What is ransomware
Traditionally, ransomware has been a form of malware that holds a computer and/or its files hostage. It does this by encrypting the data on the device or network, making it impossible for the user to access the files without a specific decryption key. Payment is then requested to release the encrypted data.
However, in recent years threat actors have begun to move away from full encryption. Instead, they will steal a copy of the data, still leaving the victim able to operate, but request payment to prevent the stolen data being leaked into public domain.
This method of ransomware has resulted in an increase in second and third extortion, especially if an attack has not been fully investigated.
Is ransomware common?
Yes. Historically ransomware was less common, with attacks being targeted at enterprise corporations. The infiltration and encryption of data required more skill, so larger targets were chosen to enable larger ransoms to be demanded.
However, the increase in cloud and digital business operation has massively reduced the barrier to entry for any individual wishing to carry out a ransomware attack. In fact, products such as “ransomware in a box” have become available on the dark web for as little as €50.
As a result, the target pool for threat actors has opened up to any business with poor cyber defences. In 2023 10% of all organisation globally experienced a ransomware attack.
Many threat actor groups use a path of least resistance and target SMBs, who are more likely to have weaker cyber defences, in order to gain access to a larger target; this is known as Supply Chain attacks.
How to mitigate ransomware
The complete mitigation of ransomware risk is impossible. However, implementing a manged services such as SOC as a helps to improve cyber posture and reduce risk.
Cyber threats will continue to be present as long as new technologies are developed, such as AI and quantum computing, enabling threat actors to update their TTPs.
However, having an increased cyber posture, and making yourself a harder target, will help significantly reduce the risk. Investing in the best people, process and technologies to monitor, detected and response to threat alerts is the best way to keep cyber risk at a minimum.
A SOC as a service solution, such as Nexus SOC, combines all three of these areas. Providing expert people to monitor, detect and response to alerts on your existing technologies while implementing the best processes to ensure alerts are effective for your environment.
To find out more on how a SOC as a service can help keep your business protected against ransomware, Give us a call 📞01-5314045 (Ireland) 📞028 9590 0804 (UK)
Contact Us🔰️ :info@caseddimensions.com
