Ransomware Attacks on Businesses Have Doubled in 2019

The year 2018 saw a reduction in ransomware attacks on businesses as cybercriminals opted for alternative means to make money. Major ransomware attacks were still occurring, just at a slightly lower rate than in 2017.

Some reports were released that suggested ransomware was no longer such a massive threat as it was in 2016 and 2017, but the number of reported attacks in 2019 have shown that is definitely not the case. Any business that has not implemented defenses to protect against ransomware attacks could well be the next victim and have to pay millions to recover from an attack.

Make no mistake. Ransomware is one of the most dangerous threats faced by businesses. If ransomware is installed on the network, all files, including backups, could be encrypted. That could prove catastrophic, as one small Michigan medical practice discovered.

The two-doctor practice in Battle Creek, MI suffered an attack that resulted in the encryption of all patient data. A ransom demand was issued by the attackers, but as there was no guarantee that files could be recovered after the ransom was paid, the decision was taken not to pay up. The hackers then deleted all the encrypted files. Faced with having to rebuild the practice from scratch, the doctors decided to call it quits and took early retirement.

Ransomware attacks on healthcare providers are now being reported at an alarming rate and government entities, cities, and municipalities are being extensively targeted. The city of Baltimore suffered a major attack in May involving a ransomware variant called RobbinHood. The attack brought down the city’s servers and systems, causing major disruption across the city. A ransom of $6 million was paid for the keys to regain access to the encrypted files.

Two small cities in Florida also suffered major attacks. Lake City was forced to pay a ransom of $460,000 and Riviera Beach paid a ransom of $600,000, while Jackson County in Georgia paid $400,000 after its court system was attacked.

As the year has progressed, the attacks have increased. A report from Malwarebytes indicates there was a 195% increase in ransomware attacks in Q1, 2019. Figures from Kaspersky Lab show ransomware attacks almost doubled in Q2, 2019, with 46% more attacks reported than the corresponding period in 2018.

The increase in attacks means businesses need to be prepared and have the necessary security tools in place to make it difficult for the attacks to succeed.

There is no one cybersecurity solution that can be implemented to eliminate the threat of attack, as hackers are using a variety of methods to gain access to networks and download their malicious payloads. Layered defenses are key to repelling an attack.

Email is the primary method of delivering ransomware. All it takes if for a malicious email to arrive in an inbox and for an employee to be fooled into opening a malicious attachment or clicking on a hyperlink for ransomware to be installed. An advanced email filtering solution such as SpamTitan Cloud is therefore needed to block malicious emails and ensure they do not reach employees’ inboxes.

SpamTItan includes Domain-based Message Authentication, Reporting, and Conformance (DMARC) to block email impersonation attacks and a sandbox where suspicious attachments can be executed in safety and studied for malicious activity. Sandboxing is essential as it allows zero-day ransomware threats to be identified and blocked.

Not all attacks occur via email. Attacks over the Internet are also common. A web filtering solution should therefore be implemented to block these web-based attacks. A web filter will prevent employees from accessing known malicious sites where ransomware is automatically downloaded. With these two technical measures in place, businesses will be well protected from attacks. Along with security awareness training for staff and the adoption of good data backup practices, businesses can mount a strong defense against ransomware attacks.