What is Ransomware and How Does it Affect Your Organization?
In cybersecurity, few threats have evolved and grown as rapidly as ransomware. Ransomware is malware that restricts access to data or systems and demands payment to restore access. It spreads by infecting software, phishing emails, or exploiting system vulnerabilities.
Before ransomware is deployed, attackers often take steps to ensure maximum impact. For example, they may disable security software or delete backups. In the case of an attack on the UK’s NHS, attackers also tampered with software on some systems, making it impossible to update the system’s antivirus program.
Once ransomware is activated, files are encrypted and systems are locked. The attackers then display a message asking for payment in exchange for key codes to unlock data and systems. The amount of the ransom demand varies and can range from a few hundred dollars to many millions. Some attacks include “double extortion,” in which attackers post a list of organizations that refused to pay, motivating victims to quickly pay up to avoid further harm to their brand and business operations.
Organizations that fall victim to ransomware experience significant financial loss due to lost productivity and revenue, damage to their reputation, and disruption of critical services. These losses can also impact customer trust and long-term revenue.
Cybersecurity professionals must develop a robust ransomware response plan to mitigate the risk of an attack. A good starting point is the joint #StopRansomware Guide from CISA, the FBI, and MS-ISAC (Multi-State Information Sharing & Analysis Center) with a comprehensive response checklist to help organizations cultivate a thorough understanding of their technological and legal limitations, responsibilities, and resources related to ransomware.