Ransomware as a Service - the organized online crime and its implications

Ransomware has indeed transformed the way companies approach data backup and business security. The pandemic has already off shooted a turbulent environment that is seemingly cordial for ransomware attacks. Ransomware is a special kind of malware that utilizes encryption to hold a victim’s data at ransom. The ransomware directly encrypts an individual or an organization’s critical data to prevent them from accessing their own files, applications, or databases until a ransom is paid.

Ransomware attacks have risen so steeply in the United States that the American government has been forced to treat them as acts of digital terrorism. A survey by Barracuda Networks reveals that 74% of Indian IT decision-makers say their organization has experienced a ransomware attack. The steady stream of meticulous strikes has resulted in substantial damages to law enforcement authorities, local and federal administration, universities, research bodies, corporate organizations, healthcare infrastructure, and any other vertical where data plays an imperative role. And with the ubiquitous nature of data, no industry or sector is safe from the relentless barrage of ransomware attacks.

Though ransomware attacks have been present for a while, they have seemingly evolved into a much more dangerous entity. The significant advancements in digital technology have also armed attackers with augmented proficiencies and upgraded tactics that allow them to orchestrate double extortion schemes. Attacks are coordinated based on extensive background research after which the data is stolen. The stolen data is withheld for a sizeable ransom amount on the payment of which the stolen data files are promised to be returned. However, many of these cyber attackers often force victims to pay ransoms multiple times to keep the stolen data confidential. Even worse, some rogues will accept the ransom and still vend off the data in some underground virtual auction on the DeepWeb.

It has been clearly established that submitting before ransomware attacks is a bad move on the victim’s part. It not only makes for bad business, but it also dents the reputation and finances of the company or the individual. In the present times when the digital community is racking up a movement against giving in to ransomware demands, a survey revealed that over 80% of the companies that decided to pay the ransom were attacked again. Another notable factor witnessed by legislative authorities is the widespread use of cryptocurrencies by cybercriminals to wrest funds from organizations. So much so, that a plethora of proposals have been raised to ban cryptocurrencies as they are seemingly being used for funding illegal activities.

While this cryptocurrency ban is still in a nascent stage, the best bet forward for several organizations is to strengthen their defensive architecture by investing in the latest and cutting-edge cybersecurity solutions. Companies are deploying various state-of-the-art cyber solutions and preemptive measures such as security awareness training, creating a security operations center, implementing endpoint protection, additional backup and recovery, and email scanning.

The most impactful defensive strategy against advanced threats is implementing multiple layers of security. When it comes to ransomware attacks, it is essential to follow a tripartite defensive strategy that involves actualizing robust e-mail protection to guard against phishing and secure data credentials. It is also essential to safeguard all your applications and inhibit access to these apps. The most crucial thing is building a resilient and comprehensive data-security strategy with backup solutions that secures data whether on-premises or on the cloud.

The three most pivotal aspects for protecting your data against such methodical strikes are:

Protect your users from phishing attacks

You must ensure that all your employees practice basic credential security practices to prevent phishing strikes. As phishing is the foremost attack vector for ransomware attacks, it is essential to train personnel for sufficient email security and optimize anti-phishing solutions that can detect and avert such attacks. If you can prevent an attacker from accessing your data, you are making it extremely hard for attackers to convert a phishing strike into a full-fledged ransomware attack.

Protect your web-applications

Attackers can invade and breach a variety of web applications such as file-sharing services, web forms, and e-commerce sites. These attacks include credential stuffing, brute force attacks, or OWASP vulnerabilities. After gaining access to an application, the attacker can insert any type of ransomware or malware into the system database. By spreading across the entire network and even infecting your users, a simple phishing attack can escalate into a major crisis if not regulated. Organizations should look for a WAF-as-a-Service or WAAP solution that includes bot mitigation, DDoS protection, API security, and credential stuffing protection — and make sure it is properly configured.

Data Backup

You need to ensure a comprehensive and resilient data backup strategy to be aware of all the data in the network which includes configuration files, user documents, and archived data of employees and customers. The best forward is to deploy a resilient cloud backup strategy that replicates data to a cloud that extends unlimited storage and agile search and restore ability. Office users should add third-party cloud backup to defend various databases.

In conclusion, ransomware has indeed transformed the way companies approach data backup and business security. It’s the middle of 2021 and ransomware attacks are skyrocketing like never before, both in terms of the attack surface as well as the ransom amount. And with the changing dynamics, the threat is only set to multiply further. When faced with a ransomware attack, a lot of organizations don’t know what to do other than to pay the ransom. This feeds the appetites of cybercriminals, encouraging them to attack more and ask for even bigger ransoms. If it can be avoided, don’t pay up, and work with law enforcement agencies to get a resolution.

Note: The author of the article is Murali Urs, Country Manager, India of Barracuda Networks