Ransomware is a type of malware that encrypts a user’s files and demands a ransom payment in exchange for the decryption key. In recent years, it has grown into a significant cybersecurity issue, with both corporations and individuals falling victim to these attacks. However, there are some threats related to ransomware that might be disregarded, therefore it's critical to be aware of them in order to safeguard your organization and yourself.
Double Extortion One risk that is frequently disregarded is the potential for a "double extortion" attack. In this attack, a perpetrator obtains confidential information, in addition to encrypting the victim's files, and threatens to disclose the information if the ransom is not paid. This form of assault typically results in the loss of confidential customer or business information. For businesses that handle sensitive data, like healthcare providers or financial institutions, this can be very harmful as regulatory fines and lawsuits typically follow such a disclosure.
Ransomware as a Service
The potential for a "ransomware as a service" (RaaS) assault is another danger that is frequently disregarded. In this form of assault, a perpetrator rents out their ransomware to other bad actors or malicious organizations to launch their own attacks. Due to the malware's potential for continual evolution, it may be difficult to identify the original attacker and to adequately defend against the attack. The perpetrators in this kind of attack are often less technically skilled yet have access to a potent weapon to inflict harm, thus intensifying the ramifications.
Another danger that is often overlooked is the possibility that the attacker may not provide the decryption key even after the ransom is paid. An attacker may demand a ransom and then disappear, permanently encrypting the victim's files. It is crucial to remember that paying a ransom just motivates the attackers to carry out more operations of this nature.
It is critical to keep in mind that ransomware attacks can significantly affect an organization’s customers, partners, brand, finances and business operations.
If you would like to learn more about protecting your organization from ransomware attacks, visit our Cybersecurity page.
Talk to the experts at Identity And Access Solutions to see how your organization can implement Cybersecurity to fit your organization’s needs.