Ransomware: Not a new phenomenon

Ransomware: An insidious piece of malicious software which renders systems and data unusable, by encrypting the data and extorting the victim for payment, before releasing the decryption key

2021 has been the year of extortion in the Cyber Security world. The chief culprit is the continued rise of Ransomware. And with good reason too; Ransom payments collected globally in 2020 were predicted to be between $40bn-170bn. The evolution of this attack type means that modern Ransomware often hits in three strikes.

Discovery Mode to identify back up processes

Encryption of files and data

Exfiltration of data (Financial data is especially targeted)

With statistics recorded since 2012, a common misconception is that Ransomware represents a new attack strategy for Cyber criminals. The history of Ransomware however, largely predates mass internet usage, as the first known example of this attack type was recorded in 1989, utilising the moniker 'AIDS Trojan'.

Ransomware in the 1980's lacked two key mechanisms which drive the success of it's modern day counterparts. The first was it's ability to spread to capture it's victims. Without a large pool of users, limited email functionality and use, no social media and other prohibitive factors, attackers had to think outside the box in order to trap victims. In a tactic which would later be renamed, 'USB Baiting', the attackers would load the ransomware onto a floppy disk (as pictured above) and leave the device around airport lobbies or transportation hubs.

The intended target would be unsuspecting business people and travellers, many of whom would pick the floppy disk up, travel back with it and curiously pop it into their home or work machine. This is a more likely than using a Laptop, which was a new and expensive concept. The Macintosh Portable pictured right launched in 1989 at $6500.

The other problem would be the payment mechanism. The 'AIDS Trojan' directed victims to send payment via a cheque in the post to Panama, while the decryption key would later be mailed to the victim, upon paying the ￡189 ransom.

In 2008 Bitcoin launched and that financial payment mechanism, coupled with the proliferation of the Internet, launched Ransomware as the go to mechanism of choice for Cyber Criminals.

William Taaffe will be delivering a keynote presentation at the 2021 London Fraud Forum Annual Event, covering Extortion and Espionage; the two big themes of 2021.

To find out how to reduce the risk of ransomware within your own organisation get in touch via a direct message