Ransomware serves as one of the major cybersecurity threats in modern times that is affecting large enterprises and critical infrastructures. Through ransomware attacks, cybercriminals lock user’s systems or their access to the system until a ransom is paid.
Last few years, enterprises throughout the world have seen a massive increase in various types of ransomware attacks as cybercriminals are commonly using this malware type to extort money. A Forbes report stated that in 2021, the average ransomware transaction amount touched a mammoth figure of $102.3 million per month.
In 2022, the ransomware attack amount rose to 2.3 billion. With time and advancement in modern technology, enterprises are witnessing new types of ransomware that are becoming challenging to handle.
So it goes without saying that enterprises need to know the types of ransomware that exist and how they operate, enabling them to combat them with the right security strategy. That is why we have created this article where we are going to discuss the most common types of ransomware that you should be aware of and how you prevent such severe cyber threats.
Without further ado, let’s dive right into the article!
What is Ransomware?
Ransomware is a malware type that utilizes various techniques to infiltrate the system of an enterprise and limit users’ access to the system through encryption until a ransom is paid. Cybercriminals utilize various social engineering techniques, phishing, malicious downloads, and others to gain access to the system.
Usually in this type of attack, attackers encrypt all the files critical to the enterprise or sometimes lock the system until the demand is met. Modern types of ransomware attacks are often designed to move across an enterprise or institution’s network and encrypt all the databases and servers to halt the business workflow.
Most modern attackers force enterprises to pay ransom in the form of Bitcoin or other cryptocurrency in order to obtain the decryption key. Depending upon the enterprise size and types of ransomware, the ransom amount can reach up to millions of dollars.
Ransomware attacks are evolving rapidly and not only is it generating billions of dollars for cybercriminals but also causing huge damage to business workflow. Some attacks are adding new functionality to the attack to add incentives to ransomware payment.
What are the Different Types of Ransomware
Over the years, ransomware has been evolving in terms of how it attacks, how it is delivered, what its impact, and overall sophistication. Previously, attackers were mostly dependent on crypto ransomware and locker crypto-ransomware.
However, with the ransom amount getting doubled and tripled over time, cyber attackers are coming up with varied types of ransomware to break security barriers and encrypt the enterprise’s system. Here are some common types of ransomware that widely affect organizations:
1. Locker Ransomware
Considered as one of the most widely used types of ransomware, this type of cyberattack locks the whole system of the enterprise and prevents any user access until the ransom is paid.
Locker ransomware completely blocks the user, disabling access to files, networks, and other functionalities. Various social engineering techniques, exploitation of vulnerabilities, and utilization of compromised credentials are utilized to deliver the payload.
In this type of attack, the attacker sets a deadline or countdown to increase the urgency and force the victim to make payment. The malware is specially crafted to enable users to only reach the lock screen where they can see the message containing ransom demand.
Moreover, the attacker through the ransomware only offers limited functionality to the keyboard and mouse so that the user can pay the ransom amount.
2. Crypto Ransomware
Besides locker ransomware, crypto ransomware also serves as a popular choice for cybercriminals where the attacker encrypts the vital files, datasets, or other information of the enterprise or user. There is some sophisticated crypto ransomware that can also encrypt the network and cloud drive connected to the system.
After encrypting the file or dataset, the attackers demand a ransom in exchange for the decryption key. In this type of ransomware attack, the user will be able to access the system and view the data but they won’t be able to access them. A deadline is set by the attacker for the ransom payment and if the user misses, the encrypted files are completely deleted from the system.
The payments are usually demanded in cryptocurrency to make ransom transactions almost untraceable. Once the victim pays the ransom amount, the hacker provides a step-by-step guide to access the decryption key.
3. Scareware
Scareware is a unique type of ransomware where attackers scare off users by showing alarming pop-ups or messages and tricking users into downloading the malware program. The cybercriminals craft a message that looks legitimate and trick users into traps without giving them a chance to evaluate the situation.
Apart from pop-ups or warning messages, attackers often flood the screen with alerts to scare off the user. Some alerts might appear as ” A new virus has been detected”, or ” Your PC is getting slow. Increase the speed now”.
The alerts usually ask the victim to pay a fee or purchase the software to solve the issue. When the user downloads the software, it enables the malware to enter the system.
4. Leakware
Unlike other ransomware, leakware goes beyond encrypting all the files or systems. The attackers threaten the victim to release all their personal data or sensitive business information on the public domain or third parties unless the ransom is paid.
Historically ransomware attacks involve encryption of data but leakware puts added pressure. To prevent the sensitive from falling into the wrong hands, most enterprises pay the ransom.
Due to its unique nature of methodology in ransomware attacks, it is often called Doxware, Exfiltrationware, and Extortionware. This type of attack is usually targeted at nationalized entities, banks, healthcare, large enterprises, and other institutions handling confidential data.
5. Ransomware as a Service (RaaS)
Ransomware as a Service or RaaS is a special ransomware type that leverages the SaaS business model to launch its attack. RaaS serves like any SaaS platform that is usually hosted by a group of cybercriminals and they are hosted on the dark web to enable easy access to cybercriminals.
It enables other cybercriminals lacking technical knowledge to subscribe to the service and launch a ransomware attack on the target. The affiliates can access the service through their online service and like SaaS it also comes with a tenure. The host takes care of a lot of aspects of the attack which includes distribution of ransomware and in return, they take a cut from the ransom payment.
However, the fees usually depend upon the complexity and size of the attack surface. The convenience of RaaS has given a huge boost to ransomware attacks in recent years as attackers now don’t require in-depth knowledge to launch such an attack.
6. Wiper Malware
Also known as data wipers, this ransomware type doesn’t encrypt files or lock files, instead, it wipes the entire file, dataset, and other information from the victim’s system. It often threatens the victim to destroy the files present in the system.
Wiper malware is not typical ransomware because it is not carried out for financial gains but to sabotage a targeted user or destroy evidence. Even if there is a ransom demand, it is usually run through time-based triggers.
This type of attack is mostly targeted at businesses by rivals to disrupt regular operations and sometimes government institutions by criminal groups to paralyze the workflow.
7. Double Extortion Ransomware
In this type of ransomware attack, the cybercriminals not only encrypt the files of the victim but also export all of them to blackmail the victim. With this attack, the cybercriminals ask for specific demands and if it is not met, the attackers threaten to expose all the data often containing sensitive financial information.
So even if the victim has the data restored in a remote server, it will be ineffective against the attack. In double extortion ransomware, the victim usually meets the demand of the attacker to prevent data exposure. However, even if the ransom is paid, it doesn’t always mean the attacker will keep the end of their bargain.
8. Triple Extortion Ransomware
Similar to double extortion ransomware, it also encrypts and exports data along with an additional layer. In many of the ransomware attacks, DDoS is utilized to jeopardize the business workflow of targeted enterprises or institutions.
In some of the triple extortion ransomware attacks, the third layer often includes threatening the targeted organization’s employee, partner, or supplier to expose all the stolen data if the ransom is not paid to them. This is a rare type of ransomware that is done meticulously by large cybercriminal groups.
Ransomware Prevention Tips
With each passing year, the number of ransomware attacks on enterprises and government organizations is gradually increasing.
Protecting the system has become necessary more than ever and following certain steps can help you recover and prevent ransomware attacks. While devising your security strategy, you should follow the below-mention tips that will help you prevent ransomware in the first place:
- Always maintain proper IT hygiene that will prevent any gaps in the security posture.
- Back up all the datasets of your enterprise. You can conduct a regular backup procedure so that you can restore all the important and maintain business workflow without paying the ransom.
- Keep all the operating, antivirus, software, and browsers up-to-date with the latest security patches.
- Install an effective antivirus that will help prevent any suspicious websites or files from reaching your system.
- You should also opt for ransomware protection that protects the system with modern security technology and prevents attackers from delivering ransomware payloads.
- Cybercriminals often exploit various vulnerabilities to launch ransomware attacks. You can utilize vulnerability management and remediate all the vulnerabilities before they can be exploited.
- Always avoid providing your personal information on public or social media platforms. Before targeting a victim, the attacker tries to extract personal information by going through their social media.
- Only download programs from secure and approved websites, especially when you download them on an enterprise’s endpoint device. A malicious program can lead to a massive ransomware attack.
- Avoid opening suspicious email attachments containing links or downloading any executable as they pave the path for ransomware into the system.
- You should keep interaction minimal with pop-ups as they serve as a medium for ransomware infection. Even if you interact with a pop-up, you should close them without clicking on links.
- Use necessary data protection to protect all your sensitive data. You should enforce access control mechanisms and least privilege access to keep the sensitive out of reach of attackers.
- Eliminate all vulnerabilities from the RDP ports. You should utilize tools to monitor all the ports in your network for suspicious behavior and eliminate any RDP ports when they are not operational.
- It is best to avoid using public Wi-Fi networks, especially with endpoint devices. It not only exposes your device but enables attackers to intercept your network.
- Implement a Zero Trust Network in your enterprise that ensures only verified users and devices can access your organization’s private network. Every user and device must go through identity verification, making it difficult for malware to get into the network.
- Implement spam filtering in your email to prevent phishing emails from going into your inbox. Having robust email security or using a secure email gateway can help you block emails with malicious links from reaching your inbox.
- You should develop an incident response plan and test the system at regular intervals to identify security gaps.
- Build an effective cybersecurity team that will take necessary steps to mitigate any ransomware attack and investigate the matter to prevent such threats in the future.
- Application control and whitelisting are important to prevent ransomware because they limit the number of applications installed on the endpoint device.
- Use Network Detection and Response or NDR solution that helps in monitoring the network activity and responding to any suspicious activity. It utilizes statistical analysis and deep learning that can help organizations in lowering the ransomware risk.
- Learn to manage cookies on the devices especially those that are connected to endpoints and only allow the ones that are essential.
- Use web application firewall, intrusion prevention/intrusion detection system, and other similar solutions to disrupt the communication of ransomware with Command & Control centers.
- Educate all your employees regarding ransomware attacks. Employees should be trained to identify and take mitigation steps to handle ransomware attacks. It would be a good choice to conduct ransomware attack simulations to help employees cope with such situations.
Conclusion
Ransomware currently serves as one of the biggest weapons for cybercriminals to disrupt business flow and extort money from businesses. As ransomware is getting more sophisticated, more and more cybercriminals are using it as a medium to generate ransom from victims.
Attackers are utilizing various types of ransomware attacks on different enterprises and it is important to develop the security control accordingly. This article takes you through all the common types of ransomware that your organization might come across along with the tips you should take into consideration to prevent such attacks.
Anshu Bansal, a Silicon Valley entrepreneur and venture capitalist, currently co-founds CloudDefense.AI, a cybersecurity solution with a mission to secure your business by rapidly identifying and removing critical risks in Applications and Infrastructure as Code. With a background in Amazon, Microsoft, and VMWare, they contributed to various software and security roles.
