Lately, Ransomware attacks are something that is doing aggressive rounds in India. A lot of firms are hit by it and unfortunately, the majority of people do not know the way to navigate them.
Of course, it is true that a large portion of firms being attacked do not have security measures in place (Source). Moreover, due to lack of protocols, they are hesitant to be proactive as well. In this blog post, we will walk you through the way Ransomware attacks work, psychology behind them and what you can do to mitigate the threat.
Remember, the online space is always evolving which means there’s no one size fits all approach. So, make it a point to give utmost importance to cyber security or else the consequences might be too severe.
Introduction
In one of our old posts: How to Protect Your Data Online, we did discuss the importance of data protection. As data is the new precious commodity, cyber criminals are hijacking data and are locking it using encrypted software which in short is what ransomware is all about.
While no one knows exactly when it started, it has been around for decades and in the last few years, it has become way too common. Unlike few other scams, it is difficult to profile ransomware attacks as they do not have any particular target.
Basically, any system or server with data that someone considers valuable becomes their target. Now, you might be curious as to how they gain access into the system?
Undeniably, they are smart, but guess what? One needs to know everything about this threat before inspecting the specific aspects of the attack.
Understanding Ransomware
Technically speaking, ransomware is a type of malicious attack designed to block access to your computer or data and hold it hostage until they get paid. In other words, it is nothing more than a financial extortion.
Generally, cryptocurrencies are their preferred mode of payment and there is no guarantee that they will hold their end of the bargain even if they get paid. There are 3 main ways cybercriminals use to gain access to your system and they are as follows: phishing(usually emails), corrupted software and software exploits.
The good thing is that it is possible to prevent the majority of these incidents. If you are curious to find out how, keep reading!
Economic and Operational Impact
Anything to do with business always carries economic weight and operational impact. However, when hit by ransomware attack, the magnitude further splits.
First and foremost, there will always be downtime in the business when a business is hit by the attack. Depending on the revenue, the monetary value can be anywhere between a few hundred dollars to millions of dollars.
Secondly, if the cybercriminals succeed in getting their hands on the data, the data will be compromised. Nothing good can come from sensitive data that was outside the firm’s servers.
Lastly, the loss of client’s trust is also a major blow. Though, there is no such thing as a fool proof way of securing the data, the loss of trust is a subjective parameter that always gets effected.
As the stakes are high, make sure you or your firm is doing everything it can to eliminate the threat.
Ransomware Methods
- Phishing – Phishing is the thing that opens doors for most ransomware attacks. Clone websites or fake portals sometimes are indistinguishable. Untrained eyes/staff can easily get the wrong impression and give away the credentials. The most effective way to combat phishing is to educate the staff about detecting them. Making the employees go through awareness programs can help them spot the latest trends and do wonders in terms of mitigation.
- Corrupted Software – Downloading software from unfamiliar sources can bring a world of harm to any business. Pirated copies of code usually contain viruses and can compromise your data and install unwanted trojans. While the internet has made it easy to find “free version” of expensive software, it does have a boatload of risks. So, always ensure software from credible parties or platforms are used.
- Software Exploits – Cybercriminals used this method to take advantage of vulnerabilities in the software programs, operating system or firmware. Vulnerabilities might allow the crooks to bypass the security system and cause harm to the host. To mitigate this, ensure that the devices are up-to-date and use encrypted networks as much as possible.
Prevention
Ransomware attacks can be sneaky, that’s the whole premise. While software exploits are something outside our control There are few things you can do to mitigate them.
- Always make sure software is updated and the firmware is running the latest version
- Create timely backups and store the backup locally as well as on cloud
- Conduct routine awareness programs so that employees are aware of the latest trends going around
- Use AI driven threat detection
- Spend quality resource of cyber security professionals
Conclusion
Businesses in India still have a long way to go in general when it comes to cyber security. Setting strategic programs and following it through awareness campaigns are the best practices that can help combat ransomware attacks.
Also, do not forget to report these types of threats or incidents to relevant authorities and organizations. If enough people are aware of the ill effects, it is within the realm of possibility to address the situation.