Ransomware attacks have now become one of the most devastating cyber threats directed at organizations, governments, and individuals globally. Ransomware attacks involve the encryption of important data to render it inaccessible until payment of an agreed ransom to the attacker is made. The emergence of ransomware-as-a-service (RaaS) has increased the frequency and sophistication of these attacks, thereby raising a serious alarm amongst the organizations.

This blog looks into how ransomware operates, some real-life examples, types of ransomware, and some preventive measures to guard against such attacks.

What is a Ransomware Attack?

In a ransomware attack, the cybercriminal will normally encrypt a victim’s data and demand ransom payment for the decryption of that data. An attack on a ransom may involve further threats, such as destruction of data, sales of data to other vendors, or leaking data on the Internet in case of non-compliance.

How Ransomware Works

Infection: Phishing emails, malicious attachments, exploitation of software vulnerabilities, and RDP exploitations commonly distribute ransomware.
File Encryption: Ransomware will encrypt select files and will show a ransom note.
Notification for Ransom: Attackers will ask for the payment in cryptocurrency in exchange for the decryption key.
Payment/Internet Death: Non-payment may result in deletion or public exposure of data on the internet.

Real-World Examples of Ransomware Attacks

Kaseya Supply Chain Attack Ransomware-as-a-Service (2021)
Impact: As a result of an IT management software vulnerability, over 1,500 organizations around the globe were affected.
Lessons: Supply chain security is paramount; third-party vendors must follow stringent cyber security regulations.
Types of Ransomware Attacks:
Crypto Ransomware: Encrypts files and asks for ransom (for example, WannaCry, Ryuk).
Locker Ransomware: Locks the system and prevents access to any function (for example, Police-themed ransomware).
Double Extortion Ransomware: This encrypts data and later threatens that it will leak the information if ransom is not paid (for example: Maze ransomware).
Ransomware-as-a-Service (RaaS): Hackers sell ransomware tools to affiliates and then, finally, execute the attacks (for example: DarkSide, Conti).
Mobile Ransomware: It works on Android or iOS devices, restricting access until payment is made.

WannyCry: The Largest Global Ransomware Attack (2017)
Impact: More than 230,000 computers in over 150 countries affected and disrupted hospitals, banks, and businesses.
Attack Vector: Windows vulnerability EternalBlue was exploited.
Important Lessons to Learn: The utmost priority is to maintain system updates and to patch vulnerabilities.

Colonial Pipeline Attack – In the Crosshairs of U.S. Critical Infrastructure (2021)
Impact: This created acute fuel shortages in the U.S. by shutting down a 5,500-mile-long fuel pipeline.
Ransom Paid: $4.4 million in Bitcoin (some of which later recovered by FBI).
Security Lessons: Organizations must have MFA and segmentation.

Attack on Costa Rican Government – Nation-State Disruption (2022)
Impact: The Conti ransomware group attacked the Costa Rican government, incapacitating tax, health, and trade services.
Ransom Demanded: $10 million.
Lessons: State actors must bolster cyber defenses to fight ransomware gangs.

Why Are Ransomware Attacks Increasing?
Rise of Cryptocurrency – This is an easy way for cybercriminals to prosecute their business via pseudo-anonymous payments.
Vulnerabilities for Remote Work – Poorly protected RDP connections and poorly formatted VPNs.
🛠 Ransomware as a Service – Little skills would be needed to purchase and deploy this, so almost anyone was able to commit the act.
💰 High Profits for Hackers-The payment of ransom is preferred compared to business downtime during recovery.
🔓 Security Practices: Lack of Patch Management, Employee Training and Backups.

What Would Prevent Ransomware Attacks?

Incident Response Plan
Designate a clear strategy for response to a ransomware event.
Work with law enforcement (FBI, CISA, Europol) instead of paying ransom.

Employee Awareness & Training
✅ It can train employees to recognize phishing emails and discourage clicking on suspicious links.
✅ It can also implement email security gateways for blocking any malicious attachment.

Backup & Disaster Recovery
✅ Regularly maintain offline or air-gapped backups.
✅ Regularly test data recovery processes to ensure that they work.

Patch Management & System Updates
✅ All software, operating systems and firmware updated.
✅ Use vulnerability management tools to detect and patch security gaps.

Secure Remote Access & RDP Protection
✅ Prevent access to unneeded RDP ports by restricting them using VPNs and firewalls.
✅ Install multi-factor authentication (MFA) for remote logins.

Network Segmentation & Zero Trust Security
✅ Keep critical systems away from the general network to reduce damages.
Adopt Zero Trust Architecture (ZTA) which enforces a high level of access control.