According to recent reports, the rate of cyberattacks in 2021 has increased by 93 percent compared to the previous year. In the US, attacks on businesses’ and organizations’ cyber security have increased by up to 24 percent. In the first half of 2021, about 304 million ransomware attempts were reported. The worst thing about a ransomware attack is that it targets multiple databases and services of your business, completely halting operations.
Ransomware attacks are becoming more common partly due to the increasingly sophisticated hacking tactics and the evolving malware threat. That’s why you need to understand the latest types of ransomware to help protect your business against cyber security attacks. The following are some of the most common types of ransomware:
1. Crypto malware
Crypto ransomware is probably the most widespread type of malware used by cyber attackers. It spreads through different means such as websites, emails, and downloads. This ransomware encrypts valuable files, key folders, and drives on your computer, making them inaccessible.
The attackers usually demand a ransom in exchange for a decryption key. Not paying the ransom can lead to a complete shutdown of revenue-generating operations, which could be devastating for your business. Some newer crypto-ransomware variants are even more damaging since they also infect shared, networked and cloud drives.
Scareware is the most basic form of ransomware. It often comes in the form of a fake software or pop-up alert that claims to have detected a virus on your computer, and you need an antivirus solution. The trick is to get you to pay to resolve the problem or to buy the fake product. Some scareware variants lock you out of your computer and require a ransom to unlock it.
Cyber security attackers employ this type of ransomware to steal an organization’s sensitive information and threaten to publish it online if the ransom demanded isn’t paid. This type of ransomware can be damaging for your business in so many ways. Apart from releasing your intellectual property, it could damage your business’ reputation and possibly lead to lawsuits if customers’ data is published.
Ransomware as a Service, commonly known as RaaS, involves renting ransomware from the creator as a pay-for-use service. These types of ransomware are hosted anonymously on darknet sites, allowing criminals to access or purchase them as a subscription. The ransomware creator is the one who distributes the ransomware, collects payments, and restores access in return for a cut of the ransom money.
While paying the ransom is the fastest way to recover your company’s valuable files and information, nowadays, hackers have been found to attack businesses again even after they’ve paid the initial ransom. Not paying the demanded ransom is even worse because it can cost your business a lot in terms of reputation loss, collateral damage, data loss, downtime, and liability.
Having remote and redundant data backups is the best and safest way to ensure your business continues to run even after the most devastating attack. Every business is vulnerable to ever-evolving ransomware attacks. Hence, your business needs advanced cybersecurity protection to combat and mitigate potential ransomware attacks.
Looking to protect your business’ most crucial assets against the ever-evolving ransomware threat? Contact Total today, and we’ll help create an effective cyber security program that caters to your unique business needs.