Crypto-ransomware is a harmful program that encrypts files stored on a computer or mobile device to extort money. So what does crypto ransomware mean and how to protect it. Let’s find out by reading the article below.
What does crypto ransomware mean?
A ransomware attack encrypts the victim's data until the attacker is paid. If payment is not made, ransomware attackers may sell information on the dark web as another form of income. Ransomware remains one of the most lucrative tactics for cybercriminals, with an estimated global cost of ransomware of $20 billion in 2020 and an average total ransom payment of $84,000.
Crypto-malware is a form of malware that enables threat actors to perform cryptojacking activities. While the process used by hackers is essentially the same as that used by legitimate crypto miners, crypto-malware exploits other users' devices and processing power to obtain payments. In doing so, these attacks drain vast amounts of resources from the victim's computer, with the device owner getting nothing in return.
Crypto-Malware vs. Crypto-Ransomware
People tend to confuse crypto-malware with crypto-ransomware. The methods and paths these two threats take to enter a victim's system are similar but fundamentally different. Crypto-malware uses the victim's computing resources to mine cryptocurrencies, while crypto-ransomware is a type of malware that allows attackers to encrypt files stored on the victim's device in order to extort money, mostly in the form of cryptocurrencies.
Threat actors immediately notify victims of crypto-ransomware attacks that their systems/files have been compromised, followed by ransom notifications. Crypto-malware, on the other hand, aims to operate undetected. The longer the better.
How to protect it?
Fortunately, there are many ways to protect yourself from ransomware infections. Because technology is constantly evolving, it's important to follow basic cybersecurity practices and stay proactive so that you never put yourself or your business at risk of any ransomware threats.
1. Back up your data
Backing up data to an external hard drive or cloud server is one of the easiest risk mitigation practices. In case of a ransomware attack, users can wipe the computer and reinstall the backup files. Ideally, organizations should back up their most important data at least once a day. A popular method to follow is the 3-2-1 rule. Trying to keep 3 separate copies of data on 2 different storage types, 1 of which is offline. You can also add another step to the process by adding a copy on an immutable (cannot be changed), non-deletable (cannot be deleted) cloud storage server.
2. Keep all systems and software updated
Always update your operating system, web browser, antivirus software, and any other software you use to the latest version available. Malware, viruses, and ransomware are constantly developing new variants that can bypass your old security features, so you need to make sure everything is patched and up to date.
Many attackers target large enterprises that rely on outdated legacy systems that haven't been updated in a while. Perhaps the most notorious ransomware attack occurred in 2017, when the malware WannaCry crippled major companies around the world. It even forced NHS hospitals in the UK, Spanish telecom company Telefónica and Apple chip supplier TSMC to close for four days. A total of more than 230,000 computers worldwide were affected.
The attack targets computers with outdated versions of Microsoft Windows. Despite recent patches that prevent the spread of malware, many users and organizations are slow to update and thus fall victim to the scam. After the incident, global security experts have urged companies to update their systems as soon as possible.
3. Install anti-virus software and firewall
Comprehensive antivirus and antimalware software are the most common defenses against ransomware. They can scan, detect and respond to cyber threats. However, you'll also need to configure your firewall, as antivirus software only works at an internal level and can only detect an attack once it's already present on the system.
A firewall is usually the first line of defense against any incoming external attack. It protects against software and hardware-based attacks. Firewalls are essential to any business or private network as they filter out and prevent suspicious packets from entering the system.
4. Network Segmentation
Because ransomware can spread quickly throughout a network, it's important to limit the spread as much as possible in the event of an attack. Implementing network segmentation divides the network into multiple smaller networks, so organizations can isolate ransomware and prevent it from spreading to other systems.
Each individual subsystem should have its own security controls, firewalls, and unique access permissions to prevent ransomware from accessing targeted data. Segmented access not only prevents propagation to the main network, but also gives security teams more time to identify, isolate, and neutralize threats.
5. Email Protection
Historically, email phishing attacks have been the leading cause of malware infections. In 2020, 54% of managed service providers (MSPs) reported phishing as the top ransomware delivery method. Another report published by the FBI named phishing scams the number one cybercrime of 2020, causing more than $4.2 billion in damage or theft.
I hope this article will help you to learn what does crypto ransomware mean and how to protect it.
