Ransomware attacks are a type of malicious software (malware) used by cybercriminals to block access to data. It works by encrypting files on a system, making them inaccessible to the user. To access the data again, the user must pay a ransom to the hacker, usually in the form of cryptocurrency. Ransomware attacks have been around since 1989, and the threat has only grown more sophisticated and dangerous over time. In 2021, the global cost associated with ransomware recovery is estimated to exceed $20 billion.
What is Ransomware and How Does Ransomware Work?
Ransomware is a type of malicious software that cybercriminals use to block users from accessing their own data. It works by encrypting files on a system, making them inaccessible to the user. To regain access to the data, the user must pay a ransom to the hacker, usually in the form of cryptocurrency.
Ransomware attacks have been around since 1989, when the “AIDS virus” was used to extort funds from ransomware recipients. Since then, ransomware attacks have become increasingly sophisticated and dangerous. In 2021, the global cost associated with ransomware recovery is estimated to exceed $20 billion.
Ransomware can enter a network in a variety of ways, including email attachments, malicious links, and drive-by downloads. It can also be spread through vulnerable browser plugins. Once it is downloaded, the ransomware program will encrypt the user’s files, making them inaccessible. The user is then prompted to pay a ransom in order to regain access to their data.
Should You Pay Up? Advice from a Federal Agent
When faced with a ransomware attack, companies must decide whether to pay the ransom or not. According to federal agent Mark Nix, about 46% of the time when ransoms are paid, the decryption tool doesn’t work completely, and companies don’t regain full access to their information.
Paying ransoms also gives actors incentives to continue attacking companies. For example, the Department of Justice seized a majority of the bitcoin that Colonial Pipeline had paid to ransomware attackers.
In addition, there are other options for regaining access to data without paying a ransom. The website nomoreransom.org aims to help victims of ransomware who don’t pay, with decryption tools and other information.
How to Respond to a Ransomware Attack
The best way to respond to a ransomware attack is to take preventive measures. Companies should focus on early detection of ransomware and have a plan in place for responding to a ransomware attack.
Companies should also focus on educating employees on the dangers of ransomware and how to spot suspicious emails. Companies should also ensure that their systems are up to date with the latest security patches and software updates.
Finally, companies should invest in backup and recovery solutions to ensure that their data is safe in the event of a ransomware attack.
Conclusion
Ransomware attacks are a growing threat to companies of all sizes. To protect against ransomware attacks, companies should focus on early detection, employee education, and backup and recovery solutions. Additionally, companies should be aware of the risks associated with paying ransoms and consider other options for regaining access to their data without paying a ransom. By taking these steps, companies can reduce the risk of a ransomware attack and protect their data.
