By: Brittany Holmes, Corporate Communications Manager 

The rise of ransomware attacks can be traced back to the infamous WannaCry outbreak in 2017, a watershed moment for cybercriminals. This high-profile incident revealed the potential profitability of ransomware attacks and spurred the development of numerous variants since then.

Additionally, the COVID-19 pandemic played a significant role in the recent surge of ransomware attacks. With organizations hurriedly transitioning to remote work, vulnerabilities in their cybersecurity defenses became more apparent and exploitable. Cybercriminals took advantage of these weaknesses to launch ransomware attacks, sharply increasing such incidents.

As history has shown, ransomware attacks continue to evolve and become more sophisticated in their tactics. This makes it crucial for small and medium-sized businesses (SMBs) to understand the growing threat landscape and take proactive steps to protect their data and systems.

This blog explores the mechanisms through which ransomware is delivered, the reasons behind its alarming success rate, and effective mitigation strategies for SMBs.

How is Ransomware Delivered?

From a cybercriminal’s point of view, there are numerous ways to break into a network and encrypt its data for ransom. Stealing and holding data hostage has proven to be an effective way to extort money from organizations, so cybercriminals are increasingly utilizing this tactic.

To successfully breach a network, cybercriminals target the most vulnerable link in the security chain—the people. It is crucial for companies to prioritize employee training on cybersecurity awareness and to update and strengthen their security measures constantly.

Ransomware is often delivered through phishing emails and malicious websites. Phishing emails typically contain deceptive links or attachments that, when clicked, can install ransomware onto a victim’s device. These emails are made to appear sincere and may even impersonate trusted sources, tricking users into taking actions that compromise their security. On the other hand, malicious websites can also distribute ransomware through drive-by downloads or exploit kits. These websites can quickly infect a user’s system with ransomware by luring unsuspecting visitors to click on malicious links or download files.

Why is Ransomware so Effective?

One of the main reasons why ransomware is so effective is because it preys on peoples’ fear and urgency to regain access to their data. Many individuals and organizations rely heavily on their data for everyday operations, and the idea of losing that data can be terrifying. This fear often leads victims to pay the ransom, even though there is no guarantee that the cybercriminals will provide the decryption key once the ransom is paid.

Additionally, the speed at which ransomware operates also contributes to its effectiveness. By the time detection occurs, most files are encrypted, making it difficult to stop the attack in its tracks. Even with detection, analysts still need to look at the alerts and take the appropriate action, which can be time-consuming and may result in further data loss. This rapid encryption process adds to the sense of urgency that victims feel, pushing them to consider paying the ransom as a quick solution to regain access to their data.

Ransomware is particularly effective against SMBs because they often lack the proper resources and expertise to defend against such attacks. SMBs are also more likely to pay the ransom, as they may not have proper backups in place or the means to recover their data through other methods.

According to Adlumin’s most recent Threat Insights 2024 Volume I, the top two tactics/methods used by ransomware gangs include:

Ransomware attacks continue to be successful due to the evolving tactics employed by cybercriminals, who are now packaging their methods into more streamlined and sophisticated approaches. The two primary tactics driving the success of ransomware include double extortion and the rise of Ransomware-as-a-Service (RaaS), enabling easier access and increased efficiency for cybercriminals looking to exploit organizations for financial gain.

Double Extortion: In addition to encrypting an organization’s data, cybercriminals are increasingly stealing sensitive information and threatening to release it publicly unless the ransom is paid. This additional pressure increases the likelihood that victims will pay the ransom.

Ransomware-as-a-Service (RaaS): Some ransomware groups now offer their ransomware as a service to other cybercriminals, allowing them to distribute and deploy ransomware attacks without technical expertise efficiently. This has led to increased ransomware attacks, as more criminals can launch their own campaigns with minimal effort.

By understanding how ransomware works and the tactics used by cybercriminals, organizations can better protect themselves against these attacks and prevent falling victim to ransomware.

How SMBs Can Mitigate Ransomware Risks

To effectively mitigate ransomware risks, SMBs must educate and train employees to identify and report the signs of a potential attack. By raising awareness about suspicious emails, links, and attachments, employees become the frontline defense against ransomware infiltrations. Encouraging the use of strong, unique passwords and multi-factor authentication further bolsters security measures.

In addition to employee training, implementing a robust data backup and recovery plan is essential. Regularly backing up data to offline or secure cloud storage ensures that systems can be restored without succumbing to ransom demands.

Maintaining up-to-date patch updates, particularly through Continuous Vulnerability Management, adds another layer of security. Staying vigilant and updating systems regularly makes it more challenging for threat actors to gain unauthorized access to sensitive data.

By combining these strategies, SMBs can significantly reduce their vulnerability to ransomware and protect their valuable data.

Illuminate Threats and Eliminate Risks

Last year, there was an increase of ransomware attacks at a rate of 73% totaling 4,611 cases reported. The staggering statistics on ransomware attacks highlight the critical need for heightened awareness and preparedness across all industries.

Implementing a multi-layer defense strategy and prioritizing early detection are pivotal steps in safeguarding organizations against the damaging impact of ransomware. It is imperative that organizations invest in cybersecurity measures, conduct regular training for employees, and stay vigilant against evolving threats.

By staying informed and proactive, organizations can significantly reduce the potential damage inflicted by ransomware attacks and ensure the security of their valuable data and systems.