Ransomware

What Is Ransomware?

Ransomware is a type of malware that takes control of an individual’s or organization’s computer files and networks. It does this by encrypting or locking the data and then demanding a ransom payment to unlock it, thus earning its name. This malicious software has been an increasing problem since the mid-2000s, with ransomware infections bringing companies and individuals to their knees. Today, ransomware has become a common cyber threat.

Cybercriminals typically distribute ransomware through phishing email attacks, malicious downloads, and malware-infected systems. It may also spread through security vulnerabilities in outdated software or hardware and through removable media such as USB drives.

Phishing attacks involve targeting individuals or organizations with malicious email attachments or links. When the link or attachment is opened, ransomware can be installed on the user’s computer.

Malicious downloads are files that have been maliciously altered or infected with malware and can infect a user’s computer when downloaded. Ransomware can also be installed on victims’ computers through systems already infected with malware.

In all cases, once the ransomware is installed, it will encrypt your files using strong encryption algorithms and demand a ransom payment for their return.

ransomware attack

Source: United Nations Office on Drugs and Crime

How Ransomware Has Evolved Over the Years

Ransomware originates in the AIDS Trojan and PC Cyborg viruses of 1989. The first known modern-day ransomware attack was the “PC Cyborg” virus in 1989. The malicious code was created by a graduate student and distributed on floppy disks via Usenet. It would encrypt the system’s hard drive, preventing access to files until a monetary payment was made.

While these early ransomware attacks were not as sophisticated as those seen today, they were still effective in extorting victims. Since then, we’ve seen various iterations of ransomware become more and more malicious and difficult to detect with traditional antivirus solutions.

In the mid-2000s, ransomware began to appear as a form of “malware as a service” (MaaS). MaaS allowed malicious actors to purchase access to an online platform where they could construct and distribute their own custom ransomware. This led to the development of more complex forms of ransomware like CryptoLocker, which was responsible for over $3 million in losses.

Today, ransomware is used by threat actors to target individuals, businesses, and even government organizations. Cybercriminals will use various methods, such as social engineering or exploit kits, to gain access to sensitive systems or data. Once they have gained access, they are able to deploy their malware, which then encrypts all of the data on the system, rendering it inaccessible. As a result, victims are typically displayed a ransom note that urges them to pay a ransom in return for access to their data.

In response to this growing threat, governments and organizations have been working to develop better solutions for detecting and defending against ransomware attacks. However, due to its constantly shifting nature, ransomware remains a major threat to organizations of all sizes.

What You Need to Know: Prominent Types of Ransomware Attacks

Notable examples of ransomware attacks include WannaCry (2017), Petya/NotPetya (2017), TeslaCrypt (2015–2016), and CryptoWall (2014–2016). In 2017, the WannaCry ransomware spread quickly worldwide and affected over 200,000 computers in 150 countries. In 2016, CryptoWall infected more than 625,000 systems in the US alone. Petya/NotPetya, another ransomware attack that occurred in 2017, affected many major international companies, including FedEx and Maersk.

In addition to disrupting normal operations, ransomware attacks often cause financial losses. TeslaCrypt, for example, was estimated to have caused a total of $1 billion in damages by encrypting the data within victims’ computers and demanding payment of Bitcoins in exchange for decryption keys. CryptoWall also caused significant financial losses — it is estimated that more than $1 billion was lost in the attack.

According to a report by Cybersecurity Ventures, by 2021, ransomware damages had cost businesses around $20 billion annually. The increase in damage costs is attributed to the growing ransomware sophistication and its ability to penetrate any system regardless of geography or sector. Additionally, according to a report by Kaspersky Lab, more than 57.4 million users have been attacked with ransomware since the start of 2017.

Additionally, in 2021, the Colonial Pipeline ransomware attack became one of the most prominent examples of ransomware attacks to date. The attack began in late April and resulted in the disruption of fuel supplies all across the Eastern United States. Over 5,500 miles of pipeline were affected, leading to major shortages and price hikes at gas stations. The attacker responsible for the attack, DarkSide, is a Russian-based group that has been linked to numerous other ransomware attacks.

The Colonial Pipeline ransomware attack has had a significant financial impact. It is estimated that the total costs associated with the attack could reach $3 billion. This includes losses from the pipeline shutdown, disruption to businesses, and costs associated with restoring systems to their former state. Some experts also speculate that these costs could be much greater and exceed $5 billion.

ransomware attack statistics

Source: World Economic Forum

How to Protect Yourself from Ransomware

Ransomware attacks have become common due to a number of factors, including the proliferation of ransomware-as-a-service offerings on darknet markets, the increasing use of cryptocurrency payments, and the ability to launch sophisticated campaigns involving multiple malware strains.

The most common ransomware targets are businesses and individuals who are not very good at computer security. Businesses that do not update their software and hardware do not employ antivirus software, open suspicious links or attachments, download files from untrusted websites, or use insecure networks are more likely to be targeted by this type of malware attack.

The best way to protect yourself from ransomware is to increase your overall security posture through a combination of education, prevention, and response strategies. Education should focus on teaching users how to recognize the signs of a ransomware attack and what to do if they suspect they have been targeted. Prevention is key in stopping ransomware attacks and includes:

  • Using up-to-date software.
  • Enabling two-factor authentication when possible.
  • Creating copies of backup files regularly.
  • Practicing good cyber hygiene.
  • Remaining vigilant and aware of common ransomware attack vectors.
  • NOT PAYING the ransom demanded by cybercriminals.
  • Seeking a security expert assistance if infected.

In other words, responding to a ransomware attack quickly and effectively is essential in minimizing damage and recovering stolen data.

By following these guidelines, individuals and organizations can help protect themselves against the damaging effects of ransomware attacks. With proper education and prevention strategies, users can significantly reduce their risk of becoming ransomware victims.

Ransomware List

Neqp Ransomware is a Djvu Variant Seeking Files to Encrypt screenshot

Neqp Ransomware is a Djvu Variant Seeking Files to Encrypt

Neqp is a type of ransomware that is part of the Djvu clone family. This new variant is designed to infiltrate a victim's system and encrypt nearly all files stored on its drives. The encryption process targets a wide... Read more

June 5, 2023
Weqp Ransomware Locks Victim Systems screenshot

Weqp Ransomware Locks Victim Systems

After carefully analyzing malware samples, our team of experts specializing in malware detection has identified a new variant called Weqp, which belongs to the Djvu ransomware family. Weqp functions by encrypting data... Read more

June 1, 2023
xCor Ransomware Locks Victim Systems screenshot

xCor Ransomware Locks Victim Systems

xCor is a form of ransomware created with the intention of encrypting files, altering their names by adding the victim's ID, xcorp@decoymail.mx email address, and appending the ".xCor" extension. This malicious... Read more

May 30, 2023
Buhti Ransomware Aims for Victims Running Both Windows and Linux screenshot

Buhti Ransomware Aims for Victims Running Both Windows and Linux

Buhti is a type of ransomware that targets both Windows and Linux systems. While the Buhti ransomware payload primarily focuses on Windows computers and is a variant of the previously leaked LockBit 3.0 ransomware... Read more

May 29, 2023
8Base Ransomware Locks Victims' Files screenshot

8Base Ransomware Locks Victims' Files

8base Ransomware is classified as a type of ransomware that encrypts data. When a computer becomes infected with 8base Ransomware, all files on the compromised system, including .xtml, .doc, .png, .pdf, .asp, and... Read more

May 26, 2023
What is the Sneaky OBSIDIAN ORB Ransomware Threat? screenshot

What is the Sneaky OBSIDIAN ORB Ransomware Threat?

OBSIDIAN ORB is a sneaky malware threat that is defined as ransomware. It is based on the Chaos ransomware, a well-known type of malicious software. Like other ransomware strains, OBSIDIAN ORB is designed to encrypt... Read more

May 24, 2023
Neon Ransomware Will Lock Your System screenshot

Neon Ransomware Will Lock Your System

Our researchers discovered the Neon ransomware variant, which is another member of the numerous Djvu ransomware clone family. Neon encrypts files on victim systems and makes them inaccessible. Files encrypted by Neon... Read more

June 5, 2023
Werz Ransomware Will Encrypt Your Drives screenshot

Werz Ransomware Will Encrypt Your Drives

During our analysis of new malware samples, we came across a variant of the Djvu ransomware family called Werz. This particular ransomware encrypts files and alters their original filenames by adding the ".werz"... Read more

May 31, 2023
Tiywepxb Ransomware Will Encrypt Your Files screenshot

Tiywepxb Ransomware Will Encrypt Your Files

Tiywepxb, a member of the Snatch ransomware family, was identified by our team of malware researchers while analyzing new malware samples. Its main objective is to encrypt files, appending the ".tiywepxb" extension to... Read more

May 30, 2023
Moneybird Ransomware Used in Attacks on Israeli Entities screenshot

Moneybird Ransomware Used in Attacks on Israeli Entities

Agrius, an Iranian hacking group also known as Pink Sandstorm and formerly Americium, has developed a new type of ransomware called Moneybird. CheckPoint researchers discovered this dangerous malware, which signifies... Read more

May 26, 2023
Vapo Ransomware Will Lock Your System screenshot

Vapo Ransomware Will Lock Your System

During our evaluation of recently submitted malware samples, our team uncovered Vapo, a member of the Djvu ransomware family. Vapo operates by encrypting files on the victim's computer and demands a ransom payment in... Read more

May 25, 2023
Gapo Ransomware Will Encrypt Most of Your Files screenshot

Gapo Ransomware Will Encrypt Most of Your Files

During our investigation, we came across an identified ransomware known as Gapo. This particular malware utilizes a technique where it encrypts files and modifies their names by adding the ".gapo" extension.... Read more

May 23, 2023
DarkRace Ransomware Locks Victim's Files screenshot

DarkRace Ransomware Locks Victim's Files

Security researcher S!Ri recently uncovered DarkRace, a type of ransomware that operates by encrypting files. As part of its malicious actions, the malware adds its own extension (".1352FF327") to the original... Read more

June 2, 2023
Weon Ransomware Encrypts Many File Types screenshot

Weon Ransomware Encrypts Many File Types

Our team has recently discovered a new variant of the Djvu ransomware family called Weon. Weon is a malicious software, also known as ransomware, that employs encryption techniques to lock files, rendering them... Read more

May 31, 2023
EXISC Ransomware Targets Corporations and Businesses screenshot

EXISC Ransomware Targets Corporations and Businesses

During our investigation of new submissions on the VirusTotal site, we came across a ransomware program called EXISC. Its primary purpose is to encrypt data and demand payment in exchange for decrypting it. Upon... Read more

May 29, 2023
Vatq Ransomware Seeks Files to Encrypt Causing System Damage screenshot

Vatq Ransomware Seeks Files to Encrypt Causing System Damage

During our examination of new malware sample, our team made a discovery involving the Vatq ransomware, which belongs to the Djvu ransomware family. Once a computer is infected, Vatq proceeds to encrypt files and... Read more

May 26, 2023
Vaze Ransomware is a Djvu Clone Seeking Destruction of Files screenshot

Vaze Ransomware is a Djvu Clone Seeking Destruction of Files

During our examination of malware samples, we encountered a variant of the Djvu ransomware family known as Vaze. This specific ransomware operates by encrypting files and altering their original filenames by adding... Read more

May 25, 2023
Itlock Ransomware is a MedusaLocker Variant Targeting Files for Encryption screenshot

Itlock Ransomware is a MedusaLocker Variant Targeting Files for Encryption

Our analysis unveiled Itlock as one of the ransomware variations associated with the MedusaLocker ransomware family. While reviewing recently discovered samples, our team of experts stumbled upon Itlock. This... Read more

May 23, 2023
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