A ransomware attack is like a nightmare you can't wake up from. It happens when a hacker, who gains access to your systems, encrypts it and then holds all critical data hostage unless payment is sent in bitcoin.
It's been a roller coaster ride over the last few years with ransomware, extortionware, and botnets. What was started by criminals as lost revenue from payment systems has evolved into multi-billion dollar problems that are now affecting enterprises worldwide.
But what if you're one of the businesses that fall victim to extortion ware? What if your data gets stolen or hacked, and someone else decides to keep it for themselves?
This can happen when organizations get careless with their data and security measures don't protect them from internal threats or external cyberattacks. And it's not just about money either - there are legitimate business reasons why companies need to take security seriously.
On January 17, 2023 brought together industry leaders to discuss one of the hottest cybersecurity topics today, ransomware and extortionware. In this Virtual Council, our panelists discussed the difference between the two as well as methods to save your organization from these types of attacks.
Difference between ransomware and extortionware
A form of software called ransomware prevents a computer system from being used unless the target pays the extortionist for the key code to unlock the device. One panelist cited the Marriott breach, an SQL injection on a compromised web server that the company was unaware of.
Extortionware is much more challenging to detect and defend against. Attacks using exortionware are typically extremely focused and focus more on getting data back than on erasing or encrypting it. Once they've accessed your system and stolen critical data, cybercriminals will start demanding money and threatening you.
Types of companies targeted by ransomware
Anyone can be easily the target of ransomware. Malicious hackers target businesses because they can afford to pay higher ransoms. Panelists mentioned how charities would most likely be impacted, including how ransomware has impacted charity hospitals the most.
The following organizations are the most common targets of ransomware:
- Large-scale organizations are more likely to be victims because these cybercriminals are after hefty rewards.
- Because they have fewer security personnel and a community that often distributes files, universities are frequent targets.
- Government agencies, banks, healthcare facilities, and smaller groups are examples of organizations that pay rapidly because they require immediate access.
How to prevent your organization from facing ransomware attacks?
Here are three steps to prevent your organization from facing ransomware attacks:
- Employ a reliable security solution:
To shield your information from viruses and malicious attacks, download and use security software. Security software can spot problems and defend you against any attack to your system or device.
- Recurrent software updates:
Updating your operating system allows your computer to function as effectively as possible and includes security fixes.
- Avoid opening email attachments from unknown senders:
The most popular form of communication in businesses is email. It is a common method for ransomware attacks because of this. As a result, you may find it difficult or impossible to access your data, at which point the ransom demand is made. So, avoid opening email attachments from sources you are unfamiliar with.
Should I pay a ransom or not?
Simply no. Panelists agreed that it has always been the mantra of a lot of companies not to pay the ransomware since it opens a can of worms interact, in the sense that if you pay once, what will prevent you from paying another time and another time. He also gave a statistical analysis that 60% of the organizations that had been the victims of these attacks and paid ransom were hacked again the year after.
There's no doubt that ransomware is on the rise and will continue to wreak havoc on many companies for several years. We hope this article gives you a deeper appreciation for the topic, with real data and insight into the field. For discussion on such topics keep an eye on C-Vision’s future events.
