Cybersecurity Awareness Month: Ransomware Hijacks Critical Data, Raking Up Billions in Return

From interrupting emergency hospital services to compromising sensitive information such as social security numbers, cybercriminals are persistently deploying ransomware to block data access, disrupt business operations, and receive lucrative payments at the threat of further damage. For Cybersecurity Awareness Month, a time of year where special attention is brought to a host of cyber-related topics and events, we spotlight ransomware as one of the most prominent and damaging cyber threats that bad actors deploy. 

Although around for decades, ransomware has evolved into a sophisticated scheme that not only interrupts systems and operations, but also threatens to expose sensitive data to a sprawling network of cybercriminals seeking to exploit this information for their own gain. Understanding the significant risk posed by ransomware and proactive measures organizations can take is a step towards addressing this powerful cyber threat. 

What is Ransomware? 

As described by IBM, ransomware is malware that holds sensitive data or devices hostage, unless the victim pays a ransom to cybercriminals. Through this method, bad actors not only disrupt essential operations and business functions, but also generate income, further incentivizing their nefarious schemes. These schemes account for roughly 20% of all cyber-related attacks and untold amounts in fiduciary damage as many organizations are reluctant to report how much they have paid in ransom (this figure is estimated to reach $265 billion by 2031).  

Like most cyber-attacks, ransomware started simply, exchanging ransom for encryption keys to regain access to impacted systems and devices. Through proactive backup capabilities, victims can thwart these attempts and even bypass ransom payments. 

Over time, ransomware has grown more sophisticated, evolving into double- and triple- extortion attacks that not only hold systems hostage, but also threaten to release sensitive company and customer data to other cybercriminals on the dark web. This heightened threat, along with Ransomware-as-a-Service (RaaS), strengthens the potency of ransomware attacks and leaves many orgs vulnerable to the next disruptive cyber breach. 

Ransomware attacks are indiscriminate, impacting a wide range of verticals and enterprises such as SolarWinds, AT&T, Comcast, MGM Resorts, Colonial Pipeline, US Department of Energy, UK National Health Service, Kronos, Kaseya, Travelex, etc. In the case of National Public Data, a leading background check provider, over 2.9 billion personal records, including 270 million social security numbers were compromised and published online.  

If that is not alarming enough, former FBI cyber lead John Riggi described UMC Hospital’s recent ransomware cyber incident as a threat to national security, diverting emergency response services to those in need. This included rerouting emergency patients to other hospital facilities, unable to receive care at UMC which is the only Level 1 trauma center within a 400-mile radius. 

“When hospitals are attacked, lives are threatened,” said Riggi. 

With ransomware and other crippling cyber-attacks, bad actors can exploit critical infrastructure and put lives at risk, further underscoring the importance of having strong protections in place to suppress this persistent threat. 

Attack Vectors 

What makes organizations succumb to ransomware? There are numerous attack vectors cybercriminals use to embed ransomware and bring business operations to a standstill.  

This includes phishing, smishing, and vishing, in which victims are conned into providing credentials or sensitive information from targeted, individualized outreach via email, text message, or phone call. Through unwitting collaboration, victims offer access into enterprise systems, networks, and devices, which is all a bad actor needs to cause massive damage. This tried and tested method is highly effective, especially with increased reliance on AI and voice mimicking capabilities, strengthening the believability and efficiency of these cons.  

Another common attack vector is Remote Desktop Protocol (RDP) compromise. As reliance continues to grow on remote and hybrid work options, providing added flexibility and accessibility for organizations and their workforces, it has also become a point of vulnerability that bad actors have successfully exploited. When compromised, RDP grants bad actors direct access to, and complete control of, the impacted company device, bypassing the need to deploy a phishing/smishing scheme, code malware, or exploit additional points of entry. Through this method, cybercriminals can take down company servers with relative ease, highlighting the need for protections such as complex, unique passwords and multi-factor authentication. Otherwise, cybercriminals have an open runway into company systems and spread ransomware with little resistance. 

Additionally, a notable attack vector that gained notoriety with the SolarWinds and Kaseya breaches is targeting the supply chain. Through third-party vendors and solution providers that organizations rely upon cybercriminals can deploy supply chain attacks that widen the net of their breaches across many enterprises simultaneously. In the case of the groundbreaking SolarWinds breach, thousands of organizations were impacted, interrupting mission critical systems and access to sensitive data. The scale of supply chain attacks poses a sobering reality on the interconnectedness and vulnerability of the digital landscape. 

Considering the evolution and prevalence of ransomware attacks, as well as the myriad of attack vectors bad actors have at their disposal, the need for strong, proven cybersecurity solutions is as important now than ever before.  

Protections against Ransomware 

With the increased effectiveness and scale of ransomware attacks, what solutions have been proven to protect against this active cyber threat? The answer is multi-faceted, relying on a robust combination of measures and countermeasures to respond to ransomware attacks and prevent them from happening in the first place. 

• Backups and Disaster Recovery Planning: Having frequent backups and effective BC/DR planning are critical defenses against ransomware, ensuring that data can be restored without paying a ransom. Proven solutions include maintaining frequent, encrypted backups stored offline or in the cloud, and regularly testing recovery processes. Implementing a comprehensive disaster recovery plan ensures that organizations can quickly resume operations after an attack, minimizing downtime and data loss. Realizing this, cybercriminals even deploy ransomware against backup storage capabilities to further disrupt operations and stifle recovery. This is why even protecting backup storage is essential to overcome and root-out the threat of ransomware.  

• Multi-Factor Authentication: Multi-factor authentication (MFA) is a strong defense against ransomware attacks by adding an extra layer of security beyond just passwords. It ensures that even if login credentials are stolen, unauthorized access is prevented without a second and third form of verification, such as a passcode, biometric scan, and third-party app verification. This reduces the likelihood of attackers compromising RDP and privileged access accounts to spread ransomware across enterprise systems. By enforcing MFA, organizations significantly reduce the risk of initial infiltration, limiting ransomware’s potential impact. 

• Endpoint Protection and Monitoring: Modern endpoint protection solutions utilize advanced technologies like AI-driven detection, behavioral analysis, and anti-exploitation techniques to block ransomware before it can spread. Continuous monitoring of endpoints helps detect suspicious activity in real-time, allowing organizations to quickly isolate and contain threats, preventing lateral movement across the network. Features such as automated rollback of files and real-time encryption blocking further ensure business continuity by minimizing ransomware damage. 

• Cybersecurity Awareness Training: Educating employees on how to recognize and avoid phishing, smishing and vishing attacks, which are a common entry point for ransomware, is a critical move in advancing cybersecurity protections. Regular training helps staff identify suspicious emails, links, or attachments that could lead to malware infections. This proactive approach reduces human error, which is often exploited by attackers, and fosters an enterprise-wide culture of vigilance. By staying informed about the latest ransomware tactics, employees can act as a frontline defense, enhancing risk management practices.

To protect against ransomware, organizations should implement strong defenses like backups and disaster recovery plans, multi-factor authentication (MFA), endpoint protection with continuous monitoring, and cybersecurity awareness training. A proactive combination of these cybersecurity protections is needed to protect against the persistent threat of cybercriminals and the potency of ransomware. 

Cybersecurity Resilience 

It takes collective effort to protect businesses from cybercriminals. With enterprise-wide buy in and investment in proven cybersecurity protections, organizations can strengthen their security posture and build a culture of cyber resilience to mitigate persistent threats such as ransomware. 

Organizations that foster a culture of cyber resilience leverage protective measures such as incident response planning, collaboration with proper authorities, and adopting a zero-trust security model. Let us explore how each of these measures enhance security posture and make it tougher for cybercriminals to succeed. 

• Incident Response Planning: Incident response planning is a critical part of an organization’s cybersecurity strategy, ensuring a structured approach to handling security breaches. It involves defining roles, processes, and communication channels to quickly detect, contain, and recover from incidents. Regularly reviewing and testing the plan helps improve response effectiveness, containing damage and ensuring business continuity in an attack scenario.

• Collaboration with Law Enforcement: Despite advisory against making ransom payments and its potential legal implications, organizations are dishing out billions to restore access to critical data and business operations. As such, it is paramount to collaborate with authorities such as the FBI and CISA if your organization succumbs to a ransomware attack. By reporting these incidents to the respected authorities, it helps track and disrupt criminal networks, gather threat intelligence, and, in some cases, facilitate the recovery of stolen data. 

• Zero Trust Security Model: Zero Trust security models operate on the principle of “never trust, always verify,” requiring continuous authentication and authorization for every user or device accessing a network. This approach treats both internal and external threats with the same level of scrutiny, reducing the chances of unauthorized access. By segmenting networks and limiting access to only what is necessary, Zero Trust enhances overall security and helps contain breaches before they can spread. 

This comprehensive approach, along with adopting proven cybersecurity protections, helps organizations across all industries establishing cyber resiliency to contain and prevent the damage caused by cybercriminals. 

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As Cybersecurity Awareness Month underscores, prioritizing ransomware protection year-round strengthens overall resilience and mitigates future risks. Ransomware remains a critical threat in today’s digital environment, targeting businesses and individuals by encrypting data and demanding payment for its release. 

Partner with experts at Seneca Resources to strengthen your security posture and protect against the threat of ransomware. If interested in learning more our risk management capabilities, please contact us at info@senecahq.com.