RANSOMWARE – A STRONG CYBER THREAT IN 2023

Cyber security threats are constantly evolving, and new ones emerge every year. In this series we will delve into some of the most prominent threats in 2023, but first, let’s start with a common one, Ransomware:

 

A Ransomware Attack is a type of cyber-attack in which an attacker encrypts a victim’s files and demands payment in exchange for the decryption key. The attacker typically demands payment in the form of cryptocurrency, making it difficult to trace the transactions and identify the attacker.

During a ransomware attack, the attacker will gain unauthorized access to a victim’s system, often through phishing scams, unpatched software vulnerabilities, or network intrusions. Once the attacker has access, they will encrypt the victim’s files, making them inaccessible to the victim. The attacker will then demand payment in exchange for the decryption key, and often threaten to destroy the encrypted files if the ransom is not paid.

Ransomware has a relatively short, but impactful history. Some of the key milestones in the history of ransomware are:

  • 1989: The first known ransomware attack, known as the “AIDS Trojan,” was discovered and targeted victims with a ransom demand in exchange for unlocking their files.

 

  • 2005: The first widespread ransomware attack using the “Gpcode” ransomware was discovered. It encrypted victims’ files and demanded payment in exchange for the decryption key.

 

  • 2013: The first large-scale ransomware attack using the “CryptoLocker” ransomware was discovered. It was particularly effective in infecting systems and demanding payment in exchange for the decryption key.

 

  • 2016: Ransomware attacks increased in frequency and sophistication, with the “WannaCry” ransomware attack affecting hundreds of thousands of systems globally.

 

  • 2018: The “Ryuk” ransomware was discovered, targeting large organizations, and demanding large ransoms in exchange for the decryption key.

 

  • 2020: The COVID-19 pandemic led to an increase in ransomware attacks, as many organizations were forced to rapidly transition to remote work and had limited resources to secure their systems.

 

Ransomware attacks can cause significant financial and operational damage to individuals and organizations, as they may be unable to access important data and systems until the ransom is paid or the encrypted files are recovered through other means.

Today, ransomware remains a significant threat to individuals and organizations, and new variants continue to emerge, making it important for individuals and organizations to be aware of the risks and to implement robust cybersecurity measures to protect themselves.

 

To protect against ransomware attacks, it is important to implement robust cybersecurity measures, such as proper firewalls policies, effective EDR with remediation and rollback capabilities, regularly update systems and software to address new and evolving threats, and backup important data regularly to ensure that it can be restored in the event of an attack. Additionally, individuals and organizations should be cautious when opening emails and attachments from unknown sources and be aware of the signs of a ransomware attack, such as sudden file encryption and ransom demands.

Article Written by Kevin Gordon,

CEO of Simply Secure Group