Ransomware threats continue to increase and evolve quickly, and bad actors have demonstrated a high degree of adaptability to changes in the digital landscape, developing new tactics to increase their rewards. Attackers have leveraged advancements in artificial intelligence (AI) and cryptocurrency, and look to develop new tactics that can severely impact access to mission-critical services, business processes, and data.

Ransomware attacks are getting faster and cheaper to launch, while breaches keep getting more expensive to fix. For businesses, it is important not only to understand the threats they face, but also to identify ways to manage risk and evolve with the changing cybersecurity landscape. Fortunately, there are ways to identify these challenges as well as services available to you to reduce the threat your company faces from ransomware.

What Does A Ransomware Attack Look Like?

Identifying Vulnerability

The first part of a ransomware attack involves assessing targets to attack. Attackers gather information to identify organizations that are more likely to yield a high return on their malicious activity. They gather information from social media and websites, and leverage information from leaked databases to test an organization’s vulnerability.

Initial Access

After assessing an organization’s vulnerability, the next step is to gain initial access to their network and systems. Methods to gain initial access include:

• Phishing Emails: This involves crafting convincing emails designed to deceive recipients into opening malicious links or opening infected attachments. These have become more sophisticated with advancements in AI, including the use of deepfakes.
• Exploit Kits: These toolkits target vulnerabilities in software such as web browsers and plugins. When a user visits a compromised website, they trigger an exploit kit and grant the attacker initial access.
• Vulnerable Software: This includes exploiting weaknesses in software using outdated applications to gain initial access.

Escalation & Deployment

Once attackers have gained access to the organization’s network and systems, they proceed to locate valuable data, critical systems, and potential targets for encryption. Once valuable information has been identified, attackers disable all security tools to deploy ransomware across the network.

Encryption

Next, they encrypt information to make the victim’s files unusable without a decryption key. Threat actors use sophisticated algorithms to target a wide range of file types, including documents, images, videos, databases, and more. The impact of this encryption can be severe and lead to operational disruption, data loss, financial consequences, and reputational damage.

Extortion & Communication

Lastly, attackers establish communication with the victims to begin the process of extortion. This is typically the lengthiest and hardest part of a ransomware attack. These attackers will demand a ransom in exchange for decryption keys or access to the victim’s systems. They often use anonymizing software to make it difficult to trace their activities.

Engaging with attackers raises several legal and ethical challenges, including:

• Funding Criminal Activity: Paying a ransom may be used by attackers to target more potential victims and fund future attacks.
• Legal Considerations: Paying a ransom may be illegal in some jurisdictions, and may also require organizations to report the information, especially in cases where personal or sensitive information has been compromised.
• No Guarantee of Decryption: Despite paying a ransom, there is no guarantee that the attackers will provide a decryption key or restore the victim’s access to the system. 

Ways to Reduce Risk

Remaining vigilant is key to reducing your chances of being attacked by ransomware. As these attacks continue to evolve, you must continue to evolve and prepare for the worst-case scenario, so you know how to respond to threats before they come. Here are some steps you can take to help you plan and respond to ransomware attacks:

Create Redundancy In Your Organization

You should create multiple backups to restore critical systems and services if attackers delete your files. You should also ensure that one set of backup files is offline and inaccessible to the organization’s network.

Remain Updated on Breaches and Attacks

You should also remain aware of ongoing attacks and updates to software security. If something goes wrong with a key supplier, you may be affected by threats as well. For instance, 1 in 4 businesses are hit by cyber attacks through their supply chain, showing that malicious software attacks can have pervasive effects, even if you were not directly targeted.

Education and Training

Provide training and education to employees so they can identify ransomware threats and how to respond to suspicious emails. Your employees are an essential part of your company’s cybersecurity and are often used as entry points to exploit your organization’s vulnerabilities. Ensuring that they are aware of what to do in the face of threats is important for the safety of your company.

Sector-Relevant Certification

One way to mitigate risks and comply with important legal and regulatory requirements is to look into whether there are sector-relevant certifications that are available to you. For instance, in the healthcare sector, HITRUST Certification services streamline various standards, such as HIPAA, ISO, and NIST, into an overarching framework. Achieving HITRUST Certification demonstrates your organization has stringent security controls and indicates that you meet a gold standard for healthcare security. If you are in a sector that has these services available to you, it may be in your best interest to become certified.

Penetration Tests

You can also invest in internal penetration testing services, such as those offered by a cybersecurity expert like Tevora. Internal penetration tests simulate insider threats, uncover vulnerabilities, and test internal defenses. Unlike external penetration tests, which evaluate perimeter defenses, such as weaknesses of a firewall, internal tests focus on what an attacker could achieve after breaching a perimeter, whether through phishing or a rogue employee.

Author Bio:

Nazy Fouladirad is President and COO of Tevora, a global leading cybersecurity consultancy. She has dedicated her career to creating a more secure business and online environment for organizations across the country and world. She is passionate about serving her community and acts as a board member for a local nonprofit organization.