groups such as REvil and Conti. Smaller companies are seen as easy targets that may lack effective cybersecurity defenses to prevent a ransomware attack, making it easier to penetrate and exploit them. https://thehackernews.com/2022/08/what-is-ransomware-how-to-defend-your.html 3/8
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