Mapping the Evolution of Cyber Extortion
Threats have been improving their ransomware attacks for years now. Traditional forms of ransomware attacks used encryption of stolen data. After successful encryption, attackers demanded ransom in exchange for a decryption key. This technique started to fail as businesses could retrieve data from backups.
To counter this, attackers made malware that compromised backups. Victims started paying, but FBI recommendations suggested they not pay.
The attackers soon realized they would need something foolproof to blackmail victims. They made ransomware that stole data without encryption. Even if victims had backups, attackers could still extort using stolen data, threatening to leak confidential data if the ransom wasn't paid.
Making matters even worse, attackers started "milking" the victims and further profiting from the stolen data. They started selling the stolen data to other threat actors who would launch repeated attacks (double and triple extortion attacks). Even if the victims' families and customers weren't safe, attackers would even go to the extent of blackmailing plastic surgery patients in clinics.
Extortion: Poking and Pressure Tactics
Regulators and law enforcement organizations cannot ignore this when billions of dollars are on the line. The State Department is offering a $10 million prize for the head of a Hive ransomware group, like to a scenario from a Wild West film.
Businesses are required by regulatory bodies to disclose “all material” connected to cyber attacks. Certain regulations must be followed to avoid civil lawsuits, criminal prosecution, hefty fines and penalties, cease-and-desist orders, and the cancellation of securities registration.
Cyber-swatting is another strategy used by ransomware perpetrators to exert pressure. Extortionists have used swatting attacks to threaten hospitals, schools, members of the C-suite, and board members. Artificial intelligence (AI) systems are used to mimic voices and alert law enforcement to fictitious reports of a hostage crisis, bomb threat, or other grave accusation. EMS, fire, and police are called to the victim's house with heavy weapons.
What Businesses Can Do To Reduce The Risk Of Cyberattacks And Ransomware
What was once a straightforward phishing email has developed into a highly skilled cybercrime where extortionists use social engineering to steal data and conduct fraud, espionage, and infiltration. These are some recommended strategies that businesses can use to reduce risks.
1. Educate Staff: It's critical to have a continuous cybersecurity awareness program that informs staff members on the most recent attacks and extortion schemes used by criminals.
2. Pay Attention To The Causes Rather Than The Symptoms: Ransomware is a symptom, not the cause. Examine the methods by which ransomware infiltrated the system. Phishing, social engineering, unpatched software, and compromised credentials can all lead to ransomware.
3. Implement Security Training: Technology and cybersecurity tools by themselves are unable to combat social engineering, which modifies human nature. Employees can develop a security intuition by participating in hands-on training exercises and using phishing simulation platforms.
4. Use Phishing-Resistant MFA and a Password Manager: Require staff members to create lengthy, intricate passwords. To prevent password reuse, sign up for a paid password manager (not one built into your browser). Use MFA that is resistant to phishing attempts to lower the risk of corporate account takeovers and identity theft.
5. Ensure Employee Preparedness: Employees should be aware of the procedures to follow in the case of a cyberattack, as well as the roles and duties assigned to incident responders and other key players.
