Cryptoviral extortion is not new, but its rate of occurrence has been radically increasing. The malware encrypts user data, and the users must make a payment to get the decryption key.
Many small, medium, and large organizations are losing sensitive data to ransomware attackers leading to huge financial losses and loss of reputation.
Hackers are always coming up with innovative ways to access and manipulate encrypted data, so no organization is immune. Protecting your data from cryptoviral extortion requires instituting measures to prevent attackers from accessing and manipulating the data.
Invest In System Updates
To prevent ransomware attacks, you must always keep your antivirus, web browser, and operating system up to date. Ransomware, viruses, and malware are always evolving, and the new variants can bypass your outdated security features, so make sure that everything is up to date.
Many hackers target large organizations that rely on old systems that are not up to date. Malicious software can cripple major organizations around the world and even force some businesses to shut their operations for a while. Attackers target computers with outdated Microsoft Windows Versions.
A recent ransomware attack took place in JBS Foods in May 2021. The meat producer had to stop production in its five largest facilities. JBS had to pay the ransom totaling $11 million. Security professionals warn against paying the ransoms, but the company opted to do so to avoid meat shortages across the nation.
Install Firewalls And Antivirus Software
Comprehensive anti-malware and antivirus software are some of the most common ways to protect data against ransomware. If you prefer promoting your website online without much security, your data may be more prone to ransomware attacks because most attackers target valuable data.
Use the antivirus and anti-malware to scan and detect cyber threats that could lead to data losses. However, you should configure your firewall as well because antivirus software works internally and detects attacks when it is in the system.
Firewalls can protect your data against external attacks. They are useful for any private network or business because they can block any suspicious data packets from getting into a system. Be careful because some fake alerts could appear like they are coming from your antivirus software through website pop-ups or emails.
In November 2021, MediaMarkt, a European electronics retailer, suffered a major ransomware attack. The attack affected over 3,000 servers such that the cash registers could no longer accept credit cards or print receipts. Instead of suspending operations, the company limited its in-store services and used some IT resources to contain the situation.
Email Protection
One of the major causes of malware infections is email phishing attacks. In 2020, a report released by the FBI revealed that phishing scams were the top cybercrimes in that period resulting in losses amounting to over $4.2 billion. There are various ways through which ransomware can infect your systems through email:
- Clicking on suspicious links. This could direct you to infected websites
- Downloading email attachments from unknown sources
- Social engineering. This occurs when you are tricked into exposing your sensitive information.
Besides antivirus software, use additional procedures such as:
- Avoid opening emails from unknown senders. Don‘t click on files, links, or attachments from unauthorized sources or unknown addresses.
- Always use the Sender Policy Framework (SPF), an email authentication procedure to designate particular email servers during the process of sending outgoing messages.
- Domain Message Authentication Reporting & Conformance (DMARC). This will help to authenticate your emails further by matching DKIM and SPF protocols.
- DomainKeys Identified Mail (DKIM). This provides a digital signature and encryption key to verify the emails for alterations and forgery.
One of the most infamous attacks took place in Colonial Pipeline in May 2021. The attack led to gas shortages and panic across the country because the company had to be shut down. The attackers exploited a VPN profile that lacked active multi-factor authentication (MFA).
Implement Endpoint Security
Endpoint security is appropriate for expanding businesses. As your business begins to expand, the number of end users goes up, creating more endpoints that need to be secured. The endpoints create an opportunity for cybercriminals to perpetrate cryptoviral extortion or attack your main network.
No matter how you are running your business, install the endpoint detection and response (EDR) or the endpoint protection platforms (EPP) for all users. These technologies will allow the system administrators to manage security across all the devices.
EDR is more advanced than EPP because it focuses on responding to immediate threats affecting a network. The two technologies include protection tools such as data encryption, web browser security, intrusion detection, and more.
The University of California suffered a major ransomware attack in June 2020, where malware encrypted its files. Learning institutions are difficult to secure and contain valuable personal and financial information. Such institutions should take cybersecurity issues seriously, just like other businesses do.
Run Security Testing
Protecting your data from cryptoviral extortion does not end after implementing security measures. Ransomware tactics are always evolving, so you need to run cybersecurity assessments and tests to ensure they are working. You must continually reevaluate user access points and privileges.
It is also important to develop new security protocols and identify system vulnerabilities. One of the strategies you can use to test your system is sandbox testing. This can help to determine the adequacy and relevance of your security protocols. Test your systems to ensure that there is no open access that could invite malware through your network.
In the University of Californian case, the attackers took advantage of the COVID-19 situation to encrypt files. Critical infrastructure is vulnerable, so you must regularly test your systems to improve security and eliminate data loss.
Conclusion
Cryptoviral extortion has made large corporations pay ransom charges, leading to massive financial losses. The incidents of ransomware attacks are becoming so frequent and alarming. By implementing the above procedures, you will avoid such losses and maintain the integrity of your data.
Cybercriminals are innovative, so you need to act continuously on the issue of cybersecurity. Pay attention to the ransomware developments and take steps to reduce the vulnerabilities.
