Ransomware: A Major Threat in Today’s Cybersecurity Landscape

Advancements in technology proved increasingly beneficial to small businesses worldwide, but they had some unpleasant consequences as well. Hackers today have become more sophisticated and some 35% of cyberattacks employ previously unseen methods. However, one cyber threat menacingly remains a major threat for companies operating online, i.e., ransomware. It harms both individuals and companies alike, locking their sensitive, irreplaceable information behind a wall of encryption. So, how to protect yourself from this alarming threat?

Evolution of Ransomware 

The history of ransomware goes as far back as the history of computer viruses. The first recorded instance of a ransomware attack happened in 1989 and, since then, many unsuspecting individuals have become victims of this malware. Cyber marauders exploit hidden vulnerabilities in software to access the victim’s data, holding this information for ransom with an encryption key.

Unfortunately for internet users around the globe, ransomware has evolved from a virus that encrypted file names on C Drive to a method used by organized crime syndicates to extort money from some of the largest companies in the world. While many cyber threats come and go, ransomware keeps resisting all efforts by cybersecurity experts to manage this APT.

Common Ransomware strategies 

In general, ransomware is malware that could block the victim’s access to critical data unless a certain sum of money is paid to the hacker. However, ransomware groups today are using advanced strategies like:

• Double extortion: Instead of merely encrypting the victim’s data, hackers would exfiltrate it all and threaten to publicly release this information if they’re not paid their due.
• Triple extortion: Hackers would threaten the organizations belonging to the victim and even target their relatives to increase the likelihood of payment. Additionally, instead of destroying the compromised data after the ransom is paid, they would sell it to another threat actor or publish it on underground forums to be exploited again by other parties. 

These reasons are enough to prove why ransomware remains one of the most terrifying APTs (advanced persistent threats) for business organizations in 2024. But why ransomware is such an insurmountable challenge for companies? We’ll discuss it in this article but, first, let’s briefly review some major actors in the world of ransomware.

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Source: PRODAFT

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