At present, the risk of ransomware attacks and business email compromise (BEC) is more common and dangerous than one might think. Ransomware is getting more complex with every passing day, and continues to infect businesses across the globe.
With ransomware attacks evolving, threat actors are now using double and triple-extortion techniques. Instead of just locking or encrypting the files, hackers are even stealing sensitive and confidential data. This means that considering ransomware, data extortion, BEC and data loss as “separate risks” is no longer possible.
Today’s cyber miscreants are extremely opportunist, and they prefer to attack enterprises having weak cybersecurity postures. So, businesses should do whatever it takes to combat against bad actors disrupting their digital domains.
Ransomware as a Data Theft Tool
Unfortunately, ransomware attacks have become increasingly sophisticated. Nearly all ransomware incidents involve data theft, making it the most dominant form of extortion. In fact, some ransomware groups now focus solely on data theft, and do not encrypt or attempt to destroy any information.
This type of attack presents a significant problem, as once the data is outside an organization’s defenses, there is no guarantee that it will be returned. Even if the data is recovered, chances are that it may have already been sold or exposed to the world. This makes it difficult for businesses to decide whether or not to pay the ransom.
As a result, many organizations are choosing not to pay, but this decision has its own drawbacks. Fewer organizations paying ransoms means that cybercriminals will look for other ways to ‘monetize’ their attacks. In addition, cyber insurers are increasingly refusing to pay out for ransomware attacks.
In most cases, threat actors will try to steal a significant amount of data, and sell it on the dark web, while demanding a ransom to avoid disclosing the data breach publicly. The best defense in the short term is to detect potential attacks as they are occurring, and prevent data exfiltration.
Ransomware and BEC
The traditional view of seeing business email compromise (BEC) and ransomware as distinct incidents is over-simplification of a complex threat landscape. While the cybercriminals involved in such attacks may display slightly different characteristics, their basic tactics and techniques overlap.
They typically gain initial access through email phishing or stealer malware. They often use thread hijacking to insert themselves into legitimate communications. By recognizing the similarities between these types of attacks, organizations can develop more effective defense strategies that target the same activities, regardless of how an attacker monetizes the attack.
Way Forward
Legacy threat protection and data loss prevention solutions are no longer sufficient for current cybersecurity threats. Instead, businesses should focus on detecting the attacker’s behavior and equipping their employees with the right tools and technology to keep ransomware threats “at bay”. By re-thinking defenses, organizations can detect and deter today’s biggest cybersecurity challenges more effectively.
For highly secure Managed IT Services and Technology Solutions, get in touch with ATSG. Xentaurs, an ATSG company, offers top-notch Managed Detection and Response (MDR) services for your enterprise. We offer comprehensive protection against cyber threats with real-time monitoring, rapid response and remediation to keep your organization secure and resilient at all times.
