If there is a weak link in the chain, an attacker can compromise a system and wreak havoc against your business.Īll it takes for ransomware to take effect is that an executable is able to run on a computer. It doesn’t matter if you are a small business, a casual computer user, or a corporation with security in place. Whether the data is personal files, business or accounting information, or a set of passwords, data can be incredibly valuable to its owner.Īnd anyone can be a target of ransomware, as evident by a ransomware attack to an unpatched PulseSecure VPN with Travelex. This is the idea behind ransomware – an insidious form of malware which has seen a huge upturn in use over the past several years. And the business may even pay a hefty bitcoin ransom for its safe return. Their mentality is that if the data is valuable enough to be protected by layers of security, then surely it is valuable enough that the business would not want to risk its loss. Instead of trying to make off with data that they can sell, they hold that data for ransom within a certain timeframe dictated by ransomware. It will then encrypt the system and hold the data hostage. Once the payload is activated, it will contact the Command and Control (C2) server. The most common initial infection vector is a phishing or spear-phishing email that uses social engineering techniques to manipulate the user into either clicking on a malicious link or downloading an infected executable file.
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Ransomware is malicious software that seeks out critical files and devices to encrypt them for extortion. As they struggle to contain the attack, they will have to consider the financial implications driven by the disruption of operations, by efforts to rebuild the system and, unavoidably, the effect on the brand’s reputation. 94 percent of organizations whose data was encrypted got their data back, with 56% of them doing so via backups, and 26% by paying the ransom to the hackers.”Ĭompanies that fall victim to ransomware experience, in most cases, experience permanent critical and proprietary data loss. Hackers rarely unlock systems after the ransom is paid out.Īccording to Sophos, 51 percent of surveyed businesses were hit by ransomware in 2020 alone, with almost three fourths of those hacks successfully encrypting the data from the organizations. Zero tolerance proponents, including the US government, encourage companies not to pay hackers, as there is no guarantee that payment will result in service restoration, and payment also encourages future ransomware attacks.
Fortunately, the hackers followed through and unlocked the company’s systems.Īs of last week, CNBC reports that Colonial Pipeline experienced issues with their communications system as a result of hardening efforts on their internal server after restoring their systems from the ransomware attack. Reports confirm the company did indeed pay the hackers 75 bitcoin, worth around $5 million dollars, to restore services. Simple measures, such as keeping software up-to-date, patching systems, and having strong passwords can make all of the difference in keeping your data and systems under your control.”
The company chose to shut down their operational technology network as a proactive measure against further infection, causing a chain reaction of gas shortages across the southern part of the country. The attackers hacked the less secure business network of Colonial Pipeline and infected their billing system, which made it impossible to track fuel distribution or bill customers. Just a few weeks ago, Colonial Pipeline, which delivers about 45 percent of the gasoline supply to the East Coast of the United States, was held for ransom. Ransomware maintains its position as one of the most profitable business models in cybercrime. There is danger in ransomware attacks, as well as in ransomware variants that keep emerging to target servers, websites, and specific organizations such as local municipalities. Is your business protected from the next ransomware attack?
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