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Ransomware prevention guide

Keeping organizations safe with leading cybersecurity practices

July 23, 2024

Organizations of all sizes and in all industries are targets of ransomware attacks — and the number is skyrocketing. In recent years, ransomware attacks have proved themselves to be malicious well-oiled machines that use ransom as a source of revenue, leaving organizations scrambling to defend their digital assets. Ransomware attacks can not only cause significant direct and indirect costs to the organization, but they also degrade productivity and can cause irreparable reputational damage.

Let’s explore how ransomware has evolved:

The business mindset

Ransomware attacks no longer hide in the shadows. They have adopted a business mindset, treating their illicit activities as a revenue stream. Ransomware attackers invest in research, development and customer support, ensuring that they strive for maximum returns. Ransom payments, often demanded in cryptocurrencies, fuel the attackers' operations.

The multiphase approach

Phase 1: Deployment and encryption

Social engineering

Attackers use social engineering tactics to infiltrate an organization’s network. This might involve phishing emails, malicious attachments or compromised websites. Ultimately, attackers deploy ransomware malware and demand ransom for decryption keys to restore business operations.

Payload delivery

Once inside the network, the ransomware payload is activated. It scans for valuable files and encrypts them using strong encryption algorithms. Victims are demanded to pay the attacker in exchange for decryption keys.

Impact

Organizations face immediate disruption as their critical files become inaccessible. Recovering their files without paying the ransom is challenging.

Phase 2: Data exfiltration and extortion

Data theft
Before encrypting files, some ransomware attackers exfiltrate sensitive data. This stolen information could include customer records, financial data, intellectual property and more.

Extortion
Ransomware attackers issue a double threat once they are armed with sensitive data: Pay the ransom to decrypt files and prevent data leaks. If victims refuse, the stolen data may be publicly exposed or sold on the dark web.

Legal and reputational risks
Financial and data losses are not the only risk that victims face, they can also face legal consequences and damage to their reputation.

Phase 3: Service disruption and “security as service”

Service interruption

Ransomware attacks now extend beyond file encryption. Attackers disrupt critical IT services: Email servers, databases and cloud infrastructure. Business operations are forced to grind to a halt.

Demand for service restoration

Victims are told if they pay the ransom, their encrypted files and essential services will resume. This puts immense pressure on organizations.

“Security as service”

Ransomware groups might offer a twisted form of protection. They identify vulnerabilities in an organization’s systems and offer to patch them — for a fee. Refusing to pay up will only further attacks.