Ransomware: how can it affect my business?

These days, with hyperconnectivity and remote work, cyberattacks are more possible than ever. Have you heard about entire companies being attacked? Probably yes.

From Phishing to Malware, hundreds of attacks are being done by hackers in the most creative and counterintuitive ways.

In this article, you’ll find out about Ransomware, a type of attack that is only growing and threatening not only individuals but businesses as well.

What is Ransomware?

Imagine being on your computer and then receiving a text message that says “your system could be attacked, protect it here”, and you click the link below thinking you’re actually protecting it.

But it’s the complete opposite: your system gets locked and someone encrypts all of your information and tells you that you either pay them $20.000, or you lose everything.

This is how ransomware works.

With this type of Malware, the attacker gains access to a system and encrypts all of their files. Therefore, the victim loses accessibility to their documents and information and has to make a payment to gain access again.

The most dangerous thing is that Ransomware is only growing with the years. By 2031, their costs are estimated to reach $265 billion. What does this mean? That not only individuals but also companies, have to be extremely aware of Ransomware and learn more about it.

Types of Ransomware

Now that we know what Ransomware is about, let’s dive in their different types. Usually, what differenciates them is the way the attacker gains access to the network and how they demand money in return.

1. Locker Ransomware: The victim gets access to the locked screen and can only interact with a screen that shows the attacker's demand. Therefore, they are locked from access to their files and documents.
2. Leakware: The attacker threatens the victim to release all of their data to public domains. Usually, this type of data has sensitive information.
3. Crypto Ransomware: In this case, data, files, and information from the victim’s device are encrypted by the attacker. Even though the victim can access the system, they won’t be able to see their own data because of the encryption.
4. Scareware: Usually, the victim gets an alarming message (for example, telling them that their system needs to be protected) and they download Malware without knowing what it is. With that action, the attacker gains access to the victim’s system and encrypts their files and documents.
5. Ransomware As a Service (RaaS): In this case, cybercriminals affiliate with a network with a SaaS business model. There, they can upload ongoing Ransomware attacks and other attackers (usually with low technical knowledge) can use them to interact with the victims. Ultimately, the members of this network get a percentage of those attacks.

How can Ransomware affect businesses?

When Ransomware appeared at the beginning of the 90s, the victims were usually individuals that were sitting behind their computers.

Unfortunately, in the past years, cybercriminals saw a huge opportunity in attacking businesses. Since they have more sensitive data and information - usually about third parties, like clients - the reward for them could be much bigger and more profitable.

This represents a danger because even though companies can have a whole cybersecurity team, if an employee of another area - who doesn’t have a clue about cyberthreats - gets an email and clicks on a link, their entire business could be hanging by a thread.

Also, other aspects like remote work are setting a bigger alarm for businesses, because remote workers are more vulnerable to Ransomware attacks since companies have less control over their systems.

How can you solve this issue? Training the entire company about cybersecurity and its main aspects could be a great approach. If users are more aware about threats, attacks are less likely to happen.

On the other hand, services like pentesting can be really helpful in order to prevent these types of attacks since you can test your defenses and identify weaknesses in your systems.

Learn more about the solutions Strike can offer you in order to prevent these attacks.