Mitigating Risk: The Ransomware Threat Landscape
In recent years, the ransomware threat landscape has grown with attacks leaving most organizations on high alert to mitigate and prevent ransomware. Reports indicate a consistent year-over-year increase, painting a concerning picture of the evolving threat landscape. This rise can be attributed, in part, to the establishment of the Ransomware as a Service (RaaS) business model in 2016. This model has provided cybercriminals with the potent tools and resources to execute more sophisticated and lucrative attacks.
Ransomware Threat Landscape: Understanding Attacker’s Strategy
Understanding the ransomware threat landscape is crucial for organizations aiming to bolster their cybersecurity defenses against evolving cyber threats. Ransomware attacks often follow a multi-stage process and the methods employed are varied and strategic, often, they follow a strategic playbook:
Phishing and Social Engineering: The attackers often employ these tactics, sending deceptive emails that appear legitimate. Those messages could contain malicious links or attachments, tricking recipients into downloading malware without their knowledge.
Vulnerabilities Exploitation: Once they are inside the network, threat actors exploit vulnerabilities or weak security controls, granting them access to systems and its data.
Encryption and Ransom: When the ransomware is deployed, they encrypt sensitive files and systems to then demand payment in exchange for the decryption key.
How to Defend Against Ransomware
To defend your organization against ransomware attacks it's helpful to work backwards from where common vulnerability points are. To strengthen your position, start with these core elements:
Strong processes and procedures
Implementing technical controls to protect assets
User awareness and training
How protected is your business?
The world saw an alarming 105% surge in ransomware attacks in the last year alone. How protected is your business from ransomware cyber threats? Take this short assessment to find out.
Get Started →What is The Threat of Ransomware?
After initial access, attackers may quietly roam the networks for extended periods, evading detection whole locating valuable data to exfiltrate potentially compromising its integrity in the process. Only after establishing their foothold, they present their demand for ransom, leaving organizations with a difficult decision.
Examples of the data they are looking to compromise includes personally identifiable information (PII), protected health information (PHI), and payment card information (PCI) including names, birth dates, driver’s license numbers, social security numbers, and passwords/PINs.
Targeted Sectors Targeted by Ransomware
Certain sectors find themselves particularly targeted and so must be more aware of the threat of ransomware. Education, manufacturing, and healthcare have become focal points for threat actors. Often underfunded, these industries possess vast amounts of sensitive data and critical systems, making them lucrative targets. As a result, organizations within these sectors must maintain and heightened level of vigilance and implement robust security measures.
How Can Burwood Help?
The evolving nature of threat actors and their tactics requires organizations to continually fortify their security measures. With our variety of tailored services, our experts can eliminate your vulnerabilities to reduce risk and save costs.
Sources:
1 - DBIR Report 2023 - Summary of Findings. (n.d.). Verizon Business.
3 - Statista. (2023, August 30). Businesses worldwide affected by ransomware 2018-2023.