When it comes to cyber security, companies of all sizes and segments have to deal with a common challenge: the abundance and severity of ransomware attacks.

Increasingly used by cybercriminals, this type of malware can paralyze an entire company and even bankrupt it, both through the unavailability of data and the loss of credibility and business opportunities.

A survey by Sophos, a British cybersecurity company, of 5,400 organizations in 27 countries, revealed that in 2021, 37% of the companies interviewed were victims of ransomware attacks.

In Brazil, the average cost of recovery after an attack, taking into account ransom payments, maintenance costs, downtime, lost opportunities, etc. was estimated at 820 thousand dollars.

Considering that most companies don't have the capital to survive such a financial impact, the best way to deal with ransomware is to take the right measures to protect yourself.

To do this, it's essential to know your enemy well. With this in mind, we've put together this guide with the main points you need to know about ransomware.

What is ransomware?

Ransomware is a subset of malware that, when it infects a computer, prevents users from accessing the system or its files. 

A ransom is then demanded by cybercriminals to unblock access. This is why this criminal practice is known as data hijacking.

How does ransomware work?

In general, how ransomware works can be broken down into five stages:

• First, the victim's computer system is compromised by the malware, usually via a malicious link known as a Phising or "contaminated" attachment. The user is induced to download the file, often through social engineering techniques.
• In a second stage, the malware takes control of the system. Various types of files are encrypted and the user can no longer access them. Be aware that ransomware can spread throughout a company's network and contaminate an organization's entire database.
• After encryption, the victim is informed, usually by an on-screen notification, that they have been affected by the ransomware and must pay a ransom to regain access to the system. The process for paying the ransom is detailed.
• The last stage consists of the victim paying the ransom and, theoretically, regaining access to the system by providing a decryption key.

How to deal with ransomware?

Ransomware incidents can seriously affect business processes and leave organizations without the data they need to operate and provide mission-critical services.

Faced with this scenario, companies should be cautious when deciding whether or not to pay the ransom. This is because, in concrete terms, nothing forces criminals to lift the encryption. There have been many reports of companies being unable to recover their data, permanently losing the ransom paid and also the data.

According to the aforementioned Sophos study, of the companies interviewed that paid the ransom, only 8% claimed to have fully recovered their data.

Therefore, before making any decision, certain protocols must be followed, such as:

- Notify the authorities of what has happened;

- Isolate the compromised systems;

-Take care with backups;

- Do not reboot or perform system maintenance;

- Identify the type of ransomware;

Therefore, by paying the ransom, companies are running the serious risk of losing their money and constantly having to deal with new demands from cybercriminals.

The different types of ransomware

As already mentioned, ransomware is a subset of malware, which means that there are different types of this threat. The three main categories are worth mentioning:

• Scareware: this is "fake" ransomware that consists of exploiting the victim's fear. This is, for example, a pop-up announcing that malware is encrypting the computer and that the only way to stop the process is to pay a ransom. However, no files are actually encrypted.
• Screen locker: this type of ransomware can completely block access to a device, such as a computer. As soon as the device is turned on, a window opens in full screen, announcing the lock and demanding a ransom. In general, data is not compromised.
• Crypto-ransomware: this type of ransomware is capable of encrypting all the files stored on a device, network or server. This is the most dangerous category because there is no security software capable of fully recovering encrypted data.

What to do in the event of a ransomware attack?

If you are the victim of a ransomware attack, you must act quickly to limit the damage. This includes:

• Isolate infected devices and any device acting suspiciously by disconnecting them from the Internet and your network.
• Identify the type of ransomware and inform your team about the signs of infection to look out for.
• Investigate the source of the attack in order to correct the vulnerabilities and prevent further incidents.
• Identify all affected systems, data and devices, including laptops, external hard drives, smartphones, USB sticks and cloud storage.
• Restore the affected data using your backup files.
• You may need professional help from a cyber security company to include additional steps if necessary.

How to protect yourself against ransomware?

A ransomware infection can be catastrophic for a company. That's why prevention is better than cure.

There are several precautions for protecting yourself against ransomware. Firstly, it is advisable to use security solutions that offer real-time protection, capable of identifying zero-day attacks and blocking suspicious actions, preventing successful attacks.

It's also important to create regular backups of your data, using effective strategies that allow you to recover information quickly and in its entirety. For example, you can use cloud backup to take advantage of security features such as high-level encryption or multi-factor authentication.

Make sure update your systems and any software you use. As soon as an update is available, you should download and install it.

Finally, to ensure complete protection, you should enlist the support of a company specializing in information security. With the help of experts, you'll be able to map out your processes, identify vulnerabilities and implement a tailor-made approach to prevent your company from becoming the next victim of a ransomware attack.

Now that you know a little more about ransomware, it's time to start implementing effective strategies to protect yourself against this threat. Talk to one of our experts now and find out how we can help your company!

Download our e-book and learn more about ransomware, data hijacking and why companies are at risk, and be better prepared.

 

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