Ransomware has taken the world by storm this year, costing millions for businesses around the world. In the last 12 months alone, the number of ransomware variants spotted in the wild has more than doubled. As its prevalence has increased, so has the complexity of the attacks, and new ways to defend against them have been developed. Microsoft have been known to take the ransomware threat very seriously, even releasing a security patch for the long obsolete Windows XP operating system in the wake of the infamous WannaCry attack back in May. With the realease of the Windows 10 Creators Update (build 1703), now there are even more features built right in to the OS that can prevent and protect against ransomware. In fact, it’s so secure that Microsoft claim no Windows 10 devices were affected by WannaCry.
Everyone’s talking about cyber security these days, and there’s a seemingly endless list of protective measures to be taken to prevent cyber attacks. It can be a bit daunting, and at times hard to secure the right budget, so is all this hype about security really necessary? The short answer is – YES. The long answer is that in order to understand why cyber security has taken over the forefront of IT for businesses, you must first understand that cyber criminals are no longer just bedroom hackers; they’re a fully fledged industry.
Cybercrime costs the economy an estimated $450 billion globally
Cybercrime-as-a-Service is on the rise in a big way, with criminals constantly developing more advanced ways to steal businesses’ hard-earned cash over the internet. The industry continues to evolve and adapt and is now highly organised. All one has to do is log onto certain sites on the Dark Web and they’ll be greeted with professional hackers offering ransomware, malware, phishing, DDoS and much more as-a-service.
“Spear phishing is an email or electronic communications scam targeted towards a specific individual, organisation or business. Although often intended to steal data for malicious purposes, cybercriminals may also intend to install malware on a targeted user’s computer.”
Gone are the days when the only phishing threats were from poorly spelled emails asking you to claim Clubcard points. With the cybercrime-as-a-service (CaaS) industry estimated to be worth in the billions each year, cyber criminals are becoming increasingly organised in the way they implement their attacks. Instead of sending out random emails and hoping for the best, spear-phishing involves researching a particular organisation, probing for weaknesses, then sending highly targeted, personal phishing emails. These emails may appear as if they come from your CEO, or IT manager, or even the colleague that sits next to you. It is estimated that over 90% of successful data breaches by cyber criminals started with a spear-phishing attack. The best means of prevention is to implement an ongoing cyber security awareness program, as trained staff can detect and block spear phishing attacks before it’s too late.
The Information Commissioner’s Office in the UK has issued a statement that organisations who train their staff in data security will be less likely to receive a fine or monetary penalty. The ICO recommends that at least 80% of an organisation’s staff are trained on how to handle sensitive data and keep it secure from data breaches, with a spokeswoman stating that “reasonable steps” must be taken to secure data, with “full account of the facts” taken into consideration in the event of a data breach being discovered.
At least 80% of an organisation’s staff should be trained on keeping data secure. Human error remains the top cause of data breaches.
Back in May, the world saw a global ransomware attack on a then-unprecedented scale – WannaCry. This cyber attack affected more than 230,000 computers in more than 150 countries, and is estimated to have cost businesses up to $4 billion. To say that businesses were caught off-guard is an understatement, with the malware utilising vulnerabilities in the long-obsolete Windows Server Message Block (SMB) v1 and through computers with out-of-date Windows security patches. It gets onto a network most often through human error – employees clicking phishing emails – then spreads like wildfire to other machines that are connected to the internet.
This week, however, reports came in from Ukraine and across Europe that a new mass-ransomware attack was underway. Initially theorised to have been a variant of WannaCry, cyber security experts now believe it to be a variant of Petya, a strain first seen in 2016 which was then predicted to be “the next step in ransomware evolution”.