Why Is There A Surge In Ransomware Attacks?

The U.S. is presently combating two pandemics–coronavirus and
ransomware attacks. Both have partially shut down parts of the
economy. However, in the case of cybersecurity, lax security
measures allow hackers to have an easy way to rake in millions.

It’s pretty simple for hackers to gain financially, using
malicious software to access and encrypt data and hold it hostage
until the victim pays the ransom.

Cyber attacks are more frequent now because it is effortless for
hackers to execute them. Further, the payment methods are now
friendlier to them. In addition, businesses are willing to pay a ransom^[1]
because of the growing reliance on digital infrastructure, giving
hackers more incentives to attempt more breaches.

Bolder cybercriminals

A few years back, cybercriminals played psychological games
before getting bank passwords and using their technical know-how to
steal money from people’s accounts. They are bolder now because it
is easy for them to buy ransomware software-as-a-service and learn
hacking techniques from online video-sharing sites, like YouTube.
Some cyber gangs are even offering their services for a business
hacking set up for a fee, typically a share of the profits.

Cryptocurrency made the hackers bolder, as they can extort
unlimited and anonymous cash payments. With the anonymity of
bitcoin transfers, hackers found out they can demand higher amounts
from their victims.

You can also blame the rise in cyberattacks on the behavior of
some firms that are willing to pay millions of dollars in bitcoin.
However, attacks will stop if firms and data security experts
ensure that hacking will not be profitable anymore.

Are cyber attacks getting a higher profile or actually
rising?

The answer to both questions is yes. Ransomware^[2]
is becoming more common because it is straightforward to execute.
Hackers use software to poke around security holes or by tricking
network users using phishing scam tactics like sending malware that
seem to come from a trusted source. In addition, some large
companies have been lax with their network security protocols,
which cybersecurity experts learned recently.

One such case is the supply chain attack at Colonial Pipeline,
whose CEO Joseph Blount admitted before Congress that the company
does not use multifactor
authentication^[3]
when users log in.

Based on the Internet Crime Report released in 2020, the FBI
received close to 2,500 ransomware reports in 2020, 20 percent higher^[4]
than the reported cases in 2019. The FBI also noted that the
collective cost of the ransomware attacks in 2020 was close to
$29.1 million. It is equivalent to a 200 percent increase over
2019, wherein the cost reached $8.9 million.

Another contributing factor to the rise in ransomware attacks is
the growing number of online users. The coronavirus pandemic caused
a spike in worldwide internet usage. Many students and workers are
working and learning remotely.

Cybercrime Magazine predicts that ransomware will cost victims
about $265 billion each year^[5]
starting 2031. Attacks are likely to occur every two seconds as
hackers refine their malware attacks and extortion practices.

Impact of ransomware on business

We already know how ransomware can have devastating effects on
businesses, large or small. But it pays to be reminded time and
again because even enterprises can become victims. Cybercriminals
continue to exploit vulnerabilities in network security systems. In
addition, many hacking gangs are using ransomware and
denial-of-service attacks for financial gains.

Aside from the increasing occurrence of ransomware attacks, the
cost of the attacks is growing as well. Ransomware paralyzes a
company’s digital network and associated devices. Because sensitive
business data is breached, business operations, particularly for
supply chains, are affected–thus, companies prefer to pay a
ransom.

But theoretically, even if the company pays ransom, there is no
guarantee that the sensitive data has not been copied. Likewise,
there is no guarantee that attackers will return all the data or
that the decryption key will work. In the case of Colonial, the
decryption key hackers gave them after paying the ransom was too
slow. So Colonial resorted to using their backup files. Kaseya, on
the other hand, preferred to work with a third party for a
decryption key.

Preventing ransomware infection

The FBI advises companies never to pay ransom to cybercriminals
because it encourages them to launch more attacks. Some ways to
prevent such attacks include:

• Working with a cybersecurity firm that provides the best
  security system that fits a business’ current and future needs is
  one of your primary options.
• Staying vigilant is another way to thwart infection. If your
  systems are slowing down for no apparent reason, disconnect from
  the internet and shut it down. Then, you can call your network
  security provider and seek their help. The Biden administration
  encourages businesses to beef up their cybersecurity programs and
  review their corporate security plans. Further, you should
  cooperate with the FBI and the Ransomware and Digital Extortion
  Task Force of the U.S. Department of Justice.

Aside from the technical aspect of assuring cybersecurity,
sometimes it pays to go back to basics.

• Use security training so your employees will have a better
  understanding of the importance and meaning of cybersecurity. In
  addition, employees should learn to ensure the protection of the
  entire company from cyber attacks.
• Train yourself and your staff not to click on links from
  unverified sources, as phishing emails are one of the methods to
  spread malware and make your company an easy target. Always scan
  emails, and notify employees of out-of-network emails.
• Practice creating regular backups of your data. Have at least
  two data backups and store them at separate locations. Grant access
  to your backup only to your most trusted staff.
• Use data encryption to protect emails, file exchanges, and
  personal information.
• Ensure that you upgrade all your applications regularly so you
  can fix vulnerabilities.
• Use password managers to ensure that all employees will have
  stronger passwords. Instruct employees to use different passwords
  to log in to the other applications you use in your company.

Conclusion

Ransomware attacks are rampant, due to their ease and
profitability. Knowing about the activities of cybercriminal gangs
and providing employee training on cybersecurity is vital.
Combining technological expertise and basic security practices will
help mitigate ransomware infection. However, it’s important not to
panic and know the security measures you should follow.