Ransomware Attacks: Protect your SME from this serious threat!

Ransomware is one of the most alarming threats in the field of cybersecurity, affecting both large corporations and small and medium-sized enterprises (SMEs). This type of malicious software has acquired great relevance in recent years.

According to the Acronis 1st Half 2024 Cyber Threat Report, during the first quarter of 2024, 1,048 ransomware incidents were publicly reported, representing a 23% increase compared to the same period in 2023.

Moreover, according to U-Gob.com, 93% of organizations in Latin America consider ransomware attacks to be a priority, and 45% have been victims of ransomware attacks on one or more occasions.

It is therefore essential to understand how this type of threat works and to take preventive measures to reduce the associated risks.

In this article, you will learn what ransomware is, how it operates, its types and the best strategies to protect yourself from this growing cyber threat.

What is ransomware?

Ransomware is a category of malware. How does a ransomware attack work? It generally comes in two forms: as a blocker that prevents access to the system interface, or as an encryptor that encrypts files, making them inaccessible.

Cybercriminals use this type of attack to extort money from victims by requesting payment, usually in cryptocurrencies, in exchange for the key to regain access to their system.

These cybercriminals often operate underground, posing as legitimate organizations or using phishing tactics to infiltrate systems.

Their evolution has spawned a variety of sophisticated attack methods, adapting to different environments and operating systems.

The complexity of attacks and their impact on cybersecurity have made ransomware a growing concern. Therefore, it is crucial to educate users on how to identify and defend against these threats.

According to Acronis, ransomware positioned itself as the most prevalent cyber threat affecting both small and medium-sized businesses and large corporations since the second half of 2021, and this trend is expected to continue in 2025.

What are the types of ransomware

There are several types of ransomware, each with specific characteristics, attack methods and targets. The most common are:

• Encrypting ransomware: encrypts the user’s files, making them inaccessible until the ransom is paid. CryptoLocker and WannaCry are some examples.
• Blocker ransomware: prevents access to the system interface or blocks specific applications, displaying a ransom message on the screen. This attack method is based on deception and fear, persuading victims to act quickly.
• Medusa ransomware and other variants: not all ransomware variants follow traditional patterns. Medusa ransomware is an innovative example that incorporates more sophisticated design elements and encryption techniques that further complicate data recovery.
• Ransomware as a Service (RaaS): allows less experienced cybercriminals to rent or buy software to carry out their own attacks, expanding the reach of these threats.

Each type of ransomware represents a different set of risks and challenges. It is critical for both users and businesses to understand these differences in order to properly implement ransomware protection measures and react effectively to an attack.

Prevention and mitigation in the business environment

Implementing prevention and mitigation measures is essential to protect companies from ransomware threats. These strategies are essential to safeguard information and mitigate the impact of a potential attack.

Maintain backup copies

Backups are crucial in the battle against ransomware. Performing regular and proper backups ensures that critical data can be recovered in the event of a successful attack.

Certain practices are essential to ensure the effectiveness of backups:

• Perform regular backups, ensuring that all important data is preserved;
• Keeping backups on a separate device or in the cloud, disconnected from the main network, is essential to prevent infections;
• It is also essential to review the integrity of backups on a regular basis, ensuring that they are operational and accessible when needed.

Implementation of a robust cybersecurity plan.

A well-structured cybersecurity plan provides a solid framework for preventing and mitigating ransomware attacks.

This plan should include a variety of policies and practices that address different aspects of cybersecurity. Seeking advice from IT and cybersecurity services companies is critical. In this regard, we invite you to contact our SupraBT team to evaluate possible cybersecurity plans for your company.

A key aspect of the plan is staff education and training. It is essential that users are informed about the dangers of ransomware and the relevance of following security protocols, such as:

• Avoid opening e-mails from unknown senders;
• Be cautious when downloading files from the Internet;
• Keep software and systems updated on a regular basis.

Access control policies

The adoption of access controls is equally crucial. Defining clear policies on who is allowed to access certain data helps prevent unauthorized persons from obtaining sensitive information.

Access control policies should include:

• Assignment of roles and responsibilities to users according to their work needs;
• Incorporation of multifactor authentication for access to critical systems;
• Continuous monitoring of access and suspicious activity on the network.

Prevention of social engineering

Social engineering is a common tactic employed by attackers to persuade users to compromise security. To prevent this type of attack, companies can:

• Conduct simulations of social engineering attacks to educate employees;
• Develop clear procedures for reporting suspicious activities;
• Promote an open communication environment regarding cybersecurity, where employees feel safe to report incidents.

Impact on small and medium-sized companies

Small and medium-sized enterprises (SMEs) have become an increasingly attractive target for ransomware attacks. This trend is due to a number of factors that make them particularly vulnerable:

• Lower investment in cybersecurity, often resulting in outdated systems and lack of adequate protection measures;
• Limited awareness of cyber threats, leading to poor employee training on good security practices;
• Restricted access to advanced defense technologies, limiting the ability to respond to complex attacks.

The effect of a ransomware attack on an SMB can be devastating, encompassing loss of critical data, disruption of operations and considerable reputational damage.

These consequences highlight the urgent need for companies, regardless of size, to strengthen their security measures and educate their staff on attack prevention.

Conclusion

As we have seen, ransomware is a dangerous form of malware and to protect yourself from this threat it is essential to understand how it spreads, the different types that exist and the methods they use.

Backing up files regularly, being wary of suspicious emails and websites, and keeping your software and operating system up to date are key measures to protect your business from ransomware attacks.

According to the WeLiveSecurity portal, 77% of organizations that suffered a ransomware attack were able to recover their information thanks to backups.

However, the ransomware landscape continues to evolve with new threats constantly emerging. Against this backdrop, recent trends are looming that point to a complex and challenging future in cybersecurity. This is why turning to trusted and experienced cybersecurity companies like SupraBT is crucial.

SupraBT is a technology solutions and services company with a solid and recognized track record, based in the United States, Chile and Venezuela. We have a team of experts with experience in different sectors and the most advanced technology to help you safeguard your SME from cyber threats such as ransomware.

References:

Acronis (August 2, 2024) . Acronis Cyberthreats Report, H1 2024: Breaking down key findings from the report. Source of reference: https://www.acronis.com/en-us/blog/posts/acronis-cyberthreats-report-h1-2024-breaking-down-key-findings-from-the-report/

Acronis (September 20, 2023) . Common cyberattacks and the tactics behind them. Source of reference: https://www.acronis.com/en-us/blog/posts/common-cyberattacks-and-the-tactics-behind-them/

Semantic Scholar (May 13, 2017). . What is Ransomware | What Is IT? Source of reference: https://www.semanticscholar.org/paper/What-is-Ransomware-%7C-What-Is-IT/10a7e1e2970f673353b90b16cd5b0e9ddd219023

Semantic Scholar (July 12, 2017). . The WannaCry Ransomware String of Attacks: What Is the Story? Source of reference: https://www.semanticscholar.org/paper/The-WannaCry-Ransomware-String-of-Attacks%3A-What-Is-Ciunci/1b3b9cffcd2e000481ecb343e41d8bf0525c92e5

IBM (February 28, 2024) . IBM report: Identity is under attack in Latin America, reducing companies’ recovery time from breaches. Source of reference: https://latam.newsroom.ibm.com/2024-02-28-Reporte-de-IBM-La-identidad-esta-bajo-ataque-en-Latinoamerica

U-Gov. (n.d.) . 93% of organizations in Latin America consider ransomware attacks a priority and 45% have been attacked one or more times. Source of reference: https://u-gob.com/el-93-de-las-organizaciones-en-latinoamerica-considera-a-los-ataques-de-ransomware-como-una-prioridad-y-un-45-ha-sido-atacado-una-o-mas-veces/