Ransomware on the Rise; Targeting Businesses and Government Agencies

Ransomware appears to be on the rise. So let’s start by defining it. It is malware that encrypts files making them inaccessible to the user and subsequently demanding a ransom to decrypt them. Payments are often requested in Bitcoin, which is a type of digital currency that operates independently of any central bank. While Bitcoin transactions are typically transparent and secure, the traceability of them presents more of a challenge. Therefore, criminals prefer this type of payment. With the combination of ransomware evolving faster than detection technologies and the susceptibility of people to fall for phishing scams, it is becoming even more of a preferred method for cyberattacks.

Recently several high-profile attacks using this have occurred, including Hollywood Presbyterian Medical Center. In that case, hackers held patient records for $17K in ransom. The company chose to pay it because it was life and death. In fact, hackers realize that the more critical the data being held, the more likely it result in a fat payday for them.

Businesses and government agencies are increasingly becoming the targets of choice for this type of malware, which includes the big guns such as Cryptowall, and CTB-Locker. Each time new ransomware is created, it tends to be worse than the last and it seems that defense tools are always playing catch-up. Everyone should be prepared to avoid it and a good first step is educating employees and others how to recognize phishing. It’s not likely to go away any time soon, because it is still the preferred method for hackers to get their malware onto systems.

Additionally, whether you’re in charge of your home network or at the office creating regular backups of critical data is paramount. It should be right at the top of the to-do list along with ensuring critical patches are applied as soon as they are released. In the case of a medical center or hospital, like Hollywood Presbyterian Medical Center, it should be at least daily. In other cases, it may be needed less often.

It is not recommended that money be paid to anyone who manages to get ransomware on your system, as that will encourage more of that behavior. If you teach employees, contractors, staff, and customers how to recognize phishing, it’s a great first line of defense. Don’t forget to set and follow a data backup and patch schedule too, because we’re all busy and sometimes things just get through. It’s better to be prepared, just in case.