Everything You Need To Know About Ransomware And Cyberattacks

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Everything You Need To Know About Ransomware And
Cyberattacks
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Ransomware assaults in following years of
COVID-19 have revealed how increasingly at-risk
companies are, regardless of size, maturity,
industry, or country. The use of malicious
software to encrypt and/or exfiltrate a targets
data and then demand payment under the threat of
sharing it with the world or making it
permanently inaccessible increased by nearly 150
in March of last year, with over 700
organizations experiencing a ransomware attack in
the second quarter of 2021 alone. Several
headline-grabbing attacks have damaged not just
the target organization, but also the physical
security of people and crucial U.S.
infrastructure. The most notable example was the
May 2021 cyberattack on the United States major
pipeline system for refined oil products, which
prompted rapid government emergency legislation
to keep fuel supply lines open and prevent mass
panic purchasing. Having said that, not all is
lost. While most corporate risks cannot be
avoided, they can be handled more effectively
with real-time, actionable data. Heres what you
need to know about everything from prevention to
detection
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How Did We Get Here?
The first ransomware instance was reported in
1989. It was run offline on a floppy disc years
before the Internet became widely used. The total
cost is 567. The average ransomware compensation
today is about quadruple what it was last year,
with organizations paying around 850,000. Still,
the cost to a damaged organization far outweighs
whatever it pays outin reputation, restoring
operations, assets, and confidence. The
introduction of Bitcoin and other
cryptocurrencieswhich, by design, allow for the
transmission and receipt of payments without the
intervention of any government or banking
institutionhas spurred the rapid growth of
ransomware assaults in this new decade. Due to
the complexity involved in tracking these
payments across borders and wallets, hackers
nearly always demand payment in cryptocurrency.
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Various governments have attempted to restrict
anonymous cryptocurrency trading using KYC
(know-your-customer) legislation, but the nature
of a decentralized currency makes these rules
impossible to implement. Because it appears
doubtful that governments will outright outlaw
the usage of cryptocurrencies, it appears that
Bitcoins role in allowing ransomware assaults is
here to stay. Furthermore, attacks are not
carried out by a lone, angry black hat. They are
extremely managed by enterprises with organized
and customizable business models, such as the
increasingly popular Ransomware-as-a-Service
(RaaS). RaaS, like Software-as-a-Service (SaaS),
allows attackers to leverage and scale proven
tools.
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This has allowed new companies to enter the
market and increased the level of risk that
corporate leaders must face. These RaaS customers
are drawn in by the various PR-styled dark web
domains that name victims, offer data samples to
show the accuracy of assaults, and serve as
dumping grounds for stolen data from ransomed
organizations who chose not to pay. Ultimately,
most organizations pay the ransom, despite the
fact that many experts say that doing so will
just encourage cybercriminals and fund future
assaults.
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What Are Governments Doing About It?
Amid reports that corporations targeted by
cybercriminals hold some responsibility for the
assaults, there is a growing clamor for
cybersecurity standards and legislation around
the world. Governments, on the other hand, are
prime targets for ransomware assaults. The
Ransomware Payments Bill 2021, which compels
organizations to notify the Australian Cyber
Security Centre (ACSC) of potential ransomware
payments to cyber criminals, was proposed in
Australias House of Representatives in June. The
US Treasury Department said in May that any
transfer of 10,000 or more must be disclosed to
the IRS. Furthermore, the White House continues
to urge corporate leaders to examine their
cyber-physical security posture, strengthen their
defenses against ransomware attacks, and
implement effective recovery plans.
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Forward-thinking organizations have already begun
integrating their cyber and physical security
operations, significantly boosting their ability
to detect and combat convergent threats.
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What Business Leaders Need To Consider
Businesses must choose between paying ransoms and
perhaps fueling new attacks or coping with the
impact of data loss, especially if attempts to
recover failed. Measure your defenses, patch in
the gaps, and arm your cyber-physical security
teams with efficient ransomware detection and
prevention solutions before you get to this
position. These solutions must rely on a diverse
set of public data sources, such as the surface,
deep, and black web, as well as cyber threat
intelligence feeds, worldwide social media
platforms, news sites, and IoT sensors. As a
result, organizations will get environmental
knowledge and an effective early warning system.
Furthermore, systems that provide optimal
communication and access to real-time, actionable
information across the cyber-physical security
and leading operations teams will benefit from
lowering the chance and severity of a ransomware
attack.
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• As cyber-physical risks increase and vary, no
  organization is safe from an attack. The best way
  forward is to raise your leadership and security
  organizations awareness of and capacity to
  respond to emerging dangers.
• Enterprises that receive early indications of
  cyber-physical dangers and vulnerabilities can,
  at the very least, quickly position risk response
  plans to defend their organizations, external
  stakeholders, and bottom lines. Investing in
  technology that minimizes noise so that important
  risks may be addressed more quickly is critical,
  as is democratizing that information to enable
  highly coordinated responses.
• While ransomware isnt going away, organizations
  may use a number of business process improvements
  and technical solutions to successfully limit the
  risk of an attack and preserve their valuable
  assets.

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THANK YOU!
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