Ransomware Attacks: The Growing Risks And Ways To Deal It

Imagine if you could not use your computer or phone because someone locked them. Hackers on the internet use tricky computer programs to lock up a company’s information. They then ask for money to unlock it. These are called as ransomware attacks. 

This is not just happening to small companies. Big, famous companies are getting attacked too. Even companies that make things we use every day, like food or gas, have been attacked. In 2021, a company that moves gas across America could not work because of an attack. Another company that makes meat also had to stop working. Hospitals and government offices have been attacked too. 

As we use computers and the internet more for work these attacks can cause bigger problems. These attacks are getting worse. They are happening more often and in smarter ways. They do not just cost money. They can stop a company from working. They can make people not trust the company. That is why companies need to learn about this danger. 

So keep reading till the end because knowing about these attacks is the first step to staying safe. By learning more, we can all help protect our work and our information from these bad internet attacks.

Understanding Ransomware Attacks

Now that we have set the stage, let’s dive deeper into what exactly a ransomware attack is and how it works.

A ransomware attack is when hackers use the internet to keep your computer files hostage. These people then demand money in return to give you back your data. This attack works in a proper way starting with hackers getting into your computer. For this, they can use a fishing emails or any bug in your computer systems.

Hackers make a special software program to lock the data on your computer. This program locks all the important files in the computer. When you try to open your files they might not open or if they get opened you might see the jumbled data.

Then right after trying to open the files, you would see a message appear on your screens. The message would tell you that your system is hacked and being locked by hackers and now you need to pay them money to get back access to your data. 

You would have to make the hard choice at this point. You are either gonna pay them to get back your file access or you can say no but in this case, you would lose your data forever. 

Ransomware attacks can happen to anyone who uses a computer. That is why it is important to be careful and protect your computer.

How Ransomware Gets Into Computers?

Ransomware attacks are very cunning. These can get into your computer in many different ways:

Trick Emails

Hackers use a fake email that looks real and put the software in that email. They might attach a link or file with email and by clicking on that the ransomware might get into your computer systems. These emails look so real as hackers send them from the people you may or something you might be interested in.  

Software Weaknesses

Sometimes, the programs on your computer have bugs in them. Hackers can use special tools to find these bugs and use them to get into your systems. That is why it is important to keep your computer software up to date.

Password Guessing

If your computer allows remote access hackers can use it as an opportunity. They might try to guess your password. They use software to try many passwords very quickly and can get into your systems.

Dangerous Websites

Sometimes, you might use a website that has malicious content. These websites could be dangerous as they can allow hackers to get into your system with a single click you do on that website. It is also a possibility that you would have no idea what is happening in your computer until it gets hacked.

People Inside

One of the possibilities of ransomware attacks is the people inside the company. They might get the ransomware accidentally on the computer by clicking the wrong links or sites. Or there is also a chance they do it intentionally for the sake of money or they are angry at the company.

Types Of Ransomware

There are many types of ransomware attacks and each one is different from others. These types are:

Crypto Ransomware

The most common type of ransomware is crypto-ransomware. In this, all your files get encrypted with the software. This encryption makes your files unreadable and you can only read them when the encryption is removed. 

Locker Ransomware

In this attack, instead of encrypting the files, the hackers lock the files on your computer. Also, they might lock your whole device and only you can see a message saying that your system has been hacked and you would be able to open it after the payment. 

Scareware

In scareware, hackers try to scare you by claiming that your system is being compromised but in actuality, it is not infected. Such hackers just try to scare you without doing anything. 

Doxware

In this ransomware the hackers play dirty to make sure you pay for the attack. They might threaten you to publish your private data online. It can cost you a lot maybe more than what the hackers are demanding.

What Are The Motivations Behind Ransomware Attacks?

You might wonder, “Why would someone do such a thing?” Well, the motivations are pretty simple:

Getting Money

The biggest reason for any ransomware attack most of the time is money. The hackers need money and they can make an incredible amount from ransomware attacks. For a single ransomware attack, hackers demand millions of dollars and they get paid mostly. So, the major motivation behind ransomware is money. 

Disruption

Some hackers might be more interested in making chaos than money. The ransomware attacks mostly happen to big companies and governmental institutes. These are big things and a little disruption in their functions can cause a huge problem. Such psychopath hackers enjoy creating the mayhem.

Geopolitical Goals

In some cases, ransomware attacks might be part of larger state-sponsored cyber warfare campaigns. Some countries hire hackers to attack the country digitally. This is a kind of war but without weapons. With such ransomware attacks, one country might want to have access to sensitive information or control the power plants, etc.

Proving A Point

Another feasibility of ransomware could be to expose the weaknesses of a company. Some hackers might want to prove their point that some specific companies have flaws in their digital security. But this is the least motivation for a ransomware attack. 

Understanding these motivations can help us better predict and prepare for attacks.

The Rising Threat To Major Companies

Now that you have got a solid grasp on what ransomware is and how it works, let’s look at why it is becoming such a big problem for major companies in particular.

Statistics On Ransomware Attacks Targeting Large Corporations

When it comes to ransomware attacks on big businesses there are huge numbers that are quite scary. The Sophos conducted a survey on ransomware attacks and presented the report as “State of Ransomware 2021”. The crux of the report is as follows:

• In 2021, globally 37% of the big companies were hit by ransomware attacks. According to statistics, it is more than one in every three companies. It means ransomware is dangerous to most companies. 
• The amount of ransom paid by the big companies with more than 1000 workers was about $170,404. This was the average money paid by the companies of different fields. This was a huge enough amount to buy a big and nice house in America. 
• The attacks caused so much disruptions in each company. The fixing of those problems caused more cost than the actual ransom. The attacks cost the fixing of computers, overtime payment for employees, and the loss of business during the attack, which was almost $1.85 million for each attack. The fixing cost is almost 11 times the amount of ransom itself. 
• In 2019, it was one company that was hit every 14 seconds but in 2021, it was every 11 seconds a company was hit by ransomware. In 2021, it got faster which means the ransomware attacks are getting more common. 

Also, the amount of ransom the hackers are asking is increasing. According to Unit 42’s Ransomware Threat Report, from 2020 to 2021, the average amount of ransom demanded by the attackers went to 518%. This is a huge jump in just one year.

These numbers and stats show that ransomware is a serious issue. It is not a small thing, it is a major threat to cyber security that is spreading quickly. Big businesses and large companies must take steps to avoid such threats.

Remember, these numbers are from 2021, so things might have changed a bit since then. But they give us a good idea of how serious ransomware attacks are and why companies need to be prepared.

Industries Most At Risk

While no industry is immune to ransomware, some are more frequently targeted than others:

• Healthcare: Hackers often attack hospitals and doctors’ clinics because they need their computers working all the time. If a hospital can not see patient information it could be very dangerous for sick people. That is why hospitals might pay quickly to get their computers working again.
• Banks and insurance companies: These places have lots of information about people’s money. Many bad people want this information to use it for their own sake. They can ask for money to give it back or they might steal it.
• Government offices: Many government computers are old and easier to break into. Also, they have important and sensitive information that hackers want. This makes government offices a big target.
• Schools and colleges: These places have many people using their computers like students and teachers. Sometimes, they do not have very strong ways to keep bad people out. This makes them easier to attack.
• Factories: More and more factories use computers to run their machines. This gives hackers new ways to cause trouble. They might try to stop the machines from working.
• Power companies: Hackers sometimes attack places that give us electricity, water, or gas. If they can stop these services, it will cause big problems for everyone. This makes power companies a target.
• Stores: Stores have information about what many people buy. They also need their computers working all the time to sell things. Hackers know very well that stores might pay quickly to get their systems working again.

Hackers can attack any kind of business. But they often choose these types because they think they will have a better chance of getting money or causing big problems.

What Factors Are Contributing To The Increase In Attacks?

So why are we seeing this increase in ransomware attacks? There are several factors at play:

Increased Digitization

This is the time of technology and everything is now digitalized. Businesses and companies whether they are small or big are turning to computerized working methods. These are putting their data on the internet and it is easy this way to get to any company’s computer. The hackers can easily break into systems through the internet. They can easily steal data and information they need and can mess up with anything. 

Remote Work

When the COVID-19 pandemic happened, many people were bound to do their work from home remotely. As it was the time of stress already, many companies did not pay heed to the online security of their employees. The home computers of the workers were not as safe as the ones at the workplace. This made it easier for the hackers to invade their systems. Those bad guys did many ransomware attacks on companies with weak security. 

Cryptocurrency

There is a new type of money that is used digitally called as cryptocurrency. It is special and secure because it is quite hard to find who is using this cryptocurrency. But for hackers, it is a great way for money transfers. They can get paid the amount they want without even anyone knowing them. It is like you wear something on your digital identity so no one can see who you are.  

Ransomware as a Service (RaaS)

Some cybersecurity experts made out a new way to make the ransomware attacks easy. Now they are selling the ransomware programs on the dark websites to the people who want it. It is a model like the software as a service (SaaS) but it is ransomware as a service (RaaS). The people who are bad at software and computers can easily do bad things on the internet with such a service. 

Geopolitical Tensions

Geopolitics has always been a big part of so many policies of a country. In the case of ransomware, geopolitics is involved too. Some countries might let the attackers stay in the region to use them against their enemies. As the world is digital so the war is. Such countries might want to cause troubles for the other country digitally. 

Cybersecurity Skills Gap

There is a lack of expertise among the people about digital security. There are not enough people who are good at protecting computers from such cyber threats. This creates a huge gap in skills between the attackers and the protectors. Companies want to hire such experts for better security but they are not available. This makes it easy for the hackers as they do not have any to fight with. 

Successful Attacks Breed More Attacks

A successful ransomware attack makes other hackers confident that they can pull out such a thing too. When a big company pays a big amount for ransomware to get their data back the other bad people consider doing it too. So this is a big reason that more and more hackers are getting into ransomware. 

All these things together make it easier and more tempting for people to do ransomware attacks. That is why we are seeing so many more of them happening now.

How To Respond To A Ransomware Attack?

Despite best efforts, a ransomware attack might still occur. When it does a swift and organized response is essential. Here is how to handle it:

Immediate Steps To Stop The Attack

The priority is to stop the spread so as soon as you detect any unusual thing you have to do the following things first:

• Unplug sick computers from the internet and other computers.
• Tell your computer helpers what is wrong.
• Save information about what is happening for later.
• Try to find out what kind of computer sickness it is.

Decision-making

Now you have to decide what to do. Should you pay the hackers to fix your computers? It is tricky because paying might make them come back later. They might not even fix your stuff if you pay. Sometimes there are free ways to fix your computers. Think about how much money you will lose if your computers stay broken. In some places, it is against the rules to pay hackers. Also, think if it is right to give money to people doing bad things.

Engaging With Cybersecurity Experts And Law Enforcement

Do not try to fix this alone. Ask cybersecurity experts for help. Tell the police too. They might know stuff about the hackers. You might need to tell some government people about what happened. If you want to pay you can hire someone good at talking to hackers. They might get the attackers to ask for less money.

Communication Strategies With Stakeholders

You need to tell people what is going on. Tell your workers what to do and not do. If you have customers whose information might be stolen tell them. Be ready to talk to media people. If you have any stakeholders in your company inform them what is happening. Tell other companies you work with too if it might affect them.

Remember, how you handle this big problem is very important. If you do it well people might trust your company more. If you do it badly, things could get worse.

What Are The Consequences For Affected Companies?

The impact of a ransomware attack goes far beyond just the ransom payment. Here are some of the consequences of ransomware:

Financial Losses

When hackers lock up a company’s computers, it costs a lot. The company might have to pay to get their data back. Meanwhile, the work stops due to the attack and it stops the production of the company as well. They also can not work, so they lose money. Plus, fixing everything is very expensive. Ransomware just not cost you just money in the form of ransom but it makes you lose many from many aspects.

Reputational Damage 

If a company gets attacked people might think they are not good at keeping things safe. It makes your company’s security very doubtful that you can not even protect yourself then how will protect your customers’ information. This makes you look weak and bad in front of the world and damages your reputation. 

Legal Consequence

There are rules about keeping information safe. According to these rules, the companies are bound to protect the information of their customers. If a company breaks these rules, they might have to pay big fines. Also, people can take legal actions against the company which can cause the company to follow many court trials. 

Operational Disruption 

When the hackers lock the computers, no one can work. To avoid the spreading of attack the systems are shut down. In this situation, the employees can not do their jobs, sometimes for many days. The work remains shut down for a long time and can increase the workload for the future also costing a lot of financial loss. 

Data Loss 

Even if the company pays the hackers they might not get all their information back. The hackers might damage your data or delete some important information. Even paying the ransom does not confirm that your company will get complete data back. This can also happen that the ransom program might affect your computer and damage your files. The company might lose important things they need.

Increased Security Costs 

After an attack, companies have to buy better ways to protect themselves. The security systems, software, and paid tools are used for the better security. You might need to hire new employees who are cybersecurity experts and can handle such situations better. It costs more money but it helps keep things safe.

Employee Impact

When this happens, employees at the company might feel scared or upset. The people who take care of computers might feel extra worried. Some might even want to get a new job. The employees can see the effects of the ransomware which is why maybe they want to get a safe job. 

Competitive Disadvantage 

While a company is fixing its problems, other companies can take their customers. The companies in the competition may take it as a chance to It is like if your favorite playground closed, so you started playing at a different one and liked it better. The same thing can happen to companies when they are attacked.

As we can see, the stakes are high when it comes to ransomware attacks on major companies.

How To Recover From Ransomware Attack?

After the immediate crisis has passed, the focus shifts to recovery. This process can be lengthy and complex but it is crucial for getting your business back to normal operations.

Assessing The Damage

After the hackers leave your systems you need to check what is damaged. For your company you have to look at which computers work and which do not. You also need to see if you lost any important information. You must consider the factor that how this will affect your work and your customers. You will also have to estimate how much money you have lost because of the attack.

Data Restoration Processes

If you made copies of your important things like saving your game now is the time to use them. It is like having a spare key when you lose your main one. The company puts back the important information first. The company checks everything to make sure the information is not messed up. Sometimes, you can only put back the most important stuff at first. Before using the information again it is good to test it to make sure it is safe.

Rebuilding Affected Systems

Sometimes, it is better to start fresh. It is like getting a new coloring book instead of trying to erase a messy one. The company can put new computer programs on clean computers. You have to make sure everything is up-to-date, like having the newest version of a game. Also, thoroughly check that everything is safe before you start using it. Only when you are sure it is all good do you put the information back on.

Strengthening Security Measures Post-attack

After an attack, it is important to make things safer. It is like putting a better lock on your door in case someone again tries to break in. The company tries to understand how the hackers got in. They fix any holes the hackers used for the attack. They start watching more closely for any new problems. They make new rules to keep things safe. They also teach their workers how to be more careful, like showing your family how to use the new lock.

Remember, getting better after an attack is not just about fixing what is broken. It is about making everything stronger so it does not happen again.

What Are The Prevention Strategies For Ransomware Attacks?

As the old saying goes, an ounce of prevention is worth a pound of cure. This is especially true when it comes to ransomware. Here are key strategies companies can employ to reduce their risk:

Employee Education And Training

Your employees are both your first line of defense and potentially your biggest vulnerability. Regular training is necessary for all the employees. Teach employees to spot suspicious emails, links, and attachments.

Enforce strong password policies and the use of password managers. Train staff to be wary of unusual requests, even if they seem to come from authority figures. Ensure everyone knows how to report suspicious activities or potential security incidents. Conduct simulated phishing attacks to keep employees on their toes.

Strong Cybersecurity Measures

A multi-layered approach to security is essential like:

• Next-generation firewalls: These can detect and block malicious traffic before it enters your network.
• Endpoint protection: Install and maintain up-to-date antivirus and anti-malware software on all devices.
• Email filtering: Use advanced email security solutions to catch phishing attempts and malicious attachments.
• Web filtering: Web filtering blocks access to known malicious websites.
• Multi-factor authentication (MFA): Implement MFA across all systems to prevent unauthorized access even if passwords are compromised.
• Network segmentation: Divide your network into separate segments to limit the spread of any infection.

Regular Software Updates And Patch Management

Keeping systems updated is critical for better security.   Use tools to automatically apply security updates across your network. If you must keep older systems, ensure they’re isolated and closely monitored. Don’t forget to keep all software up to date, not just operating systems. Always test patches in a controlled environment before rolling them out company-wide.

Backup And Recovery Systems

A strong backup strategy is your last line of defense. Follow the 3-2-1 rule and keep at least three copies of your data, on two different types of media, with one copy off-site. Keep some backups completely disconnected from your network. You must periodically test your backups to ensure you can actually restore from them. Use backup systems that create unchangeable snapshots of your data.

Network Segmentation And Access Control

Limit the potential spread of ransomware by giving them access to related and minimum people.  Give users only the access they need to do their jobs.  Divide your network into separate subnetworks to contain potential breaches. Verify every attempt to access your systems, regardless of where it comes from. Periodically review who has access to what and revoke unnecessary privileges.

By implementing these prevention strategies, companies can significantly reduce their risk of falling victim to a ransomware attack. However, no defense is perfect, so it’s also crucial to know how to respond if an attack does occur.

Recent Ransomware Attacks On Major Companies

Learning from real-world incidents can provide valuable insights. Let’s examine a few recent and notable ransomware attacks on major companies:

Colonial Pipeline Attack (2021)

Colonial Pipeline moves gas from Texas to the East Coast. Hackers locked up their computers. This made the pipeline stop working for days. People could not get gas easily and many got scared and bought too much gas. The company paid $4.4 million to the hackers. This showed that important things like pipelines can be affected by computer attacks.

NCR Aloha POS Attack (April 2023)

The ALPHV/BlackCat group targeted NCR, a U.S. manufacturer of ATMs, barcode readers, and payment terminals. The ransomware attack disrupted the Aloha POS platform, used by numerous restaurants for managing operations. The attack forced many establishments to revert to manual operations. This majorly impacted their efficiency significantly.

City of Dallas (May 2023)

The Royal ransomware group attacked the City of Dallas, affecting municipal services, including the IT systems of the Dallas Police Department. Network printers began printing ransom notes, causing a significant disruption to city operations.

MOVEit Transfer Vulnerability Exploitation (June 2023)

The Clop ransomware group exploited a vulnerability in the MOVEit Transfer tool, affecting numerous organizations. Notable victims included Shell, the New York City Department of Education, BBC, Boots, Aer Lingus, and the University of Georgia. This attack highlighted the risks associated with unpatched vulnerabilities in widely used software.

University of Hawaii (July 2023)

The NoEscape ransomware group attacked the University of Hawaii, specifically targeting the Hawaiian Community College. The attackers stole 65GB of data, including the personal information of 28,000 individuals. This made the university to pay the ransom to prevent the data from being published.

Prospect Medical Holdings (August 2023)

The Rhysida ransomware group targeted Prospect Medical Holdings, which operates 16 hospitals and 165 clinics. They claimed to have stolen 2.3TB of data, including social security numbers, patient medical records, and financial documents, demanding a ransom of 50 BTC (approximately $1.3 million at the time).

Caesars and MGM Resorts (September 2023)

The ALPHV/BlackCat group launched a significant attack on Caesars Entertainment and MGM Resorts. This attack crippled their infrastructure. The attack disrupted hotel check-in systems, slot machines, and other essential services, highlighting the vulnerabilities in the hospitality sector.

Reddit (June 2023)

The BlackCat ransomware group also attacked Reddit, stealing 80GB of data, including corporate documents and code. They demanded a ransom of $4.5 million, showing the high stakes involved in protecting corporate data and intellectual property.

Barts Health NHS Trust (2023)

Barts Health NHS Trust, one of the largest healthcare providers in the UK, was attacked by the BlackCat group. They claimed to have stolen seven terabytes of internal documents. This attack underlined the critical need for strong cybersecurity measures in the healthcare sector.

Cencora (formerly AmerisourceBergen) – February 2024

Cencora, a pharmaceutical services company experienced a significant ransomware attack where data from its information systems was exfiltrated. Although the company took immediate steps to stop the breach and began an investigation with cybersecurity experts and law enforcement. The full impact on its operations and financial condition was still being assessed. This incident highlighted the ongoing threat to the healthcare sector and the need for robust cybersecurity measures.

Simone Veil Hospital, Cannes, France – May 2024

The LockBit ransomware group targeted the Simone Veil hospital, resulting in the publication of confidential data. This attack severely impacted the hospital’s operations. The administration had to handle sensitive patient data breaches and operational disruptions. LockBit’s extortion demands and subsequent data leak underscore the vulnerabilities in healthcare institutions.

Wichita Government – May 2024

Wichita’s local government systems were attacked by the LockBit ransomware group. This attack led to the encryption of several systems. This attack caused significant disruptions including payment issues and airport operation delays. The incident necessitated the shutdown of systems to prevent further spread of the malware.

Ascension Health System – May 2024

Ascension, one of the largest Catholic health systems in the U.S. faced a ransomware attack by the BlackBasta group. This attack disrupted clinical operations leading to an immediate investigation and notification to law enforcement. The ongoing investigation aims to mitigate the impact on patient care and secure the network against further threats.

Ohio Lottery – May 2024

The Ohio Lottery suffered a ransomware attack by the DragonForce group, impacting approximately 538,000 individuals. The attackers claimed to have obtained over 1.5 million records in which sensitive employee and player information was included. This breach highlights the risks faced by public sector organizations and the critical need for strong cybersecurity defenses.

Christie’s Auction House – May 2024

Christie’s, the British auction house had to take its website offline and delay a live auction due to a ransomware attack by the RansomHub group. The attack caused striking operational disruptions and this affected the auction schedule and online services.

Singing River Health System – May 2024

The Rhysida ransomware group targeted the Singing River Health System resulting in the theft and subsequent data leakage that affected approximately 895,000 individuals. The stolen data included a wide range of sensitive information. It shows the serious risks to patient privacy and the operational integrity of healthcare providers.

Analysis Of Attack Methods And Company Responses

What we learned from the recent attacks on the companies:

• Hackers often get in by sending phishing emails or by finding weak spots in remote access computers that let people work from home.
• Once the hackers get inside the system, the malicious virus can spread fast. So, it is important to keep different parts of computer networks separate.
• Companies that found the problem quickly did better than those that took a long time.
• Telling people what was happening helped companies deal with the problem better.
• Having extra copies of important information helped companies get back to work faster.

These case studies underscore the real-world impact of ransomware attacks and the importance of comprehensive cybersecurity strategies. They also highlight that no company, regardless of size or industry, is immune to these threats.

The Role of Government and Law Enforcement

As ransomware attacks increasingly impact critical infrastructure and large corporations, governments and law enforcement agencies are taking a more active role in combating this threat.

Cybersecurity Regulations 

There are following few cybersecurity laws:

• GDPR (General Data Protection Regulation): This is a big rule in Europe. It says companies must be very careful with people’s information. If they are not, they can get in big trouble and pay a lot of money.
• CCPA (California Consumer Privacy Act): This is like GDPR but for people in California. It helps protect their information too.
• NIST Cybersecurity Framework: This is like a guidebook that helps companies keep their computers safe. They do not have to follow it, but it is really helpful.
• Industry-specific regulations: Some sectors like healthcare (HIPAA) and finance (PCI DSS) have their own special rules for keeping information safe.
• Mandatory reporting: In many places, companies now have to inform the government if they get attacked by ransomware.

These rules help make sure companies try hard to keep people’s information safe. They are like safety rules for computers just like we have safety rules for driving cars.

International Cooperation In Combating Ransomware

Countries are cooperating on an international level to get rid of ransomware attacks as:

• Information sharing: Different countries share with each other about the hackers they have seen. This helps everyone be ready.
• Joint operations: Sometimes, law enforcement agencies from different countries work together to catch ransomware attacks.
• Diplomatic efforts: Some countries are using diplomatic channels to try to get other countries to stop letting bad guys hide there.
• Global initiatives: There are big groups like INTERPOL and EUROPOL that help police from all over the world work together.
• Public-private partnerships: The government also works with private-sector cybersecurity companies that know a lot about computer safety.

By working together and having good rules, governments and law enforcement are trying to make it harder for ransomware attacks to happen. It is a big job, but they are trying to keep everyone’s computers and information safer.

Frequently Asked Questions

The Bottom Line

As you have seen throughout this article, ransomware is a significant and growing threat to major companies across all industries. It can impair them in many ways. But if companies are smart and plan ahead, they can protect themselves better.

It is best to get ready before bad things happen. Companies should always be looking for dangers and making their computers safer. They should teach their workers what to do. They should also have a plan for if they get attacked.

Keeping computers safe is very important for every business now. Everyone in the company needs to help not just the computer experts. Companies should spend money on good tools and cyber experts to keep things safe. They should also keep learning about new threats.

Ransomware is not sparing us anytime soon. But if companies work hard to stop it, they can keep themselves and their custom