Understanding Ransomware: A Critical Perspective – Technologist

In recent years, ransomware has emerged as one of the most pervasive and damaging forms of cyber threats, consistently making headlines across the globe. High-profile incidents, such as the May 2021 Colonial Pipeline attack—which disrupted 45% of the East Coast’s fuel supply—and the 2023 MGM Resorts breach, have underscored the devastating impact ransomware can have on critical infrastructure and businesses. These events have raised public awareness and highlighted the urgent need for organisations to strengthen their cyber security processes as they gain more understanding about ransomware.

What sort of threat does Ransomware pose?

Despite growing awareness and increased efforts to bolster defences, ransomware remains a significant threat. Recent studies reveal that 45% of organisations experienced a ransomware attack in the past year, with many of these attacks involving data exfiltration. The rise of ransomware-as-a-service (RaaS) has lowered the barrier to entry for cyber criminals, making these attacks more frequent and sophisticated.

Given this evolving threat landscape, it is crucial for organisations to fully understand ransomware’s role within the broader context of malware. This includes defining ransomware, how it operates, and the most effective defence strategies.

Understanding Ransomware: A Form of Malicious Software

Ransomware is malware designed to deny access to data or systems until a ransom is paid. Typically, this is achieved through encryption, locking the user out of their data. The first known ransomware attack occurred in 1989, with the AIDS Trojan virus marking the beginning of a new era of cyber extortion. Since then, the evolution of the internet and the advent of cryptocurrencies like Bitcoin have significantly accelerated the growth of ransomware attacks.

Today, ransomware is often distributed as a service, with developers offering their malicious software to other cyber criminals for a fee or a share of the ransom. This RaaS model has contributed to the exponential increase in ransomware incidents, with attacks rising by nearly 73% from 2022 to 2023.

The Broader Category: Malware

Malware, short for “malicious software,” is any program designed to disrupt, damage, or gain unauthorised access to computer systems. This category encompasses many threats, including viruses, spyware, and bots. Malware can infiltrate systems through various methods, such as phishing, exploiting vulnerabilities, or using stolen credentials. Once inside, it can carry out a variety of malicious actions, from stealing data to commandeering devices for coordinated attacks.

Is Ransomware Malware?

Yes, ransomware is a subset of malware. While both disrupt operations, their primary objectives differ: malware generally aims to steal or damage data, whereas ransomware’s goal is financial extortion by blocking access to critical data or systems. This is the easiest way of understanding ransomware and malware.

Ransomware and other forms of malware have evolved significantly over the years. Modern variants can be fileless, bypassing traditional defences by avoiding using executable files. The rise of RaaS has further complicated the landscape, enabling more criminals to launch sophisticated attacks with minimal technical knowledge.

Understanding How Ransomware Spreads

Ransomware typically gains entry through two main avenues: external exposure and user action.

1. External Exposure involves threat actors exploiting vulnerabilities or weak points in publicly accessible systems, such as identity and access management systems or known software vulnerabilities.
2. User Action: Social engineering techniques, like phishing, trick users into revealing credentials or downloading malicious software. Once inside, the ransomware spreads, encrypts data, and demands a ransom.

Protecting Against Ransomware and Malware

The best defence against ransomware and other types of malware is a multi-layered cybersecurity strategy that combines proactive and reactive measures:

• Identity and Access Controls: Implementing multi-factor authentication (MFA), conducting dark web monitoring, and adopting a zero-trust access model are critical to securing credentials and preventing unauthorised access.
• Vulnerability Management: A comprehensive, risk-based vulnerability management program is essential for identifying and mitigating potential entry points for malware.
• Managed Detection and Response (MDR): Continuous monitoring and swift detection and response are vital for identifying and neutralising threats before they can cause significant damage.
• Incident Response (IR): Having an insurance-approved incident response team ensures that your organisation can quickly recover from an attack, remove the threat actor, and restore operations.

Understanding Ransomware

In today’s cyber specific environment, understanding ransomware and implementing robust security measures is paramount. As a cyber security provider, we offer tailored solutions to protect your organisation from these ever-present dangers. Contact our team to learn more about how we can help safeguard your critical assets and ensure business continuity.