Reported by: Shahirah Abdul Aziz As we navigate 2024, ransomware remains one of the most persistent and devastating cyber threats. Ransomware attacks have surged in frequency, targeting businesses of all sizes, as well as individuals. With evolving tactics and increasingly advanced ransomware, organizations must protect their critical data and systems from these costly attacks. In this article, we’ll explore what ransomware is, the different types, the most common variants in 2024, and how companies can detect and prevent them. What is Ransomware? Ransomware is a type of malicious software designed to encrypt a victim’s data or lock them out of their system until a ransom is paid. Cybercriminals often demand payment in cryptocurrency to make it harder to trace. The victim is usually presented with a ransom note, threatening to permanently delete or expose their sensitive data if the ransom is not paid within a specific timeframe. The impact of a ransomware attack can be devastating—not only causing downtime but also potentially leading to financial losses, reputational damage, and regulatory consequences for compromised personal data. Types of Ransomware Ransomware comes in several forms, each with its own unique characteristics. Some of the most common types include:
Most Common Ransomware as of August 2024 BitDefender's Threat Debrief reports that well-known ransomware groups like LockBit have returned to the Top 10 as of August 2024. The analysis draws from ransomware leak sites, where attackers publicly share the number of compromised companies, providing insight into the ransomware-as-a-service (RaaS) market. However, this data may be unreliable, as it originates from the criminals themselves. Moreover, it only reflects claimed victims, not the actual financial consequences of these attacks. Additionally, RansomHub, a newly formed group, launched its leak site in February 2024. Likely a rebranding of the older Knight ransomware, it has been created by new actors who possibly acquired Knight's source code earlier this year. This advanced ransomware targets multiple platforms and exploits vulnerabilities for initial access. By utilizing sophisticated obfuscation and attack techniques, RansomHub has quickly emerged as a significant player in the ransomware threat landscape. The bar chart below compares the number of victims among the Top 5 Ransomware Groups from July to August 2024. Source: Cyfirma (2024)
Impact on Businesses Ransomware can impact businesses by:-
How to Detect Ransomware Early detection of ransomware is key to minimizing damage. Here are some common signs of a ransomware infection:
How to Prevent Ransomware Attacks Preventing ransomware requires a combination of technology and best practices:
At 57Network, we understand the devastating impact ransomware can have on businesses. That’s why we offer comprehensive cybersecurity solutions tailored to your unique challenges. We don’t just provide software; we partner with you to develop strategies that include employee training, robust security processes, and advanced tools like Bitdefender. By choosing us, you gain a dedicated team of experts committed to protecting your organization. Contact our team today to build a resilient defense against cyber threats! |