Ransomware Prevention: Strategies for Businesses in 2024

Ransomware is a type of malware that encrypts all the data in the system, leaving a ransom note in which the attackers demand a ransom for the decryption key. If the ransom amount is not paid, the attackers threaten victims to delete all their data or share it publicly.

Ransomware attacks have become increasingly sophisticated over time. In this blog, we will discuss modern ransomware tactics and share actionable prevention strategies.

Modern Tactics in Ransomware:

In response to the advancements in the cyber security departments, the ransomware attackers have also adapted modern tactics to target businesses and individuals. Threat actors are more precise and involved in modern ransomware attacks, from attacking the system and completely conquering it, these attacks more look like advanced persistent threats rather than conventional ransomware attacks.

Double Extortion Ransomware:

Double extortion ransomware is one of the most dangerous types of ransom ware. In a double extortion attack, cyber criminals exfiltrate the victim’s file before encrypting and demanding the ransom amount. If the victim refuses to pay for the ransom they can publically leak the sensitive data that can cause more damage to the newly emerging businesses.

Cybercriminals break into the organization's system and then move through the different parts of the network. In the first phase of double extortion, attackers remove the data from the device without being noticed. In the second phase, they encrypt the data and ask for the ransom amount to decrypt the files.

If the ransom is not paid attackers can sell the stolen information, or even if the victim pays the ransom amount there is no guarantee that the criminals will return their files and do not misuse any of the data.

Supply Chain Attacks:

In supply chain attacks, cyber attackers infiltrate an organization's supply chain and spread malware to the connected systems. Attacking a single vendor can compromise multiple organizations within the network. This has caused significant financial damage in 2023 with 39% of the victims having paid over $1M as a ransom.

Phishing emails:

Phishing emails are the number one delivery vehicle by which ransomware can approach the victim’s computer. You may receive an email that looks legitimate and contains some actionable content e.g. links, once you click the link it will redirect you to the malicious site that downloads malware in your system.

Over 80% of the organizations have experienced one or more ransomware attacks out of which 68% were from phishing emails. Once the phishing attempt succeeds the malware will infiltrate into the system environment and will start exfiltrating the data. Now your data is in the hands of bad actors. They can lock your files and ask for a ransom amount or any other sensitive information that can be more damaging than the financial loss.

RDP compromise

RDP is remote desktop protocol, the most widely used software for using a desktop computer remotely. Cybercriminals hack the RDP connection and log in as a user or as an administrator. Hackers scan connected devices for open ports and access to the endpoints.

In 2023 RDP comprise was present in 90% of the ransomware attacks. RDP is the most common weapon for the threat actors because of its easy-to-use GUI and publicly exposed nature. RDP offers several benefits for the attackers, as they can easily gain remote access to the victim's computer without setting up any EDR alarms. Most organizations do not set up security features, like Malwarebytes and do not segment their network which makes them more exposed to attackers.

Ransomware Prevention Strategies:

Ransomware can cause significant financial and social damage to any victim organization. Let's discuss some ransomware prevention strategies;

Backups:

It is ideal for organizations to back up their important data once a day. Cloud storage or external drives are the best options for data backup. In case of a ransomware attack the victim can clear all the data from the computer and reinstall the backup files. It is the easiest risk mitigating option.

The simplest is to follow the 3-2-1 rule. Organizations must keep 3 backup copies on 2 different cloud storages and 1 copy offline. In addition to these, you can keep one more backup copy on an immutable and indelible cloud storage server.

Endpoint Protection:

Endpoint protection is a must for growing organizations. As the business continues to grow, the number of endpoint users also increases, where each remote endpoint can be a potential opportunity for cyber criminals to access the main network. Whether you have a small business or a larger company you must need to install endpoint protection for every network user.

EDR  and EPP are a suite of network protection tools that include Antivirus & anti-malware, Data loss prevention, intrusion detection tools, and many other tools. EDR is a comparatively more advanced option than EPP, that responds to and mitigates immediate threats.  NordSecurity (Black Friday Deal: 74% off + 3 months extra, starting at $2.99 from October 16 - December 2) is one of the best options if you want a complete cybersecurity suite. These incredible products offer robust security and endpoint protection.

Email Filtering: Email Protection:

Email phishing is the leading cause of ransomware attacks. Email services such as Proton or StartMail are the best options for businesses to secure their communications. Try the Email filtering feature to filter all the spam. This filter checks for email IP addresses for its reputation, if it appears on any spam database.

In addition to these, you must follow some simple preventive steps like

·       Avoid clicking on attachments and links in the Emails.

·       Always use updated Email client software.

·       Always use email encryption to avoid any man-in-the-middle attack.

Online Learning Resources:

Here are some online learning resources that can equip learners enough to identify and mitigate potential cyber security risks before they can harm their business.

1.    The Complete Cyber Security Course

2.    Security Analyst Nanodegree

3.    CS50's Introduction to Cybersecurity

Conclusion:

By understanding modern ransomware tactics and implementing effective prevention strategies—such as regular backups, robust endpoint protection, and email filtering—organizations can significantly reduce their exposure to ransomware threats.