Ransomware attacks are on the rise, with a notable 24% increase during the second quarter of 2024 alone. The
Gen Threat Report, formerly known as the Avast Threat Report, revealed a whopping 379% increase in ransomware activity in India, followed by 100% for the US, UK, and Canada, and 66% in Australia.
Avast says the ransomware attacks have become more sophisticated, targeting both individuals and businesses with increased precision. "One reason for this increase is the evolution of ransomware tactics. Cybercriminals are constantly refining their methods to maximize their impact. For example, some attackers now not only encrypt your files but also threaten to release sensitive data publicly if you don’t pay up multiple times. This double-extortion tactic puts even more pressure on victims to comply with their demands."
In short, nothing in cyberspace or the cybercrime world remains static—it changes and becomes more chilling with every advancement of technology which constantly provides new tools to criminals to keep them ahead of ordinary internet users.
Ransomware is one of the most dangerous and fast-growing threats in the digital world today. It is a type of malware that can lock you out of your files or entire system until you pay a ransom, usually in cryptocurrency.
Basically, ransomware can inflict significant harm in four ways: financial loss, data loss or theft, disruption of services and reputational damage.
Ransomware attackers, typically, demand payment in exchange for restoring access to encrypted files or systems. Victims may suffer financial losses from paying the ransom or the costs associated with recovering or replacing affected systems.
In addition to encrypting files, ransomware may also exfiltrate sensitive data before encryption. This stolen data can be used for further extortion or sold on the dark web, leading to potential identity theft or other privacy breaches.
According to Avast, ransomware spreads through phishing emails, malicious websites, downloads, infected software or apps and vulnerabilities in the system that can be exploited.
Many ransomware attacks begin with a phishing email that contains a malicious attachment or link. When you open the attachment or click the link, the ransomware is downloaded and installed on your device.
In some cases, simply visiting a website can trigger a download of the ransomware without any interaction on your part. This can happen if the website is compromised and has malicious scripts embedded in its code.
According to telemetry from the Avast userbase, the most prevalent ransomware strains are: WannaCry (21%), Cylance Ransomware (9%), Enigma (8%), STOP (6%), LockBit (5%), and Mallox (aka TargetCompany) (2%).
No one wants to go through a ransomware ordeal, but it can happen to anyone. So the best option for anyone to protect from a ransomware attack is to follow seven suggestions from Avast.
1. Back up your data regularly. The best defence against ransomware is having up-to-date back-ups of your important files. Make sure these back-ups are stored offline or in a secure cloud service. If you’re hit by ransomware, you can restore your files without paying the ransom.
2. Be cautious with email attachments and links. Be wary of unsolicited emails, especially those with attachments or links. Even if an email looks like it’s from a trusted source, verify its legitimacy before opening anything.
3. Keep your software updated. Regularly updating your operating system, antivirus and other software is crucial. These updates usually include security patches that protect against known vulnerabilities.
4. Use difficult and unique passwords. Ensure that your accounts are protected with strong, unique passwords. Consider using a password manager to help you keep track of them. Enable two-factor authentication (2FA) wherever possible.
5. Install reliable security software. A robust antivirus can help detect and block ransomware before it can do any harm. Make sure your security software is always up-to-date.
6. Avoid untrusted websites and downloads. Be cautious when downloading files or software, especially from unfamiliar websites. Stick to reputable sources to reduce your risk of infection.
7. Keep yourself informed. Awareness is key. Make sure you and your loved ones understand the risks of ransomware and how to avoid it. Knowing what to look for can help prevent an attack before it happens.
According to The State of Ransomware 2024 report (https://www.sophos.com/en-us/content/state-of-ransomware) from Sophos, as many as 56% of the organisations surveyed paid ransom to get the decryption key. "The five-year view reveals that the gap between use of backups and payment of the ransom continues to shrink. Backup use has fallen, albeit slightly, for the second consecutive year. At the same time, there has been a 10-percentage point increase in ransom payments since the 2023 study. Propensity to pay the ransom depends on many factors, including availability of backups. However, this is a worrying trend and it is concerning that over half of victims are resorting to paying for the decryption key."
This brings us to another critical issue about what to do if you are faced with a ransomware attack. Again, there is no 100% method to help save you from these attacks, but you can follow four standard suggestions. It includes disconnecting from the internet, not paying ransom, getting help from a professional and reporting the incident to law enforcement agencies, including the National Cyber Crime Reporting portal (cybercrime.gov.in) of the Union ministry of home affairs and the cyber cell of your local police.
Remember, ransomware is a growing threat that requires constant attention and vigilance. By staying informed and taking proactive steps to protect your data, you can reduce the risk of falling victim to these attacks.
Do not forget, the best defence is always a good offence—stay alert, stay updated, and stay safe.
