Types of Ransomware Attacks In 2024

Ransomware is far from being a new threat in the cybersecurity landscape. However, organizations who base their understanding of the risks on how ransomware attacks have been conducted in the past can leave themselves vulnerable to the evolving nature of the problem. As bad actors learn what works (and what doesn’t), their methods and tactics have changed. Here’s what to know about who’s vulnerable, trends in ransomware attacks, and what conscientious organizations can do to protect themselves.

Knowing Your Risk

The fact that certain industries tend to be at higher risk from ransomware shouldn’t obscure a central truth—any industry or individual organization can be hit with a ransomware attack. That said, certain industries have historically been affected more often: education; construction and property; central and federal governments; media, entertainment, and leisure; local and state governments; retail; energy and utilities infrastructure; distribution and transport; financial services; business, professional, and legal services; healthcare; manufacturing and production; and information technology (IT), technology, and telecommunications.

High-profile victims of ransomware attacks in 2023 included the British Royal Mail Service, the city of Dallas, MGM Resorts International and Caesars Entertainment, and Boeing, but it isn’t only organizations whose misfortunates command national headlines that are at risk. Smaller organizations, which malicious actors perceive as having less sophisticated cybersecurity technology and protocols, are often viewed as easier targets, even if the potential payout is smaller.

Trends in Ransomware Attacks

In a classic ransomware attack, a cybercriminal gains access to a company’s data, encrypts it, and then demands a payment to restore access. Current trends are both expanding the scope and nature of ransomware threats, while also highlighting how traditional vulnerabilities remain ongoing concerns. Trends include:

• Supply chain attacks: In a supply chain attack, third-party tools or services are targeted to infiltrate the victim’s system. By exploiting weaknesses in commonly used software, the malicious actor can attack multiple victims (the users of that software) simultaneously. The SolarWinds hack, MOVEit data breach, and Kaseya ransomware attack are all examples of this technique.
• Triple extortion: In double extortion ransomware attacks, hackers don’t just hold data hostage through encryption. They also steal a company’s data and threaten to release it publicly, which compounds the potential for legal and reputational harm to a company. Triple extortion takes it a step further by adding another layer of attack, such as directly targeting customers or stakeholders whose information has been stolen or launching a distributed denial of service (DDoS) attack if additional ransom amounts aren’t paid.
• Ransomware as a Service (RaaS): It’s no longer required for would-be ransomware attackers to have software expertise to develop their own malware. Now hacking groups sell access to their platforms, giving nonexperts code and operational infrastructure from which to conduct their ransomware campaigns.
• Exploiting unpatched systems: Most ransomware attacks don’t use novel vulnerabilities to access system. Instead, they go after known vulnerabilities in unpatched systems.
• Phishing: Phishing emails continue to be the root cause of infection in many successful ransomware attacks. Unfortunately, generative AI tools such as ChatGPT are making it easier than ever for malicious actors to create convincing phishing lures that take advantage of human weaknesses in an organization’s cybersecurity defenses.

Safeguarding Your Organization From Ransomware Attacks

Ransomware attempts may be nearly inevitable, but a successful attack does not have to be. Successful IT security cannot rely on one tactic alone, though. A consistent, multipronged approach is necessary to prevent, detect, and respond to cybersecurity threats before they can damage your organization. What can you do to reduce the risk of a ransomware attack?

• Back up critical data frequently: Having a reliable, current backup reduces the risk of losing important information in a ransomware attack.
• Patch software and firmware regularly: Don’t put off running updates. Since ransomware code tends to target known vulnerabilities, keeping your programs up to date helps to eliminate possible routes of attack.
• Educate employees on social engineering tactics: Many a costly ransomware attack has been enabled by a user clicking on or downloading something they shouldn’t have. Effective cybersecurity training reduces the odds that a member of your organization will be an unwitting source of infection.
• Consider advanced protection technologies: Extended detection and response technologies can help protect your infrastructure from attacks and identify needed improvements to eliminate risks.

Providing Expertise and 24/7 Support for Your Cybersecurity Needs

If your organization is becoming increasingly worried about the prevalence of cybersecurity attacks, or wants to ensure there is never a repeat of a previous data breach or ransomware attack, Right Click can help. With our full suite of cybersecurity and IT services, we can improve your security posture and protocols, respond round-the-clock to security breaches, and give you the peace of mind of knowing your systems are protected from the latest threats. To learn more, contact us today.