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What Is Ransomware Protection, and Why Do We Still Need It in 2023?

22 Feb 2023 News
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Ransomware attacks have become increasingly prevalent in recent years and continue to be a significant threat to individuals and businesses.

It is a type of malicious software that encrypts a victim's files or data and demands payment in exchange for the decryption key. The ransom demands can range from a few hundred dollars to millions, making it a lucrative business for cybercriminals.

As we move into 2023, it's important to ask ourselves whether we still need ransomware protection. The answer is a resounding yes. In this article, we'll explore what ransomware protection is, why it's essential, and something else that you need to know.

What Does Ransomware Mean?

Ransomware is a malicious software that uses encryption to lock down a user or organization's essential information, rendering files, databases, and applications inaccessible. The victim is then presented with a demand for payment in exchange for the decryption key. 

Furthermore, ransomware is highly contagious and can quickly spread through a network, targeting file and database servers, which can cause a complete shutdown of an organization. This threat is rising and costs billions of dollars in payouts to cybercriminals, inflicting major damage and expenses on businesses and government organizations.

How Do Ransomware Attacks Work?

Ransomware relies on an encryption technique known as asymmetric encryption, which uses keys to lock and unlock a file. The attacker creates a one-of-a-kind public-private key for the victim, storing the private key on the attacker's server. 

Moreover, the private key is only made available to the victim after the ransom payment, but recent ransomware movements have revealed that this isn't always the case. Decrypting the encrypted files becomes nearly impossible without access to the unique private key.

Additionally, ransomware comes in various forms and is often distributed through spam email campaigns or targeted attacks. Malware requires an attack vector to confirm its presence on a device, and once it is present, it stays on the system and doesn't leave until its objective is met.

After an effective exploit, ransomware downloads and runs a malicious program on the compromised system. The program then identifies and protects valuable documents and files, such as databases, images, and Microsoft Word documents. Ransomware may also exploit network and system vulnerabilities to spread across entire organizations.

Once the files are encrypted, the victim is presented with a demand to pay a ransom within a specific period, typically between 24 and 48 hours, to recover the files. If backing up data is not available, or if the backup was also encrypted, the victim must pay the ransom to retrieve their data.

Is Ransomware Protection Important in 2023?

The occurrence of ransomware threats is increasing, fueled by the new normal of remote work and online learning, which present vulnerabilities. 

In 2019, ransomware affected almost 60% of businesses. Furthermore, in 2020's third quarter, ransomware attacks surged by 40%. 

Organizations that are not properly prepared for ransomware are highly susceptible to attacks, resulting in data loss, security breaches, and costly business disruptions. 

This is a time when users and companies rely on constant data accessibility and availability, making data protection a vital defense against inevitable attacks and providing a swift route to safety during unwanted interruptions.

Benefits of Ransomware Protection

The success of businesses today relies on digital data and applications. Hence, safeguarding business-critical tasks from ransomware is critical to a company's survival and acts as a protection net against potential data loss or stealing.

Business continuity. Business continuity is vital, and protecting data against potential disruption is essential. Ransomware protection can help to eliminate the possibility of a longer business shutdown, reduce the likelihood of an attack's success, and narrow the recovery window for businesses.

Risk mitigation. Risk mitigation is another essential aspect of ransomware protection. It is a necessary part of the overall protection posture that every company needs. Anomaly detection, robust access management data encryption, comprehensive user access controls, and hardened security are essential for an amazing defense against cybercriminals.

Lower Cost. Protecting against ransomware is cost-effective compared to the expense of a useful ransomware attack. Expensive downtime and unreasonable payouts have the potential to stop not only business operations but also cause permanent customer data loss. Companies should prioritize ransomware protection to protect their valuable data and to ensure proactive safety.

Why Is Ransomware Spreading So Fast?

Ransomware attacks and their variations are constantly evolving to circumvent preventive technologies for a variety of reasons, including:

  • Ease of access to malware kits, allowing cybercriminals to develop new malware on demand.
  • The use of well-known good generic interpreters in developing cross-platform ransomware; for example, Ransom32 works on Node.js accompanied with a JavaScript payload.
  • Lastly, it's also spreading because of using new methods, such as encrypting the entire disk rather than just specific files.

Furthermore, ransomware marketplaces have emerged on the internet, allowing even non-technical individuals to purchase malware strains and profit from the ransom proceeds. This generates additional revenue for the malware creators, who often request a portion of the ransom payment as a fee.

Why Is It So Difficult to Locate the Ransomware Perpetrators?

The use of anonymous cryptocurrency such as Bitcoin as payment makes it challenging to track down the perpetrators and follow the money trail. 

Likewise, cybercrime groups are constantly creating new ransomware variants and devising strategies to make quick profits, with drag-and-drop platforms and open-source code making it easier for novices to develop their ransomware. 

Advanced malware such as ransomware is polymorphic, enabling cybercriminals to bypass conventional signature-based security measures that rely on file hash.

Final Thoughts

Protecting against ransomware is more critical than ever in 2023. With the continued evolution and proliferation of ransomware attacks, individuals and organizations must prioritize ransomware protection measures to prevent data loss, security breaches, and costly business disruptions.

Implementing ransomware protection should include the following:

  • Educating employees on prevention techniques.
  • Keeping security software up to date.
  • Employing data backup strategies.
  • Implementing a ransomware incident response plan.

As we move further into the digital age, where data and applications are the driving force of business growth, protecting against ransomware is no longer an option but a necessity. 

Organizations prioritizing ransomware protection can maintain business continuity, reduce the risk of attack success, and lower the costs associated with recovery from a ransomware attack.

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