As if businesses didn't have enough on their plate, there's a new cyber security threat on the block that's wreaking havoc around the world – ransomware. Well, new in the sense that cases are prevalent at the minute. Cyber security as a whole has hit the headlines frequently lately. It has always been a huge focal point. As soon as a solution to one threat is found, another arises. Norton US reports 2,200 cyber-attacks are happening in America every day - that's equal to an attack every 39 seconds. Lately, the new problem to arise recently is ransomware.
Yes, Ransome has been around since probably the dawn of time, but ransomware is a modern-day cyber threat that uses malicious software which demands money or they will release personal data to the public. Rather than a raspy voice telling you to hand the money over, it's the sneaky malware that's the culprit.
The question is, how does it work, how do you prevent it, and what does it mean for big businesses with millions of individual bits of data that cybercriminals would love to get their hands on? Let's explore.
A Detailed Look At Ransomware
Ransomware can use multiple vectors to infiltrate a computer network or system to encrypt — effectively locking the owner out — data and demand money in return for access to the files. It's a clever form of malware developed thanks to the ever-growing complexity of the cybersphere and the ever-growing ease of finding weaknesses in huge businesses and their cyber security. Still, a study found two-thirds of companies don't update their passwords and keep all their passwords on an excel spreadsheet – they're sitting ducks.
Ransomware uses delivery systems such as phishing spam, which is something easy to fall for. You'll know personally how convincing some emails can be. Once the attachment is downloaded, the victim's computer is the hackers for the taking. Some forms of ransomware, such as the NotPetya, are far more aggressive and utilize chinks in a company's cyber security armor to infiltrate - there's no need to trick anyone.
Preventative Steps
Considering you can become a victim whether you fall for a dodgy email, preventative steps are nothing short of essential for any business – big or small.
Vulnerability management is a term used to describe a comprehensive and holistic process that addresses cyber vulnerabilities and teaches people how to mitigate the risk. Some excellent online vulnerability management tools will help you to unearth all the vulnerabilities across your IT ecosystems. One study even found businesses should perform automated vulnerability scan at least once a week to check for any weaknesses.
As well as this – you should consider regularly backing up your database to another location. That way, if a cybercriminal demands money to release files and you don't pay, you can access the files from another location. Some might say this is double the trouble, but it's common practice for businesses storing mass amounts of data to have it backed up to multiple sources.
Another tip, ensure you have up-to-date antivirus software that should prevent you from downloading anything you shouldn't. Most antivirus software comes with 12-month usage that needs renewing, so don't get caught out if yours is past renewal. Antivirus software is cheap in comparison to its effectiveness. The issue is, every day, there are around 450,000 new types of malware produced. One of those might be able to get around any preventative software.
That's why whitelisting — and antivirus software — can work well as a double protective layer. Whitelisting prevents unwanted applications and software from executing what they want to.
What To Do If You Have A Ransomware Alert
As mentioned before, ransomware is nothing new; it's just more prevalent at the minute. The fact that it has been around for so long means there are tried and tested things you should do if you receive a ransomware alert.
If you are a victim, your computer will lock with a message about how you can pay to unlock it. You may also notice that any file directories will have a ransom note, that's typically a .txt file. Those files will also have file extensions, some of the most common being; .abc, .LeChiffre, .LOL!, .good, .micro.
Once you notice the issue, disconnect your computer from any networks and external devices, and report the incident. There are tons of cyber security companies online that can help. Don't pay the ransom – report it and wait. Although it may seem like paying the ransom is the quickest way to solve the problem, there's a high chance the hacker will take your money and leave before unlocking the files.
Ransomware is just one of the cyber security threats that proves why it's so important to think about preventative measures such as vulnerability management. The consequences of a ransomware attack for both a business and a consumer can be devastating. With excellent antivirus software and a comprehensive vulnerability management plan, you can easily prevent cyber attacks.
Online Threat Alerts Security Tips
Pay the safest way
Credit cards are the safest way to pay for online purchases because you can dispute the charges if you never get the goods or services or if the offer was misrepresented. Federal law limits your liability to $50 if someone makes unauthorized charges to your account, and most credit card issuers will remove them completely if you report the problem promptly.
Guard your personal information
In any transaction you conduct, make sure to check with your state or local consumer protection agency and the Better Business Bureau (BBB) to see if the seller, charity, company, or organization is credible. Be especially wary if the entity is unfamiliar to you. Always call the number found on a website’s contact information to make sure the number legitimately belongs to the entity you are dealing with.
Be careful of the information you share
Never give out your codes, passwords or personal information, unless you are sure of who you're dealing with
Know who you’re dealing with
Crooks pretending to be from companies you do business with may call or send an email, claiming they need to verify your personal information. Don’t provide your credit card or bank account number unless you are actually paying for something and know who you are sending payment to. Your social security number should not be necessary unless you are applying for credit. Be especially suspicious if someone claiming to be from a company with whom you have an account asks for information that the business already has.
Check your accounts
Regularly check your account transactions and report any suspicious or unauthorised transactions.
Don’t believe promises of easy money
If someone claims that you can earn money with little or no work, get a loan or credit card even if you have bad credit, or make money on an investment with little or no risk, it’s probably a scam. Oftentimes, offers that seem too good to be true, actually are too good to be true.
Do not open email from people you don’t know
If you are unsure whether an email you received is legitimate, try contacting the sender directly via other means. Do not click on any links in an email unless you are sure it is safe.
Think before you click
If an email or text message looks suspicious, don’t open any attachments or click on the links.
Verify urgent requests or unsolicited emails, messages or phone calls before you respond
If you receive a message or a phone call asking for immediate action and don't know the sender, it could be a phishing message.
Be careful with links and new website addresses
Malicious website addresses may appear almost identical to legitimate sites. Scammers often use a slight variation in spelling or logo to lure you. Malicious links can also come from friends whose email has unknowingly been compromised, so be careful.
Secure your personal information
Before providing any personal information, such as your date of birth, Social Security number, account numbers, and passwords, be sure the website is secure.
Stay informed on the latest cyber threats
Keep yourself up to date on current scams by visiting this website daily.
Use Strong Passwords
Strong passwords are critical to online security.
Keep your software up to date and maintain preventative software programs
Keep all of your software applications up to date on your computers and mobile devices. Install software that provides antivirus, firewall, and email filter services.
Update the operating systems on your electronic devices
Make sure your operating systems (OSs) and applications are up to date on all of your electronic devices. Older and unpatched versions of OSs and software are the target of many hacks. Read the CISA security tip on Understanding Patches and Software Updates for more information.
What if You Got Scammed?
Stop Contact With The Scammer
Hang up the phone. Do not reply to emails, messages, or letters that the scammer sends. Do not make any more payments to the scammer. Beware of additional scammers who may contact you claiming they can help you get your lost money back.
Secure Your Finances
- Report potentially compromised bank account, credit or debit card information to your financial institution(s) immediately. They may be able to cancel or reverse fraudulent transactions.
- Notify the three major credit bureaus. They can add a fraud alert to warn potential credit grantors that you may be a victim of identity theft. You may also want to consider placing a free security freeze on your credit report. Doing so prevents lenders and others from accessing your credit report entirely, which will prevent them from extending credit:
- Equifax
- Experian
- TransUnion
Check Your Computer
If your computer was accessed or otherwise affected by a scam, check to make sure that your anti-virus is up-to-date and running and that your system is free of malware and keylogging software. You may also need to seek the help of a computer repair company. Consider utilizing the Better Business Bureau’s website to find a reputable company.
Change Your Account Passwords
Update your bank, credit card, social media, and email account passwords to try to limit further unauthorized access. Make sure to choose strong passwords when changing account passwords.
Report The Scam
Reporting helps protect others. While agencies can’t always track down perpetrators of crimes against scammers, they can utilize the information gathered to record patterns of abuse which may lead to action being taken against a company or industry.
Report your issue to the following agencies based on the nature of the scam:
- Local Law Enforcement: Consumers are encouraged to report scams to their local police department or sheriff’s office, especially if you lost money or property or had your identity compromised.
- Federal Trade Commission: Contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or use the Online Complaint Assistant to report various types of fraud, including counterfeit checks, lottery or sweepstakes scams, and more.
- Identitytheft.gov: If someone is using your personal information, like your Social Security, credit card, or bank account number, to open new accounts, make purchases, or get a tax refund, report it at www.identitytheft.gov. This federal government site will also help you create your Identity Theft Report and a personal recovery plan based on your situation. Questions can be directed to 877-ID THEFT.
How To Recognize a Phishing Scam
Scammers use email or text messages to try to steal your passwords, account numbers, or Social Security numbers. If they get that information, they could get access to your email, bank, or other accounts. Or they could sell your information to other scammers. Scammers launch thousands of phishing attacks like these every day — and they’re often successful.
Scammers often update their tactics to keep up with the latest news or trends, but here are some common tactics used in phishing emails or text messages:
Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company. Or maybe it’s from an online payment website or app. The message could be from a scammer, who might
- say they’ve noticed some suspicious activity or log-in attempts — they haven’t
- claim there’s a problem with your account or your payment information — there isn’t
- say you need to confirm some personal or financial information — you don’t
- include an invoice you don’t recognize — it’s fake
- want you to click on a link to make a payment — but the link has malware
- say you’re eligible to register for a government refund — it’s a scam
- offer a coupon for free stuff — it’s not real
About Online Threat Alerts (OTA)
Online Threat Alerts or OTA is an anti-cybercrime community that started in 2012. OTA alerts the public to cyber crimes and other web threats.
By alerting the public, we have prevented a lot of online users from getting scammed or becoming victims of cybercrimes.
With the ever-increasing number of people going online, it important to have a community like OTA that continuously alerts or protects those same people from cyber-criminals, scammers and hackers, who are every day finding new ways of carrying out their malicious activities.
Online users can help by reporting suspicious or malicious messages or websites to OTA. And, if they want to determine if a message or website is a threat or scam, they can use OTA's search engine to search for the website or parts of the message for information.
Help maintain Online Threat Alerts (OTA).