What is Ransomware and How Does it Affect Your Business?
Ransomware is a form of malware that encrypts your files or data, leaving you locked out. Once infected, you’ll receive an on-screen message from the attacker demanding a ransom payment to restore access to your data or files. Once paid, the hacker will likely release the keys to unlock your data.
Cybercriminals are able to gain access to a system by exploiting a vulnerability, then ‘weaponising’ that malware to target specific individuals and organisations. Once inside a network, the ransomware will do its’reconnaissance’ until it finds data that is considered valuable. It will then ‘dial home’ to the attackers, who will then perform a full analysis of what is valuable and how much they can realistically demand for that data. The hackers will then ‘exfiltrate’ those files and market them at illicit marketplaces.
Threat actors will also use stolen information to blackmail victims into paying ransoms by threatening to publish their personal or organisational data, which can damage brand reputation and lead to litigation or regulatory penalties. As a result, organisations face significant costs as they lose thousands of dollars in productivity and can be exposed to legal action.
Ransomware attacks are continuing to grow with the rise of remote work and a lack of enterprise-level cybersecurity defences. Attackers are increasingly targeting the industrial and critical manufacturing sectors, with organisations in these industries impacted by more than 20% of all ransomware incidents tracked last year. Healthcare and IT organisations are also at risk, with attacks increasing by 4% and 12% respectively.