Cyber extortion is a new and growing form of cybercrime. Attackers target a company’s or an individual’s data systems. They demand huge payments to stop the attack and repair the damage. Firewalls and antivirus software usually cannot stop these more sophisticated attacks.
Common types of cyber extortion
Cyber extortion takes many forms. Some of the most common are:
- Ransomware. The criminal infects the company’s data and online systems with malware or spyware. It spreads through opened attachments and other methods, and it encrypts the company’s data. The criminals then demand payment for the encryption key, which unlocks the data again. Unfortunately, they can attack repeatedly and demand payment each time, until the business finds a way to stop ransomware attacks.
- Denial of Service. A Denial of Service (DoS) attack cuts a company off from part or all of its computer information. Email, data, key programs, and network connectivity can all go down. A Distributed Denial of Service (DDoS) attack compromises a large number of systems in a single strike.
- Compromised Data. Cyber attackers can seize data and threaten to use it for illegal purposes. For example, they may steal customer account information and then publish it or sell it to a third party. They may also threaten to corrupt the data so the company cannot use it, unless the company pays.
Criminals normally demand payment in a currency that cannot be easily traced. Bitcoin is one of the preferred methods. The demand can reach millions of dollars.
How to protect against ransomware
The best protection against ransomware and any other type of cyber extortion includes the following:
- Keep regular backups of data and computer programs, so a new system can replace the attacked one if an attack happens.
- Run software on servers and endpoints that defends against known ransomware attacks.
- Teach customers safe computer practices, such as when not to open emails.
- Carry insurance that covers the cost of an attack, including replacing hardware and software, lost business, and lost customers.
If an attack does happen, report it to the FBI’s Internet Crime Complaint Center.
Phases of a Ransomware Attack and Cyber Extortion
To defend against ransomware and cyber extortion, you need to understand how these attacks happen. Attacks typically move through these phases:
- Gaining access. The ransomware has to enter the company’s system first. It can arrive in many ways, such as a phishing email or a sophisticated tool like Cryptolocker or CryptoWall, two recent examples of ransomware.
- Executing the malware. Once the ransomware is inside the information system, it stores the malware in relevant places so it is ready to infect the computer system.
- Attacking backup files. Unlike other computer attacks, ransomware is specifically designed to go after online data backup files.
- Placing an encryption key. The ransomware then runs a program that takes control of the system by encrypting its overall controls. The company must remove that encryption before it can use the system again.
- Demanding payment. At this point, the attackers tell the company its system has been attacked and demand payment. The amount typically increases over time to force early payment.
- Cleaning up the evidence. When the ransom is paid, the malware wipes all traces of its origins, which protects the attackers’ identities.
Contact Volico for ransomware defenses and strategies
When ransomware hits your system, it can often be too late to do anything but give in to the attackers’ demands. At Volico, we work with you to provide unified threat management solutions that help you prepare for and defend against ransomware and cyber extortion.
