This Beginner’s Guide to Ransomware is a comprehensive multi-part series that will empower you with the knowledge and tools to navigate the ever-evolving landscape of ransomware threats. In this series, we’ll take you on a journey through the intricacies of ransomware, from understanding what it is and how it works to practical tips on prevention, mitigation, and recovery.
In this part 1, we will explore what ransomware is, why it’s been spreading, how ransomware attacks have changed over time, some statistics about ransomware, well-known types of ransomware, and the different categories of ransomware.
What is Ransomware?
Ransomware is a type of harmful software carefully designed to take over computer systems or lock up files, making them impossible to use. The people responsible for these attacks then ask for a payment, usually in a type of digital money, in return for the special key needed to unlock the files. In simple terms, victims are like hostages in a digital situation, unable to access their data or systems until they pay the demanded amount.
Why Are Ransomware Attacks Emerging?
The growing prevalence of ransomware attacks can be linked to several strong reasons outline below:
A. Profit Motive: Cybercriminals are attracted to ransomware because it can make them a lot of money. These attacks have been very profitable, which encourages attackers to keep doing them.
B. Cryptocurrency: The rise of digital currencies like Bitcoin has also made it easier for ransomware attackers to operate. Cryptocurrencies provide a way for attackers to stay anonymous, making it difficult for authorities to track them down.
C. Sophisticated Techniques: Ransomware attackers have gotten better at what they do. They use more sophisticated methods, which are often ahead of the defences that organizations and individuals have in place.
Now that we know what ransomware is and how it works, let’s look at its history to understand how it has become such a big threat today.
Evolution of Ransomware Attacks
As expected, ransomware attacks have changed a lot over the years. Not only how they spread and how bad they are has changed, but also many other things about them have changed in the past decades, as explained below.
Year 1980s- Early Days
- In the late 1980s, the first ransomware called the AIDS Trojan appeared. It spread using floppy disks and demanded a ransom
- Ransomware during this time was not very complicated and could be easily bypassed
2000s- The Modern Menace
- In the mid-2000s, we saw the rise of more advanced ransomware types like Gpcode, which used strong encryption
- Ransomware started using electronic currencies, making it hard to trace payments
Year 2013- Cryptolocker
- Cryptolocker, a notorious ransomware, introduced advanced encryption techniques and demanded payment in Bitcoin, making it difficult to track
Year 2017- WannaCry Epidemic
- WannaCry, which used a tool from the NSA, spread worldwide, affecting over 200,000 computers in 150 countries
- It showed how ransomware could disrupt important systems and emphasized the need for cybersecurity
Late 2010s- Ransomware-as-a-Service (RaaS)
- Platforms like GandCrab and Sodinokibi/Ryuk made it possible for even non-technical people to launch ransomware attacks
- The underground market for ransomware became more organized and profitable
Year 2020- Double Extortion
- Ransomware attackers started using a double extortion tactic, stealing data before encrypting it and threatening to release it unless a ransom was paid. This put a lot of pressure on victims to pay
Present- Targeted and Sophisticated
- Ransomware attacks became highly focused, with Cybercriminals targeting specific industries and organizations with lots of money
- Attackers used advanced methods, sometimes with support from governments, to maximize their impact
Future – AI-Enhanced Threats
- Ransomware attacks are expected to become more accurate and effective with the use of artificial intelligence and machine learning
- Evolving tactics will continue to challenge cybersecurity defenses, highlighting the need for proactive measures
This trajectory of ransomware attacks shows a concerning path, going from simple tricks to a very organized and money-making criminal business. As these attacks keep changing, people and organizations need to stay alert and have strong plans to stay safe from this ongoing threat.
Ransomware Statistics
Sophos– a well-known cybersecurity company, conducted a study called “The State of Ransomware 2023” from January to March 2023. Here are the key findings:
- A remarkable 66% of the people surveyed said their companies had experienced ransomware attacks in the past year
- The study revealed that the frequency of ransomware attacks varied by region. Singapore had the highest rate, with 84% of organizations reporting attacks, while the United Kingdom (U.K.) had the lowest at 44%
- The education sector was the most vulnerable, facing the highest risk of ransomware attacks in 2023. On the other hand, the IT, technology, and telecom industries reported the fewest ransomware attacks
- The main causes of ransomware attacks were identified as vulnerabilities in computer systems (36%) and compromised login credentials (29%)
- Alarmingly, in 30% of ransomware attacks where data was encrypted, cybercriminals also stole data
- Encouragingly, 97% of organizations that had their data encrypted were able to recover it successfully. Most organizations (70%) used backups for data recovery
- About 46% of victims chose to pay the ransom to get their data back, while 2% pursued other methods for recovery
- The study noted a significant rise in ransom payments compared to the previous year. The average ransom payment almost doubled, going from $812,380 in 2022 to $1,542,333 in 2023
- A substantial 84% of private sector organizations affected by ransomware reported that these attacks had negative effects on their business, resulting in revenue losses
These findings provide a clear picture of the extent and seriousness of ransomware attacks. Now, let’s delve into some well-known ransomware variants.
Popular Ransomware Variants
Over time, various types of ransomware have emerged worldwide. But they all share a common goal– to get ransom from the victim. Let’s explore a few famous ransomware versions.
A. WannaCry: In 2017, WannaCry became a notorious ransomware. It quickly spread worldwide by exploiting a weakness in Windows. It infected lots of computers and demanded Bitcoin payments for decryption keys.
B. Ryuk: Ryuk, appearing in 2018, is a ransomware that aims at big organizations and asks for high ransoms. It’s known for its complexity and is linked to a group called Wizard Spider.
C. Sodinokibi (REvil): Sodinokibi, also known as REvil, gained fame for using the Ransomware-as-a-Service model. It goes after businesses and people, locking their files and demanding ransoms. The group behind it, REvil, carried out some high-profile attacks.
D. Maze: Maze ransomware made news for its “double extortion” strategy. It not only locks data but also steals sensitive information and threatens to release it if the ransom isn’t paid. The Maze group retired in 2020 but was replaced by Egregor.
E. Locky: Locky emerged in 2016 as one of the early ransomware types. It spread through shady email attachments and targeted various industries. Decrypting Locky’s strong encryption was tough without paying the ransom.
F. GandCrab: GandCrab was a prolific ransomware-as-a-service operation. It kept changing its code to avoid decryption efforts. The GandCrab gang claimed to retire in 2019.
G. Conti: Conti, appearing in 2020, targets healthcare organizations. It uses the same double extortion tactics as Maze and REvil.
H. LockBit 3.0: In June 2022, a fresh ransomware variant called LockBit 3.0 emerged. This was an updated version of LockBit 2.0, initially identified in 2020. LockBit 3.0 exhibits resemblances to the BlackMatter and BlackCat ransomware strains.
I. CACTUS: In March 2023, a new ransomware strain called CACTUS appeared, with a focus on targeting large-scale commercial operations.
As we can see in the ever-changing world of ransomware attacks, every year brings forth new strains that are increasingly advanced and malicious compared to the previous ones.
Types of Ransomware
Ransomware comes in various forms, each with its unique characteristics and methods of operation. Understanding these types is essential to recognize the specific threats your organization may face.
Here are the common types of ransomware:
A. Encrypting Ransomware: This type locks files with strong encryption, making them inaccessible until the victim pays the ransom to obtain the decryption key.
B. Locker Ransomware: Unlike encrypting ransomware, locker ransomware denies access to the entire system or device, effectively locking users out.
C. Scareware: Scareware employs fear tactics, tricking victims into believing their system is infected with viruses or compromising content. It then demands payment for fake removal services.
D. Doxware (Leakware): This variant poses a dual threat by not only encrypting data but also threatening to publicly release sensitive information, compelling victims to pay to prevent exposure.
E. Mobile Ransomware: Mobile ransomware targets smartphones and tablets. It can lock the device or encrypt files, demanding a ransom for access. These attacks often involve malicious apps or links.
F. Maze Ransomware: Maze ransomware not only encrypts files but also infiltrates them to the attacker’s server. They threaten to release the stolen data unless the ransom is paid, adding another layer of pressure on victims.
Remember, these are only a few well-known types of ransomware. In addition, there are many different versions of ransomware, like TorrentLocker, Bad Rabbit, DarkSide, and many more.
In the next part, we will discuss the reasons behind ransomware attacks, including the motivations, identification methods, attacker profiles, propagation techniques, operational mechanisms, and various attack phases.
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