Ransomware In 2023: Emerging Threats And Protective Measures

By TechDogs Editorial Team

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Overview

It was a Monday morning when Jane arrived at the office, coffee in hand, ready to take on the week. As she logged onto her computer and opened her files, her stomach dropped – as she saw a pop-up on her screen.

"Attention! Your files have been encrypted. Send 50 Bitcoin to recover your files or you will lose your files forever."

Confused and panicked, Jane had fallen victim to Ransomware, a type of malicious software that locks computers and data until a ransom is paid. Desperate for a solution, she reached out to the IT department.

The IT department recommended restoring Jane's documents from the recent backup. After wiping her computer clean, they were able to recover Jane's files from last Friday. Although she lost some work, it was better than paying the ransom.

The IT department then held a few training sessions for the office on cybersecurity best practices, advising them not to click suspicious links or attachments. While the company lost some hours getting Jane's files back, they learned a valuable lesson about ransomware risks.

It's our duty to raise awareness about Ransomware, so you don't need to face any situations like Jane did. Read on as we discuss the emerging threat of Ransomware and how to protect your business from it.

Let's go back to Jane.

A month after the ransomware attack, Kevin (Jane’s coworker) clicked a shady link, promising Amazon gift cards. His stomach sunk as his screen filled with the same ransomware message as Jane's, this time demanding 100 Bitcoin.

"Not again!" Kevin yelled. Jane came rushing over, her anger boiling at yet another ransomware attack.

"That's it!" Jane exclaimed. She'd had enough of these constant disruptions. Storming to her car, Jane drove to the nearby technology store and purchased external hard drives for the entire office.

Upon returning, Jane called an emergency staff meeting. She dimmed the lights and played an eerie audio clip simulating a ransomware attack. "Let this be a lesson!" she announced. Jane described real cases of companies shutting down after refusing to pay ransoms. "Let’s start backing up our data so if our data's kidnapped, we’ll have a safe copy to rescue."

TechDogs also wants to spread awareness about Ransomware. So, keep scrolling as we explore Ransomware and share the best practices you must implement to save your data and business. Ready?

What Is Ransomware?

In simple words, Ransomware is a type of malware that encrypts your data, files, devices or even systems and prevents you from accessing it till the attacker receives the ransom. Ransomware is often designed to spread across a network with a target database, paralyze the entire organization and generate millions of dollars in payments.

Attackers have started targeting victim’s backup data as well to prevent organizations from restoring their data. As per Veeam’s 2023 Ransomware Trends Report, more than 93% of Ransomware attacks targeted the backup data previously. (Meanwhile, some of us taking backups to the hard drives. Might be a traditional approach but it solves the problem, right?)

As technology evolves, cybercriminals have also been coming up with new and advanced threats. Let’s take a look at the emerging threats that Ransomware brings so we’re aware of them!

The Emerging Threat Of Ransomware

Perhaps it goes without saying but as we move forward, there is an alarming rise in Ransomware attacks. As per the reports by Security Boulevard, in the first half of 2023, the recorded attacks represented a 49% increase over the first six months of 2022. A point to be noted here is that not everyone is aware of the concept of Ransomware. There would be hundreds of victims of Ransomware who were not aware of the ongoing threat in the first place.

So, let’s discuss the emerging threats of Ransomware:

Ransomware Or Phishing

The latest reports have made one more thing clear and that is phishing has been one of the primary delivery methods of Ransomware. The agenda behind phishing hasn’t always been to steal the data but often to steal the credentials. With the help of stolen credentials, hackers could access the internal networks and a legitimate user. This would potentially escalate their attack undetected and deliver Ransomware within the network.

Emerging Ransomware Groups

If we talk about Ransomware, there have been various groups in the market. At the same time, a bunch of new cyber groups have formed since the beginning of 2023. For example, the NoEscape ransomware is basically a new version of the Avaddon group that stopped in 2021. The 8base ransomware attack is connected to the old Dharma and Phobos groups of the RansomHouse group. This highlights that the emerging ransomware groups could just be older groups coming together to enhance their potential.

Ransomware as a Service (RaaS)

Ransomware groups like REvil and Conti have been known for their Ransomware as a Service capabilities. Here, the maker of the Ransomware develops software or pay-for-use malware to other groups or hackers. Hackers with little skill use this software to hold people’s data hostage. After every successful ransom payment, the RaaS provider received a percentage of the entire amount as commission.

Now that we have understood the upcoming threats of Ransomware, let’s look at the best practices to prevent and protect your business from Ransomware.

Best Practices To Prevent Ransomware Attacks

Businesses are always looking for ways to prevent ransomware attacks, as they’ve been on the rise in 2023. If you’re one such business, here are the best practices to help you out:

Backup Your Stuff

If you've got important data, be like a squirrel and back it up! Use an external hard drive or toss it into a secure cloud. Do it daily if you're feeling extra cautious. Also try the 3-2-1 rule: keep three copies, on two different types of storage, with one copy chilling offline. You can even toss one more copy on a cloud server that acts like Fort Knox!

Make Antivirus Software Your Cyber Bouncer

Get yourself robust antivirus and anti-malware software to scan, detect and respond to cyber-attacks such as ransomware. However, do not forget to set up a firewall too as antivirus software only works at an internal level and can only detect the attack once it is in the system. (Tip: Watch out for fake virus alerts as well – the ones who pretend to be your antivirus software but are a virus in reality!)

Email Protection To Didge Phishing

Emails can be the Trojan Horse of the digital world. Phishing scams are one of the oldest methods of ransomware delivery, so make sure you don't download any harmful attachments, click on sketchy links or fall for free tricks. Also, avoid emails from strangers – they might be up to no good!

Keep Your IT Security Updated

To fight off the bad guys, your IT security needs to be at its best. Keep your operating system, browser, antivirus and other apps up-to-date. The bad guys are like sneaky ninjas, always trying to find a way through outdated systems using patch management.

Security Awareness Training

Teach your team the ropes as they're the first line of defense against cyber-attacks. Show them how to surf the web safely, make rock-solid passwords, avoid sketchy Wi-Fi, spot fishy emails, keep everything updated and know what to do if something seems off. It's like giving them a cyber survival kit!

Now you know how to stay safe from cyber-attacks, especially Ransomware attacks. On that safe note, let’s have the final thoughts.

Final Thoughts

Ransomware is an emerging threat to your business, even more so if you are dealing with sensitive business data. As new technologies emerge, there will be new threats from Ransomware. Make sure you are backing up your data regularly and have strong antivirus and IT security practices. Till then, stay safe!

Frequently Asked Questions

What Is Ransomware?

Ransomware is a type of malware that encrypts data, files, devices or systems, preventing access until a ransom is paid. It can spread across a network, paralyze organizations and demand significant payments. Attackers may also target backup data to hinder data restoration efforts.

What Are The Emerging Threats Of Ransomware?

Emerging threats of ransomware include the use of phishing as a primary delivery method, the formation of new cyber groups and the rise of Ransomware as a Service (RaaS). Phishing aims to steal credentials to escalate attacks, while new ransomware groups enhance their potential by joining forces. RaaS allows less skilled hackers to use ransomware for profit.

How Can Businesses Prevent Ransomware Attacks?

To prevent ransomware attacks, businesses should implement best practices such as regular data backups following the 3-2-1 rule, installing robust antivirus software along with firewalls, being cautious with email attachments and links to avoid phishing scams, keeping IT security systems updated and providing security awareness training to employees.

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Tags:

Cyber AttackRansomware Ransomware Attacks Ransomware As A Service (RaaS) Patch Management Antivirus Software Anti-malware Software Threat Intelligence Network Security

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Ransomware In 2023: Emerging Threats And Protective Measures

What Is Ransomware?

The Emerging Threat Of Ransomware

Ransomware Or Phishing

Emerging Ransomware Groups

Ransomware as a Service (RaaS)

Best Practices To Prevent Ransomware Attacks

Backup Your Stuff

Make Antivirus Software Your Cyber Bouncer

Email Protection To Didge Phishing

Keep Your IT Security Updated

Security Awareness Training

Final Thoughts

Frequently Asked Questions

What Is Ransomware?

What Are The Emerging Threats Of Ransomware?

How Can Businesses Prevent Ransomware Attacks?

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