Ransomware Attacks
Ransomware attacks are a type of cybercrime where hackers lock or encrypt a victim’s data. They then demand payment to unlock it. These attacks often spread through phishing emails or software bugs. They can cause major disruptions and lead to serious financial losses.
Ransomware attacks aren’t new. The first known case happened in 1989. That year, attackers sent 20,000 infected floppy disks to people attending the World Health Organization’s AIDS conference. The malware, called the PS Cyborg virus, encrypted files on the victims’ computers. The attackers demanded $189, to be sent to a post office box in Panama. This early cybercrime marked the beginning of a threat that still affects us today.
Ransomware attacks have come a long way. Today, they are more advanced and more expensive. In 2020, Palo Alto Networks reported that the average ransom demand was $312,493, a 171% increase from the year before. That’s still small compared to the highest known ransom ever paid: $10 million.
Ransomware: A Modern Pandemic
Think COVID-19 was the only virus causing global chaos? Think again. Ransomware attacks, often called cyber viruses, can be just as dangerous, if not worse. Unlike real-world viruses, you can’t stop them with a lockdown. Instead, when ransomware hits, it encrypts the victim’s files and systems, making them useless. Then, the attackers demand payment, usually in cryptocurrency, in exchange for a decryption key.
Ransomware keeps evolving, much like biological viruses that mutate over time. These cyberattacks have become more sophisticated, often involving multiple layers of compromise. Social-engineering tactics, such as phishing emails, are commonly used to deceive victims into revealing passwords or downloading compromised files. Once inside the system, attackers exploit vulnerabilities to execute the malware.
Ransomware is now one of the biggest cyber threats. Lindy Cameron, head of the UK’s National Cyber Security Centre, says it poses the greatest risk to both people and businesses in the UK. In the US, FBI Director Christopher Wray has even compared the challenge of ransomware to the 9/11 attacks, saying, “There are a lot of parallels.”
The Growing Threat of Ransomware Attacks
Ransomware attacks are happening more often, and they’re getting more dangerous. According to Bitdefender’s 2020 Consumer Threat Landscape Report, these attacks jumped by nearly 500% between 2019 and 2020. This sharp rise is no accident. Many victims choose to pay the ransom, which makes ransomware a profitable business for cybercriminals. On top of that, cyber insurance policies that cover ransom payments make these victims even more attractive targets.
Cybercriminals often demand payment in cryptocurrency, which makes it hard for authorities to trace them. In addition, ransomware-as-a-service (RaaS) has made it easier for attackers to get started. Now, even people with little technical knowledge can launch ransomware attacks, increasing the overall threat.
Ransomware Attacks and National Security
The ransomware-as-a-service (RaaS) model has escalated the danger posed by ransomware attacks. Now, anyone, from solo hackers to organized crime groups and even state-backed attackers, can launch powerful ransomware campaigns. As a result, the damage is spreading faster and hitting harder. Critical sectors like healthcare, government, and energy are especially at risk. Attacks on these systems can cause real-world harm, not just digital disruption.
Ransomware attacks can hit Operational Technology (OT) systems, disrupting critical services. When attackers break into these systems, they disrupt the physical operations they manage, putting national security at risk. In many cases, hackers launch denial-of-service (DoS) attacks to shut down essential systems. At the same time, they may steal or destroy sensitive data.
Cybercriminals use smart tactics to break into systems. They often trick people through social-engineering, steal login details, and take advantage of software bugs. In many cases, these attacks start with a data breach. This adds pressure, making victims more likely to pay the ransom.
Common Ransomware Attack Methods
Hackers have multiple methods at their disposal to deliver ransomware:
| Attack | Infiltration |
| Phishing | Victim clicks on links to fake websites, or unknowingly download malicious files, both of which install the ransomware on the victim’s device. |
| RDP credentials | Attackers steal RDP credentials, which are often weak, and gain access to the server. Endpoint detection is bypassed, and the perpetrator can begin the attack. |
| Software vulnerability | Exploiting vulnerabilities provide attackers with an open door to the enterprise. Confidential data can be accessed and stolen, and ransomware can be injected. |
| Rogue devices | A lack of hardware security allows rogue devices to go undetected. By not raising any security alarms, the devices can quietly inject ransomware. |
Importance of Hardware Security
Many government and cyber security groups offer advice on how to reduce the risk of ransomware attacks. While helpful, these tips often overlook a key area: hardware security. Without strong protection at the hardware level, companies stay vulnerable to attacks that target physical devices. This gap leaves many organizations exposed to serious threats.
Without hardware security, the Physical Layer remains uncovered. Thus allowing Rogue Devices to go undetected as they operate on this layer. Spoofed Peripherals are manipulated on the Physical Layer and impersonate legitimate HIDs, being detected as such by endpoint security software. Network Implants go entirely undetected by network security solutions, including NAC. This is because they sit on the Physical Layer, which such solutions do not cover. Rogue Devices’ immunity to existing security measures means attackers can easily infiltrate a target without raising any alarms and, from here, inject malicious code.
Sepio Solution for Ransomware Attack Prevention
Sepio’s Asset Risk Management (ARM) solution helps organizations gain full visibility into their hardware. It covers the Physical Layer, which is often left unprotected, and blocks hardware attacks.
As a leader in Rogue Device Mitigation (RDM), Sepio detects, identifies, and manages all connected devices. No device is left unchecked.
Sepio uses Physical Layer Fingerprinting and machine learning to create a digital fingerprint based on each device’s electrical signals. It then compares these fingerprints to known threats. This allows Sepio to spot risky or unknown devices and detect vulnerable switches across the network.
In addition to the deep visibility layer, a comprehensive policy enforcement mechanism recommends on best practice policy and allows the administrator to define a strict, or more granular, set of rules for the system to enforce. When a device breaches the pre-set policy, Sepio’s automatically instigates a mitigation process that instantly blocks unapproved or Rogue hardware.
Protect Your Organization Against Malware
Understanding ransomware and its methods is crucial for strengthening defenses. By combining full hardware security, threat intelligence, and solid cyber security practices, enterprises can better manage risks. As a result, they can protect their sensitive data from ransomware attacks more effectively.
Talk to an expert today to learn how Sepio’s patented technology can help you achieve complete asset visibility and secure your infrastructure from modern cyber threats.
