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Ransomware: The Malware That Can Cost You

Ransomware: The Malware That Can Cost You
August 19, 2020 Liz Pena

Being ever-evolving as an attack tool, even the simplest form of ransomware can cost significant time and money but more severe attacks can deal a crippling blow and even destroy a company completely, sparing no one — not even large, prominent organizations. What is ransomware and how do you protect your business from it? We’ll fill you in!

What Is Ransomware?

Ransomware is a form of malware that encrypts a victim’s files. The attacker then demands a ransom from the victim to restore access to the data upon payment.

Users are shown instructions for how to pay a fee to get the decryption key. The costs can range from a few hundred dollars to thousands, payable to cybercriminals in Bitcoin.

How Does Ransomware Work?

There are a number of paths ransomware can take to access a computer. One of the most common delivery systems is a phishing scam — this is when an attachment comes to the victim in an email, masquerading as a file they should trust. Once the file is downloaded and opened, the cybercriminals can take over the victim’s computer, especially if they have built-in social engineering tools that trick users into allowing administrative access.

There are several things the malware might do once its taken over the victim’s computer. By far the most common action is to encrypt some or all of the user’s files. The most important thing to know is that at the end of the process, the files cannot be decrypted without a mathematical key known only by the attacker.

Who Is a Target for Ransomware?

There are several different ways attackers choose the organizations they target with ransomware. For instance, sometimes it’s a matter of opportunity — attackers might target universities because they tend to have smaller security teams and a different user base that does a lot of file sharing, making it easier to penetrate their defenses.

On the other hand, some organizations are tempting targets because they seem more likely to pay a ransom quickly. For example, government agencies or medical facilities often need immediate access to their files. Law firms and other organizations with sensitive data may be willing to pay to keep news of a compromise quiet — thus, these organizations may be uniquely sensitive to leakware attacks.

of companies that fall victim to ransomware are running up-to-date endpoint protection on the infected machines

How to Prevent Ransomware

There are a number of defensive steps you can take to prevent ransomware infection. These steps are of course good security practices in general, so following them improves your defenses from all sorts of attacks.

  1. Keep your operating system patched and up-to-date to ensure you have fewer vulnerabilities to exploit.
  2. Don’t install software or give it administrative privileges unless you know exactly what it is and what it does.
  3. Install antivirus software, which detects malicious programs like ransomware as they arrive, and whitelisting software, which prevents unauthorized applications from executing in the first place.
  4. Back up your files frequently and automatically! That won’t stop a malware attack, but it can make the damage caused by one much less significant.
  5. Take advantage of Security Awareness Training  — the most vulnerable target at many organizations isn’t a system or technology. It’s people. With cybersecurity training solutions from Verity IT, we can empower employees with the right skills and knowledge to put the bad guys out of business.

Would Your Business Survive a Phishing Attack?

Be Prepared With Our Security Awareness Training

How to Remove Ransomware

There’s a lot of money in ransomware and the market expanded rapidly from the beginning of the decade. In 2017, ransomware resulted in $5 billion in losses, both in terms of ransoms paid and spending and lost time in recovering from attacks. If your computer has been infected with ransomware, you’ll need to regain control of your machine.

Reboot

Reboot your machine in safe mode.

Install

Install anti-malware software.

Scan

Scan the system to find the ransomware program.

Restore

Restore the computer to a previous state.

Always keep in mind: while walking through these steps can remove the malware from your computer and restore it to your control, it WILL NOT decrypt your files.

Should You Pay the Ransom?

If your system has been infected with malware and you’ve lost vital data that you can’t restore from backup, an important question remains: should you pay the ransom?

When speaking theoretically, most law enforcement agencies urge you not to pay ransomware attackers, on the logic that doing so only encourages hackers to create more ransomware. That said, many organizations that find themselves afflicted by malware quickly stop thinking in terms of the “greater good” and start doing a cost-benefit analysis, weighing the price of the ransom against the value of the encrypted data. While 66 % of companies say they would never pay a ransom as a point of principle, in practice 65% actually do pay the ransom when they get hit.

Always call an IT professional, like Verity IT, when dealing with ransomware attacks to ensure you are taking the proper steps against the attack and to help protect you against FUTURE attacks!