“The average ransom in 2024 is $2.73 million, almost an increase of $1 million from 2023.” (Varonis)
Ransomware attacks are increasing at a rapid pace and so are the ransom demands. This year is no exception. Ransomware is a growing threat to businesses and you should ensure your business is prepared to face that threat. Let’s face this, Ransomware won’t inform you and come. One fine day it’ll just get into your systems and hack everything. And here the story doesn’t stop. Attacks have become even more sophisticated with double and triple extortion techniques. With these techniques recurring ransom payments are demanded by threats in different ways like leaking data on the dark web. Therefore once your data is gone it becomes hugely impossible to get it back with the ransom payment or any other resource. The primary reason why most businesses face the attack is because they wonder why someone would attack them or believe some other ransomware myth. This leaves their business vulnerable to attacks. So if you want to reduce the chances of facing an attack, focus on solving a particular myth if you believe in one of those. This blog discusses the top 10 ransomware myths to be aware of to protect your business data.
Ransomware Myth #1: Paying ransom is an effective solution
Here’s something shocking: ” 92% Who Pay Ransom Don’t Get Their Data Back.”
This isn’t bluffing or something. These are real numbers based on various research.
A real-life example that might help you believe that paying ransom won’t guarantee data restoration. A BlackMatter ransomware group attacked an undisclosed company using phishing emails in Aug 2021. They deceived one employee in the company to open the mail and infiltrated the attack in the systems. Attackers demanded a ransom amount and by negotiating the amount was reduced to half the original amount. The company paid the amount and found that a few weeks later the group leaked its data. That’s the live example in front of you that proves, that even if you pay ransom there is no guarantee to get the data again. Therefore, cybersecurity experts advise to not pay ransom.
Few reasons why you shouldn’t pay the ransom amount:
- When you pay ransom, attackers are encouraged to launch more attacks.
- Your company might be sanctioned if the ransom is paid.
- You can again be on the target list of attackers as you pay the ransom.
- The ransom demands may increase if you agree.
- Your cyber insurance prices may increase.
So to be on the safer side if your business faces any ransomware attack make sure you don’t agree to pay ransom. Instead quickly consult with experts, stakeholders, and your tech team to act on the incident response plan. With that, the first ransomware myth is debunked if you think this is true. The next one is:
Ransomware Myth #2: Ransomware attacks aren't frequent
The following are the statistics that you should read at least once to get an idea about how frequent are ransomware attacks. The statistics can be either generic or industry-specific.
- The rate of ransomware attacks in financial services increased from 55 percent in 2022 to 64 percent. (Sophos)
- 66 percent of organizations were hit by ransomware in the last year. (Sophos, 2023)
- From 2020 to 2025, healthcare will spend $125 billion to defend against breaches. (Chief Healthcare Executive, 2023)
- 13 percent of small and medium businesses experienced a ransomware attack in the past year, and 24 percent of respondents experienced a ransomware attack at least one time ever (Datto, 2023).
These are just 3 of many other statistics that clearly highlight that ransomware attacks are frequent and your business can be the next victim anytime. So better keep your incident response plan ready to be clear on what to do once an attack hits your business.
Attackers are targeting businesses on weekends and Sundays as the team present to respond is only a handful and attacking the systems becomes easier. A recent study, named: Organizations at Risk: Ransomware Attackers Don’t Take Holidays, revealed that attacks on weekends and holidays have a significant impact on victim organizations. So ensure you have proper strategies onboard on weekends and holidays to protect your business from an attack. I hope I’ve successfully debunked the second ransomware myth. Now the third one is…
Ransomware Myth #3: Multi-factor authentication protects from ransomware.
Do you know the exact meaning of multi-factor authentication? Here it is: MFA means, it is a security method that requires more than one factor to verify a user’s identity. Well, the meaning is clear that MFA “verifies user’s identity.” By no means, does it say that ransomware attacks become difficult to deploy if you’ve MFA on your systems. It is solely used to verify a user’s identity and attackers are not that dumb to not figure out how to verify a particular user’s identity. So don’t fall into the trap and believe that multi-factor authentication can protect you from ransomware attacks. With that, I hope you are clear about the third ransomware myth. The next one is:
Ransomware Myth #4: Ransomware attackers only target large companies.
Disney, Apple, Airtel, BSNL, Mcdonald’s, etc. are such huge names everybody knows about them. Ever heard about Montreal tourism agency, Weldco-Beales Manufacturing, Bay & Bay Transportation, Brookson, Parasol, etc? Well, these aren’t any huge names but guess what they faced ransomware attacks which created huge impacts on them. From financial loss for recovery to reputation damage, they faced huge financial losses. Few businesses lost their clients, few of them lost their stakeholders, and few small or mid-scale companies even had to shut themselves down as they couldn’t bear the loss. So does that mean that ransomware attackers only target large companies? The answer is No. A big No. Small businesses don’t have high security measures which makes them an easy target for attackers to deploy an attack easily. Even if your business has less data “IT IS IMPORTANT” and you can’t afford to lose it. So better invest before losing everything as your business can also be the next one to get attacked. With that, the next ransomware myth is:
Ransomware Myth #5: Firewall and antivirus keep data protected.
These days ransomware attacks have become more sophisticated than ever before. They use advanced tools and technologies to launch an attack that cannot be easily destroyed. As they use the latest technology then the methods that used to work before won’t work either. Meaning firewalls, antivirus, or any other tool that was used in the past isn’t a good defense against ransomware. The attackers use advanced technology to implement an attack; similarly, businesses should use advanced tools, technologies, and algorithms to defend the ransomware attacks. So make sure your defense for recovering the data is strong enough when an attack occurs. The next ransomware myth is:
Ransomware Myth #6: The IT team is sufficient to face an attack.
Can anyone believe that this is included in the list of ransomware myths, IT professionals are from the same field so they might be enough to protect from ransomware attacks. But, IT engineers are not enough to protect your business data from attackers. The reason is that attackers use advanced encryption methods like the combination of AES and RSA to encrypt data. An IT engineer can’t find a decryption key by decoding such an advanced technology. In case of an attack ensure you consult a cybersecurity expert if you want the best and most wished outcome because a simple IT engineer doesn’t know hacking. Ransomware attacks don’t happen every day so your business can’t afford to hire a cybersecurity expert permanently. So hire an expert in case your business faces a sophisticated attack. Also, train your team related to these attacks and how they are carried out to reduce the chances of getting attacked. The next one on the list is:
Ransomware Myth #7: Less data = no attacks
Many business owners think that as they have less data why would someone attack them? But for money, attackers can do anything, attack anyone be it small, mid, or huge. Your business or data size doesn’t matter to attackers to launch an attack. The only thing that matters to them is money. They don’t care whether you’ll be able to pay or not. They just want your money and you’ll pay them to get your data back; May it be less or more your data is important for your business. The next ransomware myth is:
Ransomware Myth #8: Ransomware is a zero-day attack
If an attacker manages to exploit the vulnerability before software developers can find a fix, that exploit is zero-day attack. Attackers choose from hundreds of known vulnerabilities that remain unpatched as developing a new or zero-day attack is difficult and expensive. Ransomware isn’t a zero-day attack.
Ransomware Myth #9: Ransomware attacks carried out by professional hackers.
You might not be ready to hear that, “RANSOMWARE ATTACKS CAN BE CARRIED OUT BY ANYONE.” When I say anyone, I mean anyone. A person with not much technical knowledge but a desire to launch an attack can successfully launch an attack. How’s this possible? It is possible with the illegal service that is provided by ransomware groups named ransomware-as-a-service.
Ransomware as a service is an adaption of software as a service business model that involves selling or renting ransomware to affiliates (buyers). It allows attackers having minimal knowledge to launch an attack by selling the ransomware codes. This business model made launching attacks even easier than before and is continuously growing. Many RaaS organizations even conduct interviews to identify potential affiliates so that they are safe from being caught. RaaS is a win-win model as it benefits both parties. Affiliates can earn without knowing the actual technical part and ransomware developers can increase their profits without actually launching the attacks. It is a growing cyber threat so keeping your business data safe should be a priority as it’s your responsibility.
This is also one of the reasons why ransomware attacks are continuously growing at a fast pace. I hope now you know that anyone would carry out a ransomware attack on your business to get some money from you.
Ransomware Myth #10: Data can be easily recovered with backups.
This is the last ransomware myth. You believe that you have backup which means you can easily recover your data. But what if attackers attack your backup first and then your systems? In this case, your backups can’t help you to recover your data and you have no resources left to get your data back. Here’s the thing, backups are good sources to get your data back but it’s not the ultimate source. So if you want to ensure that your backups may help in recovering your data then have them both onsite and offsite. Also, ensure your backup is updated regularly so you won’t face any problems while recovering past files.
Conclusion
Ransomware continues to evolve, and the consequences of attacks are more severe than ever. Falling prey to common ransomware myths can leave businesses vulnerable, risking financial loss, operational downtime, and reputational damage. By understanding and addressing these misconceptions, organizations can strengthen their cybersecurity defenses and create a proactive approach to data protection.
FAQ's
1. What is ransomware?
Ransomware is malicious software that encrypts your data, making it inaccessible until a ransom is paid to the attackers.
2. Are small businesses safe from ransomware?
No. Attackers target businesses of all sizes, as they view smaller businesses as easier targets.
3. Is ransomware only executed by expert hackers?
No. With ransomware-as-a-service (RaaS), even individuals with limited technical knowledge can launch attacks.
4. How can businesses protect themselves from ransomware?
Implement a multi-layered security strategy, including advanced backups, regular updates, network monitoring, and expert assistance during incidents.
5. What should businesses do immediately after a ransomware attack?
Disconnect infected systems, consult cybersecurity professionals, and rely on clean backups for recovery rather than paying the ransom.