While holding something of value for ransom is not a new concept, ransomware has become a multimillion-pound criminal business, targeting both individuals and corporations. Due to its low barrier to entry and effectiveness in generating revenue, it has quickly displaced other cybercrime business models and become the largest threat facing organisations today.
Attackers must execute five steps for a ransomware attack to be successful.
1. Compromise and take control of a system or device
Most ransomware attacks begin by using social engineering to trick users into opening an attachment or following a malicious link in their web browser. This allows attackers to install malware onto a system and take control.
2. Prevent access to the system
Once they have system access, attackers will either identify and encrypt certain file types or deny access to the entire system.
3. Notify the victim
Naturally, attackers and victims often speak different languages and have varying levels of technical capabilities. Attackers must alert victims to the compromise, state their ransom demand and explain the steps for regaining access.
4. Accept ransom payment
To receive payment while evading law enforcement, attackers demand cryptocurrencies, bitcoin is very popular for this type of transaction.
5. Return full access
Attackers must return access to the device(s). Failure to restore access to compromised data or systems undermines the scheme as few would be willing to pay a ransom if they didn’t believe their valuables would be returned.
Keeping your organisation safe from falling victim to a ransomware attack requires a fundamental shift – away from detection and remediation, toward prevention. This means reducing the attack surface, preventing known threats, and identifying and preventing unknown threats.