Ransomware is a type of malware that prevents accessibility to either a single computer or an entire network until a ransom is paid. This can result in the loss of thousands of dollars for your business, a breach in your data, potential damage to your reputation, and loss of customers.
Keep reading to learn more about the impact of ransomware attacks and how Mitnick Security can fortify your cybersecurity posture from these cyber threats.
How Does a Ransomware Attack Work?
This malware is often sent through a social engineering tactic (typically a phishing email or a smishing text message). Once someone unknowingly downloads the malware, the threat actor is alerted that a breach has occurred. They are then able to gain control over the infected device and demand a ransom in exchange for the individual’s data.
While some threat actors are just amateur hackers testing their skills and occasionally hitting the jackpot, the real threats are the seasoned cybercriminals who operate like well-organized businesses. These groups have structured hierarchies, manage internal disputes through darknet forums, and focus heavily on profit. They generate revenue by offering ransomware-as-a-service (RaaS) to other hackers, extorting money from breached companies, and tricking everyday people (like your employees) with sophisticated schemes.
The Impact of Ransomware Attacks
Ransomware attacks often have devastating results, depending on how much money is asked for as ransom.
Huge companies, such as Garmin, have had to pay millions, and in some cases billions, of dollars in order to regain access to their networks. The truly scary reality is there is no guarantee that your data will even be returned just because you pay, or that a backup of that data wasn’t created and is still being sold elsewhere.
According to the 2024 Verizon Data Breach Investigations Report (DBIR), roughly one third of all breaches in 2023 involved ransomware and it was considered a top threat across 92% of industries. An increase in third party breaches greatly contributed to these numbers. These stats showcase that it doesn’t matter what size your company is or what industry you’re in (although healthcare and financial institutions are heavily targeted), ransomware can still find you.
In looking at this ransomware report from Cybercrime Magazine, it can be seen that in 2024 alone ransomware has taken out utility companies, schools, government entities, medical facilities, freight companies, and law enforcement, to name a few. It is clear ransomware attacks work, has proved lucrative for threat actors, and is here to stay. We can expect them to become more sophisticated as time goes on.
How to Prevent Ransomware Attacks
Ransomware Security Awareness Training (SAT) can help you train your employees to recognize these attacks and avoid a future breach. If employees: a) understand that clicking on any link or document from an unsolicited sender is a dangerous idea, and b) understand what can occur as a result of that seemingly harmless action, then your company will be far more likely to remain protected than the company that does not educate their employees on the tactics, techniques, and procedures threat actors using ransomware employ.
How the Test Works
- A ransomware security awareness test can be done with a small control group or be a company-wide endeavor. If you choose to go company-wide, this can provide insight to the departments that may be more prone to falling for ransomware deployment attempts due to the nature of their work (e.g. accounting departments who receive a large influx of email communications on a regular basis that often include attached invoices from vendors). More targeted training can then be provided for these unfortunately susceptible employees.
- Once the emails and/or texts are sent, employee behavior is tracked to see how many are likely to fall for a ransomware attack. Ensure that there is a process in place for employees to report these emails and texts, as that will be documented as well.
- Following the attack, you and your team are provided with an overview of how the test performed and a list of best practices to employ immediately to ensure that you are prepared for any future attacks.
Prevent Ransomware Attacks with Mitnick Security
Ransomware security awareness training is no longer something that can be bypassed or performed just once upon hire; it is too successful as an attack method, and the rising numbers prove it year after year. Keep your company and employees safe and Get Security Awareness Training from Mitnick Security.
