Ransomware is an expensive cybercrime and getting more so all the time. Payouts have risen massively in the past few years. But while ransomware payment amounts make headlines, the real costs go far beyond what’s paid to the attackers.
How Ransomware Works Now
Ransomware has always been a problem. But in recent years, attackers have gotten really good at it.
Your typical ransomware attacks involve the infection of multiple devices. It spreads via malware that compromises the system. Once inside, attackers exfiltrate as much data as possible before encrypting it and displaying a ransom note demanding payment in cryptocurrency. They threaten to keep the files and/or publicly release the stolen copies.
The rise of ransomware goes hand-in-hand with the rise of criminal ransomware-as-a-service (RaaS) businesses, which specialize in attacks on behalf of their clients. These RaaS gangs model their service after SaaS businesses, offering tech support, working with a network of freelance attackers and malware developers. They learn, improve and establish ransomware ‘best practices’. This more serious approach to ransomware makes it much more effective. This, in turn, drives up the cost of cyber insurance.
What makes the new ransomware gangs so harmful are the following elements:
Viral malware
The one-two punch of data theft plus encryption
Cryptocurrency payment
RaaS.
A high-quality backup regime used to be the best defense against ransomware. But now that attackers also threaten public disclosure of files, it’s only half a defense. You also need a more thorough defense against the malware itself.
Defense is key. Because the real cost of ransomware goes way beyond any ransom you might pay ..
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