Why are Ransomware Attacks Increasing?
We tackle various malicious cyberattacks daily to secure ourselves and our digital surroundings in this era of technical advancement. The term “ransomware” has been quite widespread in the digital world to obtain ransom money during the last few years. Given the implications of this severe cyberattack, every individual and business should be aware of the potential threats and take proactive security measures.
So, in this article, we will provide an overview of ransomware attacks and why they are on the rise, along with how you can protect yourself and your organizations from ransomware attacks.
Table of Contents
What is Ransomware?
Top 5 Ransomware Attacks in 2022-2023
Why are Ransomware Attacks on the Rise?
Ransomware prevention techniques
What is Ransomware?
Ransomware is among the most prevalent and destructive types of malware attacks that individuals and businesses face nowadays. It is malware used by cybercriminals that encrypt files and documents and restrict access to their IT systems, networks, or data. Cybercriminals then ask for a ransom in exchange for providing decryption keys to users if they want to gain access to their system or data.
Attackers can target anyone or any device, from small businesses to large organizations, including executives, managers, employees, customers, or machines. They can also target other individuals outside the organization using digital technology for personal use.
Ransomware is often spread by phishing emails with malicious attachments, malvertising, downloading infected file extensions, Remote Desktop Protocol (RDP) exploits, or drive-by downloads containing malicious URLs that give attackers access and allow them to download destructive payloads.
Top 5 ransomware attacks of 2022-2023
Let us look at some of the widespread ransomware attacks that made headlines in 2022 and 2023.
- Bernalillo County, New Mexico: On January 5, 2022, the largest county in New Mexico disclosed that it had become the target of a suspected ransomware attack. The cyberattack shut down several county buildings and government offices, resulting in the halt of services provided by the county jail, such as security cameras and automatic doors.
- Nvidia: The biggest manufacturer of semiconductor chips in the world announced on February 23, 2022, that the hacker gang Lapsus had hacked their system. The attack involved the theft of employees’ personally identifiable information and “secret company information.”
- SpiceJet: On May 24, 2022, the Indian airline SpiceJet faced a ransomware attack, leaving hundreds of passengers stuck across the nation. Due to this, several flights were delayed, and airports were crowded with irate and perplexed ticket holders.
- Costa Rica’s MOPT: On January 17, 2023, Costa Rica’s MOPT (Ministry of Public Works and Transport) faced a Conti ransomware attack. They reported that this attack involved 12 of its servers being encrypted.
- U.S. Marshals Service (USMS): A federal law enforcement agency, United States Marshals Service (USMS) in the U.S., reported a suspected ransomware attack on February 17, 2023. The attackers compromised a stand-alone USMS system and exposed sensitive law enforcement data such as personally identifiable information, returns from legal procedures, and administrative information.
Why are Ransomware Attacks on the Rise ?
Here are some reasons for increasing ransomware attacks:
1. Ransom Demands Are Increasing
The most apparent reason for the rise in ransomware attacks is a financial benefit. Attackers target the firms with no choice but to pay the ransom as they have sensitive data, which, if lost, can cause significant harm to the firms. Healthcare and airline firms are regular targets due to their sensitive data and the need to get the system up and running rapidly. Paying the ransom encourages attackers to keep using ransomware, a simple method to earn money.
2. Increase in Ransomware-as-a-Service
During Covid-19, most employees working from home did not pay attention to security measures, making them a prime target of ransomware attacks. These days, threat actors or hackers are increasingly targeting substantial corporate networks because most of those companies’ workers or employees work from home, which raises the risk of phishing attacks. As a result, Ransomware-as-a-service (RaaS) has become increasingly popular. It is a pay-per-use malware service that allows attackers to initiate and manage a ransomware campaign by utilizing a platform that delivers the necessary malware code.
3. Double Extortion is on the Rise
Double extortion is another reason behind the rise of ransomware attacks. It refers to encrypting a victim’s data and threatening to publicly release stolen data if the ransom is not paid. This makes it harder for victims to recover their data without paying the ransom. Moreover, it increases the pressure on victims to pay the ransom since they risk losing access to their data and having their private data leaked or sold on the dark web.
4. Growing Vulnerable Systems
The rise in ransomware attacks is also due to the growing number of vulnerable systems. As more systems are connected to the internet, the number of potential targets for attackers has increased. This has made it easier for attackers to launch successful attacks, as they have a larger pool of potential victims.
5. Remote Work
The Covid-19 pandemic also factors into the recent surge in ransomware. Due to the pandemic, a huge proportion of organizational culture changed the traditional ways of working, which led to a new trend of remote and hybrid working. Enterprises face new security concerns as a result of remote workers’ increasing exposure to attacks due to their frequent usage of insecure personal devices.
6. Use of Cryptocurrency
One of the putative reasons for the rise of ransomware is the expanding use of cryptocurrencies. The transactions in cryptocurrency help maintain personal information secret, which makes it an excellent payment option for cybercriminals.
7. Unsecured Systems
Another reason ransomware attacks are rising is that many organizations are not adequately securing their systems. Many organizations are still using outdated software and systems that are not patched or updated. This makes it easier for attackers to launch successful attacks, as they can exploit vulnerabilities in these systems.
8. Lack of Security Training
The lack of cybersecurity training is a significant factor causing the growth in ransomware attacks. Cyber attacks have become so common these days, and no one is safe from them. Many organizations are also not properly training their employees to prevent and detect ransomware attacks. For example, many employees are unaware of the risks associated with downloading unknown software or clicking on suspicious links. This increases the risk of a successful attack, as employees are not taking the necessary precautions to protect their systems.
Ransomware prevention techniques:
There are several different prevention techniques to safeguard yourself and your business from ransomware attacks.
- Use multi-factor authentication
- Always keep your operating system and softwares updated with the latest versions
- Maintain backup of your or your organization’s data
- Provide security awareness training to your employees
- Employ multiple security measures, such as firewalls, anti-malware, spam filters, and antivirus software
- Use a secure VPN service and avoid using public WiFi
- Implement an Intrusion Detection System (IDS) to notify you of any suspected malicious activity rapidly
- Refrain from sharing personal information
- Avoid downloading from unknown sources
How can InfosecTrain help you?
Ransomware attacks have substantially increased over the past few years. InfosecTrain is one of the top training providers of information security and consulting services. So, if you want to gain a good understanding of information security or cybersecurity, then you can join us. With InfosecTrain, you can begin and complete your learning journey with ease. We offer live instructor-led as well as self-paced training courses. In our Network Security and Information Security Analyst training courses, you will acquire in-depth information about ransomware and how to defend against it.
Ruchi Bisht
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