Ransomware has recently emerged as a major threat that targets and attacks people and businesses globally. This type of malware can file encrypted, lock a computer, and ask the local host for ransom to get it decrypted. These kinds of malware make the systems un-functional. Since the deployment of digital assets increases incessantly, learning ransomware and how to deter it is paramount for safeguarding your data and providing ongoing organizational functioning.
What is Ransomware?
Ransomware on the other hand, is a subcategory of malware that locks a computer and its information until a certain amount of money or ransom is paid. After infecting the user’s computer, it encrypts his files and wages a message on the computer screen saying that the files can be decrypted when a certain payment is made. If the ransom is not paid within the given time, the files can either be deleted or permanently made unreachable from that computer.
How Ransomware Works
Knowledge of ransomware threats as well as its operational mode, is helpful in detecting and mitigating the risks. Below is a step-by-step breakdown:
Infection
Ransomware is typically contracted by an infected email message, downloads, or the use of an exploit kit taking advantage of outdated software. Once activated, ransomware runs or begins its ill process through the system.
Execution
Upon gaining access, ransomware proceeds to lock files with help of complex ciphering algorithms like RSA or AES. It may take hours or even days as the number of files increases and the speed of file encryption decreases.
Ransom Demand
After all files are encrypted, the ransomware creates a pop-up window with the demand in the form of monetary rewards to release the decryption key. The amount of ransom is not fixed and can be as low as several hundred dollars, but can reach hundreds of thousands of dollars for big companies.
Decryption (Optional)
Another class of ransom messages is when specific ransomware samples provide the victim with the option to decrypt a few files for free. However, giving the money to the attackers does not guarantee the files’ decryption and can lead to subsequent attacks.
Types of Ransomware
Ransomware can come in different forms and is not a single type of malware as it is commonly referred to. Here are the most common types:
Encrypting Ransomware
This is the most prevalent type of ransomware and attacks entire file systems by locking them to extract a ransom. Some examples of ransomware are WannaCry, Petya, and LockerGoga.
Locker Ransomware
Locker ransomware locks down the PC operating system or software to prevent them from using it for crucial functions. Some of them include Fusob, Jigsaw and Critias.
Scareware
Scareware is posed as critical messages stating that the system is compromised and requires payment for an exaggerated removal tool or antivirus software.
Doxware (Leakware)
Doxware confiscated the victim’s photos, emails, and other information and warned that all the material would be published if the ransom was not paid. Some of the doxware are Chimera and Maze.
The Impact of Ransomware
The consequences of ransomware attacks can be deadly not only to individuals but also to organizations. Here are some impacts:
Financial Loss
From a few hundred dollars to millions, this is how much hackers demand for a ransom. According to Infrascale, 70.7% of attacks impacted businesses by over $10,000, showing how financial damage is an almost universal outcome of such events.
Operational Downtime
Furthermore, the effects of ransomware threats entail high resource unavailability, which leads to time loss in organizational anatomic sectors.
Reputational Damage
Large-scale ransomware attacks can potentially harm an organization’s reputation, eradicating customer trust and revenue.
Legal and Compliance Issues
Certain kinds of ransomware attacks make organizations vulnerable to legal and compliance risks, especially if the data has been exfiltrated or the payment made breaches laws.
Ransomware and How to Defend Against Them
Ransomware has slowly become a looming epidemic, and the best way to fight it is through prevention. Here are practical steps to protect yourself and your organization:
Regular Backups
It means that you can get all your important files back without transferring any money to the hackers if you back up your data on a regular basis.
Install a Great Security Package
Other measures include using good and up-to-date security software, including anti-virus and anti-malware software, which can identify or prevent ransomware attacks.
Educate Users
Besides, giving regular awareness sessions to the employees about phishing emails and other ways ransomware can make its way into the organization may go a long way in minimizing the threat.
Keep Software Updated
Timeliness in updating the operating systems, the various applications that are being used, and security software can ward off ransomware since it cannot work where its vulnerabilities are not known.
Network segmentation
It is possible to segment networks to enable prevention of the spread of ransomware affecting key functions, and also data in an organization.
Implement the MFA
Strong Passwords Protecting the various user accounts can minimize the risk of unauthorized access into the systems by the ransomware group.
Measures to be taken During an Attack
If you suspect a ransomware attack, follow these steps to minimize damage:
Remove the Systems Involved
One measure that can be taken is pulling the plug on the computers to ensure that they are disconnected from the network through which the ransomware spreads.
Report the Incident
It is crucial to notify, for instance, IT professionals, top managers, and police to prevent further harm.
Avoid Paying the Ransom
It does not guarantee that the individual will provide the decryption key and or that the files will be returned. Additionally, it encourages such incidents.
Restore From Backups
Implementing backups in cases of file decryption is possible without causing significant harm to the organization.
Conclusion
Ransomware is an advanced computer malicious software that is dangerous to individuals and organizations globally. This paper has classified ransomware according to its effects, the mechanism by which it operates, and its types in order to help in developing preventive and mitigative measures.
