Vulnerabilities invite Cyber-Attack

After a brief respite, ransomware attacks are back with renewed intensity, and security leaders must increase their preparedness, from employee awareness training to advanced incident response planning.

Ransomware attacks exploit system, network, and software vulnerabilities on computers, printers, smartphones, tablets, wearables, and point-of-sale (POS) terminals to gain entry and lock or encrypt devices or data. Once infiltrated by attackers, their goal is usually either locking the device down entirely or encrypting its data for ransom.

Computers

Cybercriminals often encrypt data and systems to block access until a ransom payment is made - an effective tactic since many organizations opt to pay up rather than risk losing critical information or experiencing significant disruptions to operations.

Since some data, such as personal employee details and intellectual property, can be considered highly sensitive, attackers often target businesses that cannot afford to lose it - including banks, retailers, and telecommunications providers, as well as local, state, tribal, and territorial governments and healthcare providers.

Hackers often target supply chains to gain entry to organizational networks. A recent cyber attack against US-based software maker Moveit allowed criminals to obtain customer details and sell them to hackers.

Lumma and Silencer Stealer malware can easily bypass detection by deleting or moving data before security tools detect it; as a result, even when businesses employ up-to-date software, they must keep an offline backup ready just in case something goes amiss.

Smartphones

Ransomware blocks access to your files and programs until the attackers' demanded fees are met. This malicious software commonly targets computers, printers, wearables, and point-of-sale (POS) terminals; attacks often exploit human, network, system, and software vulnerabilities to gain initial entry into devices.

In 2022, 30–30% of malware breaches were due to ransomware attacks, disrupting closings for multiple real estate firms while costing Clorox Company money through order processing delays and product shortages. Schools and hospitals were also hit hard, where attacks against the NHS 111 non-emergency number and South Staffordshire Water disrupted operations.

Over recent years, ransomware attacks against local government entities and critical infrastructure organizations have increased exponentially as cyber attackers encrypt data and systems before demanding payment to restore them, often demanding millions. If victims do not pay up, their private information could become public knowledge or be sold online.

Software

An effective way to defend against ransomware is to update software regularly since hackers use unpatched vulnerabilities to launch attacks against systems.

Attackers have increasingly turned their focus toward cloud vulnerabilities to gain credentials. For example, the Cl0p ransomware group recently exploited a flaw in the MOVEit file transfer service, exploiting it through an exploit that installed a trojan onto victim machines to allow privilege escalation and later movement by attackers.

Ransomware-as-a-service (RaaS) tools pose another threat, enabling less-skilled cybercriminals to increase attack volumes using infrastructure and support services provided by experienced cybercriminals.

Keep software updated, consider adopting a zero-trust model with "never trust, always verify," and establish a solid backup process. Ransomware attacks frequently target data, and having backups can significantly lessen the damage caused by such attacks. Running tabletop exercises to identify gaps and ensure appropriate processes exist to mitigate and recover from an attack can help.

Updates

Ransomware attacks often use stealthy malware to encrypt sensitive data, forcing victims to pay to unlock it. Such threats should form part of security strategies 2024 and be noticed when planning security strategies.

Ransomware can spread via phishing scams in which cyber criminals send fake-looking emails containing malicious links and attachments that, when clicked, download and install ransomware onto users' devices.

Hackers frequently target large enterprises as potential victims of ransomware attacks. One such attack targeted British Royal Mail with LockBit ransomware demanding an $80 million ransom; other companies hit include Boeing and Taiwan Semiconductor Manufacturing Company (TSMC).

Smaller firms also face such attacks and lack the funds for an adequate cybersecurity defense. To best defend yourself, update your software regularly and back up your data regularly so you can restore it if a ransomware attack ever arises.