Despite all cybersecurity advancements, ransomware continues to be a huge issue. Furthermore, the emergence of Bitcoin allowed cybercriminals to receive untraceable payments, which makes them even more determined to find their next victim.
So, let’s talk about ransomware, cover the basics, and learn how to protect yourself from it.
What is ransomware?
Ransomware is a type of malware made to encrypt files and data. A target of a malware attack is usually asked to make a payment to gain back access to a database. When a business or an organization is under a ransomware attack, they lose profit, so paying the ransom is usually the easiest way to get the decryption key.
It is important to remember that any device can be vulnerable to ransomware. The list includes smartphones, tablets, computers, and even smartwatches. While cybercriminals often go after organizations and businesses with ransom money, they don’t mind going after individuals.
Well-known ransomware attacks
In September of 2023, the news broke that several hotels in Las Vegas were under a cyberattack. It was later revealed that MGM Resorts was dealing with a ransomware attack for 36 hours, which resulted in huge financial losses. Caesars Entertainment admitted they were also hacked during the same time.
A hacking group called Scattered Spider was behind these attacks. They used social engineering to learn the login information of one of the employees and then bypassed multi-factor authentication. These attacks are still under investigation by the FBI.
Here is a short list of other famous ransomware attacks that happened in the last few years:
- The Colonial Pipeline attack happened in May 2021, resulting in gas shortages in the southeastern US states. The company paid $4.4 million to the hackers responsible for the attack, and the FBI managed to return half of the money one month later.
- WannaCry ransomware was in the news throughout May of 2017 because it was used in an attack on the UK National Health Service, namely hospitals and pharmacies. Luckily, no patients were seriously affected by this attack.
- In June 2020, at the height of the pandemic, the University of California in San Francisco revealed they were attacked by a hacking group named Netwalker. Cybercriminals asked for $3 million but received less than half of that amount.
How to protect yourself from ransomware
Here’s how you can recognize and prevent a ransomware attack:
- Spot the attack. Cybercriminals frequently rely on human error. They hope a user won’t scan the URL of their phishing website or question the source of a message or email. Since ransomware is often spread via phishing, make sure you know how to recognize a fake message. If you receive an unknown link, scan the URL before you click on it. A quick URL scan can tell a lot about a webpage.
- Update software. Keep your software and operating system up to date by downloading the latest patches and versions. The perfect example of what can happen if you don’t run the newest software version is WannaCry ransomware, which exploits a vulnerability in Windows PCs.
- Use multi-factor authentication. Multi-factor authentication is still one of the best ways to protect your accounts and ensure nobody else can use your credentials. While advanced cybercriminals can sometimes surpass this protective measure, it is good to have an extra layer of safety.
