SaaS (Software-as-a-Service) vendors offer their software products through a subscription model in the world of legitimate enterprise software. In addition to generating a distributed cash inflow, vendors can increase the affordability of their products by allowing customers to match the amount they spend on their products to how much they use them. In the enterprise world, cyberthreats, especially ransomware, are now offered as a service by threat actors seeking different benefits.
How Ransomware Works
The ransomware, also known as crypto-crypto-malware, encrypts data on the victim’s IT network, paralyzing business operations until a decryption key is obtained by paying a ransom in cryptocurrency. Despite the fact that every enterprise needs data to function, even if the data is internal administrative data that isn’t useful to anyone else, data is the key to ransomware’s potency and success. In addition to increasing the probability that a ransom will be paid and turning every business into a potential target, preventing access to this data also increases the likelihood of a ransom being paid.
Cyberattacks caused businesses problems, but they were not an existential threat if handled by an individual or team. Malware development, identifying targets, scouting for points of entry, and deploying the attack were skill-intensive and time-consuming activities that limited the frequency of attacks. In contrast, Ransomware-as-a-Service (RaaS) has no such limits.
How RaaS Amplifies The Ransomware Threat
Ransomware providers under the RaaS model are limited to developing ransomware technically. Providing networks with points of entry (IABs) at a cost, initial access brokers (IABs) facilitate access to enterprise networks. A potential attacker purchases a ransomware subscription, uses an IAB to gain access to a corporate victim, and then combines these elements to start the attack. Ransomware is no longer restricted by time and skill constraints, as cyberattackers need little technical knowledge to deploy it. There is a specialization within each segment, improving attack capabilities correspondingly.
RaaS offers can be very complex: they are promoted on the dark web, ransomware developers offer dashboards and helplines to facilitate attacks, and negotiating services are offered to extract the largest sum of money from victims. Ransomware gangs used to demand a ransom from the victim to provide a decryption key. Now, they threaten to release exfiltrated data, like customers’ Personally Identifiable Information (PII), if the ransom isn’t paid (double extortion). Finally, they may approach the victim’s customers and threaten to release the data obtained from the victim if the ransom isn’t paid (triple extortion).
These elements working together have led to an increase in the frequency of ransomware assaults. In 2023, ransomware is expected to expand into a $30 billion industry, according to eScan Computing. Although high-profile ransomware incidents, like the American attack on the Continental Pipeline, have garnered worldwide attention, ransomware attacks are not just a problem for big businesses. Schools, universities, government agencies, and smaller businesses in the public and private sectors are targeted by ransomware gangs, with potentially disastrous results: After a ransomware attack, a 157-year-old college in the USA had to suspend operations.
Because of the aforementioned, the corporate sector should have their cyber defences ready, anticipating that a) they would be the target of a ransomware assault; it is a matter of when, not if, and b) the attack might stop operations, which would have an effect on profitability and business continuity. Making strategies to stop ransomware assaults and respond to an attack in case it succeeds is necessary for defence against such attacks.
Preventing Ransomware Attacks
Ransomware attacks can be prevented by combining policies, technology, and training. The purpose of a cybersecurity policy is to define standards, roles, and responsibilities. What is the minimum password strength required for enterprises? Is it the responsibility of the system administrator to make sure all patches and security updates are installed? Do you need to replace hardware or software nearing the end of their support life cycle? In what ways can enterprise IT assets be used? By auditing the organisation’s IT infrastructure, weaknesses in the policy will be revealed that must be addressed.
eScan Endpoint Security, eScan Network Security, and data backups should be used to combat ransomware. An endpoint security solution should be able to permit legitimate encryption while denying malicious encryption. Furthermore, it should protect against phishing, which may be used to deliver ransomware. As every second counts when dealing with a potential threat event, it is necessary to evaluate technology solution vendors based on awards won, frequency of updates, long-term track record, and speed of support.
All staff members must receive training on the foundations of cyber hygiene, how to spot phishing and other social engineering techniques that target users rather than hardware or software, how to report suspicious behaviour right away, and the proper reporting process. Specialists with knowledge of both cybersecurity and training can deliver this instruction. To guarantee that personnel hold each other accountable for adhering to required cybersecurity standards, a culture of cybersecurity must be ingrained inside the organisation.
It is crucial to make sure the suggested cyber defences cover the entire organisation. No gadget or person should be exempt from these regulations, not even the CEO. Threat actors are unconcerned with organisational structure or the difficulties in accurately identifying every device that is a part of an organization’s IT environment. Enterprise cybersecurity must be maintained, watched over, and updated on a regular basis to stop the creation of attack opportunities since they will take advantage of any opportunity.
Responding To Ransomware Attacks
Finally, a response strategy will be required in the event that an organisation is subjected to a ransomware assault. This plan must include attack mitigation, compliance procedures, and public relations in order to reduce the damage to the company’s reputation and avoid regulatory action. Paying the ransom is not suggested, however, a choice on payment may need to be made shortly after an assault happens in areas like healthcare, where if the organisation is unable to immediately resume normal activities, lives could be lost.
Following a ransomware incident, confusion and chaos are to be expected. Complete contingency plans that are swiftly implemented will help rebuild trust in the organization’s ability to thwart the attack, control the fallout, and protect stakeholder value.
Find out more about creating enterprise defences against ransomware or get in touch with us to find out how eScan’s enterprise cybersecurity solutions help shield your company from ransomware.
