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Ransomware – COVID-19 & Upgrading Your Defenses

By Jonathan Armstrong and André Bywater
September 01, 2020

It's pretty shameful that in the current crisis we're seeing ransomware on the rise. It's even more shameful that organizations involved in fighting the virus seem to be especially at risk. Last year ransomware targeted healthcare more than any other industry, accounting for 29% of total ransomware attacks, according to Beazley's 2020 Breach Briefing report. Recent events suggest that attacks are up as the COVID-19 virus spreads, with criminals working on the theory that an organization desperate to unlock its data is now more likely to pay.

The combined effects of COVID-19 + ransomware have already seen one victim as Travelex entered into administration on Aug. 6, 2020 after having reportedly paid a ransom to hackers. A rescue package was agreed but with the loss of 1,300 jobs. Regrettably it is likely that Travelex will be just the first of many victims.

What Techniques Are Hackers Using?

A ransomware attack uses malware that encrypts or otherwise restricts access to computers, system or data by exploiting system vulnerabilities. The attackers demand that the victim pays money (usually in cybercurrency such as Bitcoin) to receive the decryption key or recover access.

The main ways that a ransomware 'payload' can enter an organization's network are via:

  • An attachment to an email (usually framed as something important or "urgent");
  • Web browsing;
  • What looks to be a voicemail message perhaps via social media;
  • Remote access and remote control applications; or
  • Removable media and personally owned devices.

The criminals usually exploit a vulnerability in the operating system or other installed software, which then starts the encryption process.

What's the Worst That Can Happen?

The impact of a ransomware attack can be severe and far-reaching. For the corporate victim, it can mean business disruption, financial loss and reputational damage. For some it may mean that they are forced to close.

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