Ransomware is a type of malware that uses sophisticated techniques to deny a user or organization access to critical data. They may lock files, devices, or entire computing systems, rendering them inaccessible and unusable until the user or organization pays a ransom to the attacker (cyber extortion).
Initial versions of ransomware used only encryption techniques to prevent users from accessing their data (loss of availability). However, newer variants may employ methods to steal critical data (loss of confidentiality). In addition to live systems, they may target even the backup systems, so that victims are unable to restore their data.
The “2023 Data Breach Investigations Report” of Verizon stated that ransomware was involved in 24% of all security breaches; while, “The State of Ransomware 2023” by Sophos reported that about 66% of organizations experienced ransomware attacks in the past year.
Impact
Victims may incur huge financial losses arising out of ransom payment. Moreover, the cost of remediation / recovery can also be substantial.
Critical data may be lost owing to encryption by ransomware. Data theft is another area of concern.
Organizations may suffer from downtime and loss of productivity due to shutdown of critical business systems.
Ransomware attacks may damage an organization’s brand image. This may lead to loss of customer base.
Breach of sensitive data or personally identifiable information by ransomware may cause organizations to face litigations.
Controls
Organizations should implement a comprehensive security policy.
Latest security patches and updates should be installed in all system and application software.
Anti-malware should be installed and updated at regular intervals.
Critical data and resources should be securely backed-up at regular intervals.
Users should be provided with continuous training on how to identify and prevent ransomware attacks.
How Sujosu Can Help
Sujosu Technology can help you in identifying areas of concern and assessing security risk. Our consultants can suggest appropriate countermeasures and provide awareness / training to prevent, detect, identify, and recover from security attacks. Engage with us and remain cyber-secure.
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