Ransomware Attack: What it is and How to Recover

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Ransomware Attack: What it is and How to Recover

What is Ransomware?

Ransomware is a type of malware (malicious software) that malicious threat actors (hackers) use that is designed to encrypt (lock) files or lock individual users and even large companies out of their systems until a ransom is paid. Ransomware is designed to work quickly and often requires very little input from malicious threat actors. It can take over entire network systems along with various databases and servers. Due to their increased regularity, ransomware attacks lead companies to consider paying off hackers in exchange for a decryption key. However, this approach is not always effective and may not guarantee the release of encrypted files. Additionally, hackers often use the threat of exposing or deleting private information as leverage to pressure their victims.

What Does Ransomware Do?

After Ransomware infects a system or network, it encrypts files, making them inaccessible to the user and company. Ransomware can then demand payment in exchange for a decryption key to unlock the files and allow users to regain full control over their systems. Ransomware can easily install itself and block access right away.

However, ransomware attacks can be done manually, with a hacker actively attacking with the help of malware.

Protect Your Castle

Still, having a hard time envisioning Ransomware and its functions? Let's let you have a castle and be the king or queen of this castle. You have a bunch of treasures that belong to you and the people of the village that you keep safely stored inside the perimeter of your castle.

As you can imagine, the more valuable your treasures are, the more attractive they become to enemies. You protect your treasures as best as possible, but a group of enemies create a spell named "ransomware" and apply it to a small bug that is difficult to detect and can fit through cracks in your castle.

This bug makes it through to your treasures and casts a spell that locks you out of your treasures. The enemy sends you a message saying that if you want to unlock your treasures, you must provide lots of gold and jewels.

So, as King or Queen of your castle, you are now stuck in a tough situation. You do not want to give in to the demands of the enemy, but at the same time, you want to be able to access your treasures because you are paranoid and like to look at them from time to time.

So, at a basic level, that is what Ransomware is and what it does to your computer, files, and systems. In summary, Ransomware typically does the following:

• Encrypts files

• Locks systems

• Displays ransom notes to users

• Threaten deletion or exposure of files

• May include a time to pressure users

• Quickly spreads across network systems to infect as many systems as possible

These attacks are becoming more common, and individual users and large companies are often unprepared. Both individuals and companies need to keep their cybersecurity measures up to date and be prepared to defend against cyber attacks.

Ransomware Examples

Here are some notable examples of Ransomware: 

1. WannaCry  

This Ransomware became popular in late 2017 when it attacked many companies, including Windows.  

2. Ryuk 

Ryuk is typically delivered through phishing emails and targets businesses and other large organizations. It often demands large ransom payments to release information.  

3. Maze 

This Ransomware gained attention for being the first Ransomware to combine file encryption and data theft in their threats. With Maze, if ransom demands are unmet, stolen data may be leaked or sold to the highest bidder online.  

4. CryptoLocker 

Like WannaCry, CryptoLocker targets Windows users by encrypting files and demanding ransom within a time limit.  

5. Sodinokibi (REvil) 

REvil is another ransomware that attacks large organizations. This Ransomware has evolved to using double-extortion tactics, encrypting files, and threatening to release stolen data. 

These are just five of many ransomware examples out there that could potentially disrupt any organization's operations.

How Does Ransomware Impact Businesses?  

Ransomware attacks can do all the following and then some: 

Halts All Business 

A ransomware attack can easily halt all business operations for an unknown amount of time, ultimately impacting business revenue. Depending on demands and level of encryption, operations can be halted for hours, days, weeks, and even months.  

After the initial attack, it can take even longer to restore all information and operations. Employees will fall behind, and clients will not receive the attention they need.  

Financial Loss 

Companies may experience significant financial losses during periods of halted operations, as their ability to assist customers is visibly reduced, which leads to a prolonged inability to generate revenue. 

Damage to Reputation 

Companies may face reputation damage from halted operations, but reputation can be damaged even further depending on what information is potentially leaked. This can affect trustworthiness and relationships with clients, other companies, and the general public.  

In the castle example, your castle, which was once known to be one of the best castles across the land, no longer has that reputation because your castle is no longer a good place for you to place your treasures. Loss of Confidential Information 

Confidential information can be stolen, leaked, or even deleted if a company fails to pay the ransom requested. This can halt all operations or even cause a business to completely shut down.  

Depending on the industry, data leaks can also result in fines and governmental involvement, which can either require stronger security measures or recovery assistance. Confidential information includes trade secrets, intellectual property, and personal data such as client information, protected health information, and financial data.  

Common Techniques for Initial Access  

Cybercriminals often gain initial access to computers, applications, or systems through the following techniques: 

Phishing Emails  

This technique is a tried-and-true technique hackers use for initial access and is a classic method for a ransomware attack. These attacks imitate trusted sources, enticing clicks on links and attachments to infect a device or an entire system. Attackers will then install malware and steal information from users.  

Imagine you get a message from your King or Queen who is out of the country on business. The message requests that you please send over some information on how to unlock the safe where all the treasures are kept. The message appears legitimate and states the information is urgently needed. 

Remote Desktop Protocol (RDP) Compromise 

Attackers look for weak RDP credentials and other vulnerabilities to gain remote access to a company's system access is gained Ransomware is installed and begins to encrypt files and notify users about the ransom. 

Software Vulnerabilities 

To begin a ransomware attack, hackers can investigate the operating systems of a company and find weak spots. If a company has not effectively applied patches and updates to issues, Ransomware can easily be installed.  

This is particularly common on applications, computers, or systems that are accessible via the internet where there is no need to use a Virtual Private Network (VPN) to access. Hackers will see what weaknesses the systems have that could easily be used to gain access. 

Social Engineering  

With this method, hackers can manipulate users to give up their information, passwords, and more to gain access to their accounts or systems. They can pretend to be someone from a popular company, send an email, make a phone call, send a text, or even talk to an employee in person, convincing the user to give them easy access.  

Think of the ancient Greek poem "The Odyssey" here a giant wooden horse was left as a gift to the Greek goddess Athena. The horse was full of soldiers, and once inside the city of Troy, the soldiers could take the city.  

Frequency of Ransomware Occurrence  

The frequency of a ransomware attack can depend on the industry and the size of the company.  

Industries  

Lately, industries such as the following are under constant attack:  

• Healthcare 

• Finance 

• Government  

• Manufacturing  

• Mining, Quarrying, and Oil & Gas Extraction 

• Utilities 

These industries often hold large amounts of confidential information and have many users, so they are targeted the most. Norton found that the healthcare industry alone will spend $125 billion on cybersecurity measures from 2020 to 2025. According to BSC, the biggest cyberattacks of 2023 included The Guardian Newspaper, Toronto SickKids Foundation, and the Federal Aviation Administration.  

The most recent Ransomware on Change Healthcare, a company specializing in healthcare technology and services, disrupted operations nationwide. This was a coordinated attack meant to dismantle the company's structure. Many parties were/still are affected by this attack, including healthcare providers, insurers, patients, and other organizations that rely on their software to provide billing assistance.  

According to Zippia, cyberattacks can happen as frequently as once every 39 seconds on millions of unprotected companies daily. It is estimated that over 30,000 websites are hacked every day. These attacks are typically due to human error and lead to even more significant issues.  

Often, hackers will use nation-state conflicts and wars as opportunities to cause extremely impactful disruptions with Ransomware. According to Crowdstrike's Report, in November 2023, the hacker group or individual SoldiersOfSolomon used a destructive ransomware variant Crucio against different Internet of Things (IoT) devices in Israel.

IoT devices refer to everyday devices that can connect to the internet, such as smart thermostats, light bulbs, cameras, and others. However, on a larger scale, this can pose a significant security issue, as utility companies and other organizations increasingly rely on IoT devices that can be used to access the castle and the larger devices that hold all the treasure. 

Business Size  

Any business can be the target of a ransomware attack; however, small and medium-sized businesses are increasingly targeted due to their limited cybersecurity measures. They are easy targets for Ransomware and should seek cybersecurity assistance from a company specializing in protecting smaller businesses. Zippia's article mentions that 43% of attackers target small businesses due to this lack of cybersecurity.  

Ransomware attacks also happen to larger companies, but they tend to have more cybersecurity measures due to having a larger budget. However, all businesses should be cautious and have cybersecurity measures in place in the event of an attack. 

How to Protect Against Ransomware

Here are some ways users and companies can protect themselves against system intrusions or a ransomware attack:

Protect humans from themselves

We can often be the cause of our own problems, just as system intrusions or ransomware attacks can be. Phishing and social engineering are two of the most common ways hackers gain initial access to systems, exploiting human error. Therefore, we must educate ourselves and others about good cybersecurity practices.

Protection of this type can come in many forms. Still, some basic principles that can be implemented immediately include turning on multi-factor authentication on accounts where possible, implementing a regular practice of maintaining strong password strengths across important accounts (16-character length, with numbers and symbols as a baseline), and validating email legitimately through phone calls.

If an email seems too good to be true, it normally is. Trust your cybersecurity intuition when receiving suspicious emails, and if they come from what seems to be a legitimate source, validate with a call to make sure the sender actually sent the email that was received.

Conducting regular data backups.

In the cybersecurity world, we do not often live in the space of "if something "happens" but more along the lines of "when something" happens." Because of that, we often recommend having regular backups of your important systems, applications, and data.

In the event of a ransomware attack where your backups are not affected, you can

revert your system to the last backup. In a perfect world, backups of critical data should be kept offline and encrypted.

Keeping software up to date.

Exploiting vulnerabilities or weaknesses in systems, applications, and computers is a common technique, so it is important to keep the software in these systems up to date.

Software companies have large teams regularly identifying weaknesses in their software. When they identify any vulnerability that could be easily exploited or used to cause a disruption in your system or install Ransomware, the company will release an updated version of the software.

Depending on the criticality of the software, automatic updates can be set up where possible, ensuring that the software is up to date. A word of caution with turning on automatic updates is that there can be times when the new software installed causes compatibility issues with other installed software.

Installing ransomware detection software.

Ransomware detection software has evolved from the more commonly known Anti-Virus software and can help detect ransomware behavior on your system. So, where possible, installing ransomware detection software can help identify potential ransomware behavior in systems.

Just like any other software, you want to make sure your Ransomware detection software is up to date. A common practice is to turn on automatic updates on this software.

These are just a few basic measures to protect a company and its users from a ransomware attack. Hiring or consulting a cybersecurity professional can help improve protection and may help prevent a damaging attack.  

How to Recover from a Ransomware Attack

In the unfortunate event that an organization is impacted by a ransomware attack, recovery is vital to return to normal business and reduce the potential impact that Ransomware can cause. Here are the steps to follow to recover from a Ransomware attack:

1. Immediately Isolate Infected Systems

Depending on where the system is located on the network, it is always best practice to disconnect the system from the network. This is true of any type of cyber attack.

2. Evaluate the impact

Identify the system(s) and files impacted by the ransomware attack. This will allow you to prioritize recovery efforts for critical systems and data essential to business operations.

3. Report the incident

Depending on the impact and type of encrypted systems and files, you may need to report the incident to law enforcement or agencies. Doing so can help in two ways: assisting with recovery efforts and preventing future cyber attacks.

4. Restore Data from Backups

Assess the state of your backup systems, ensuring they have the most recent data and are free of malware to prevent another attack. If the backups are clean, then use the backup data to restore your system(s).

5. Consider Decrypting Data

If applicable, decrypt the affected data using decryption tools available for specific ransomware variants. Validate the legitimacy of the tool with reputable cybersecurity organizations or government and law enforcement agencies.

6. Consult with Cybersecurity Professionals

Seeking help from cybersecurity professionals can reduce the time needed to recover from any cyber attack and provide recommendations on improving cybersecurity measures to protect from future attacks.

7. Rebuild System and Enhance Security Measures

If you have done all you can to recover your data, now is the time to rebuild your system and add back what was lost. After this, you must enhance all security measures to ensure you do not fall victim to another ransomware attack.

8. Observe for any Unusual Behavior

Lastly, if you successfully recover your system, you will want to observe your network and systems for any unusual behavior. You do not want the same bug putting a spell on your treasures.

Ransomware recovery can take a long while, but it is possible. With the help of a cybersecurity professional and proper backups users and companies can feel protected and at ease. Ask us how Castile Security can help keep your business protected from cyber-attacks!

For a more detailed guide to Ransomware, check out the Cybersecurity & Infrastructure Security Agency's Stop Agency'sre Website: https://www.cisa.gov/stopransomware

There, you can find a castle full of free information on Ransomware, including their annual #StopRansomwareGuide

References:

BeyondTrust. (2023). What is Ransomware? Retrieved from https://www.beyondtrust.com/resources/glossary/ransomware 

CrowdStrike. (2023, November). 2024 Global Threat Report. Retrieved from https://go.crowdstrike.com/global-threat-report-2024./  

Sjouwerman, S. (2022, July 13). Before the Ransomware Attack: 5 Initial Access Methods. Security Boulevard. Retrieved from https://securityboulevard.com/2022/07/before-the-ransomware-attack-5-initial-access-methods/ 

Trellix. (n.d.). What Is Ransomware? Retrieved from https://www.trellix.com/security-awareness/ransomware/what-is-ransomware/ 

Zurier, S. (2024, March 20). Change Healthcare ransomware attack disrupting industry nationwide. Retrieved from https://www.scmagazine.com/news/change-healthcare-ransomware-attack-disrupting-industry-nationwide