Page 63 - Cyber Defense Magazine RSA Edition for 2021

Consider the impact an attack like this could have on, for instance, a travel agency – not only could they
be locked out of their own booking system, but they could face further consequences if the client details
they have on file, including passports and driver’s licenses, are leaked.

Further complicating matters is the uncertainty about how long a cybercriminal might have been in your
system. It’s one thing to back up your files every seven days, for instance, but if they’ve had access to
your system for months, that’s redundant – and makes recovery close to impossible.

The perfect storm

There are any number of factors that have led to the surge in ransomware over the past 12 months, from
the increasing ease of its use to the changes in the workplace caused by COVID-19 and the frequency
of ransom payments.

The aforementioned report by RUSI and BAE Systems points to how easy it has become for
cybercriminals to acquire and Utilize ransomware, exemplified by the rise of ransomware-as-a-service.
Even low-skilled cybercriminals can now pay a fee to nefarious operations like REvil for pre-packaged
ransomware that they can use. Shady operators can even employ the services of ‘initial access brokers’,
who sell access to pre-compromised corporate networks.

It’s long been known that ransomware attacks exploit human weaknesses as well as technical
vulnerabilities, and the boom in remote working caused by COVID-19 has presented cybercriminals with
plenty of both. The FBI attributed the sharp spike in cyber-crime in 2020 to ill-secured virtual work
environments and a reliance on email and makeshift IT infrastructures.

It’s a free-for-all that led to a dramatic increase in risk, as businesses caught flat-footed by the pandemic
lost track of which devices were being used by their employees, and had no control over the security of
their Wi-Fi connections. With employees operating across different networks in multiple locations, using
the same devices for work and personal purposes without the benefit of their organization’s security
perimeter, the attack surface for cybercriminals grew exponentially.

Once an attacker compromises an employee at home, it’s just a matter of waiting for them to connect to
the corporate network. From there, they may as well be plugged into a computer inside the office.

Often, organizations will feel they have no choice but to pay the ransom – and the more organizations
that give in, the more that ransomware is normalized and incentivized. And while taking out a cyber
insurance policy might seem like the responsible thing to do, it further encourages payment, turning
ransomware into just another standard operating cost.

It should be noted, too, that the rise of ransomware is inextricably linked to the rise of cryptocurrencies
like Bitcoin – a secure, essentially untraceable method of making and receiving payments favored by
cybercriminals for its anonymity.

I’ve seen organizations faced with the difficult choice of whether or not to pay the ransom firsthand. While
there is momentum behind a push to make ransom payment illegal, it’s entirely understandable that

63