What is ransomware?

Ransomware is a growing threat to organizations worldwide and has been declared one of the most prominent cyber threats worldwide in 2024. As a result, the number of ransomware attacks increased by 17.84% compared to 2023. In addition, a record amount of ransom was paid, with one organization paying as much as $75 million to recover their data. A sharp increase was also seen in the Netherlands. A study by Check Point Research found that Dutch organizations were targeted by ransomware attacks as much as 12% more often in Q1 2024 compared to Q1 2023, with an average of as many as 692 attacks per week.  

The above numbers are not just statistics: they are a clear warning for organizations to take their cybersecurity to the next level and make it the centerpiece of their cybersecurity strategy. This highlights the need for advanced solutions.   

Ransomware is a form of malware, a malicious software, that encrypts organizations' data files, with the goal of making them accessible only after a ransom has been paid. In some cases, ransomware even blocks access to entire IT systems by also encrypting critical system files. There are two types of ransomware:  

• Locker ransomware: locks a victim's device by preventing the mouse or keyboard from being used.  

• Crypto ransomware: encrypts files and data on the infected system using encryption algorithms.  

Both variants require the victim to pay a fee to regain full access.  

The causes and impact of a ransomware attack 

There are several ways your systems can become infected with malware. Below are the five most common causes:  

• Phishing emails: many ransomware attacks start with phishing emails, tricking victims into clicking on a malicious link or opening an infected attachment.  

• Insecure software or systems: unpatched or outdated software can contain vulnerabilities that attackers can exploit. Lack of security updates can allow hackers to access systems and install ransomware.  

• Unsecured networks: public or unsecured Wi-Fi networks pose a risk to users who connect to them.  

• Weak passwords and authentication: the use of weak or reused passwords and lack of multifactor authentication, facilitates system intrusions.  

• Malvertising: malicious advertisements on a legitimate website can lead to the installation of ransomware without the user having to click on a link.   

Because ransomware restricts or even completely locks access to systems or data, the damage can be immense. The best-known example, of course, is financial damage. In addition to the ransom demanded, ransomware attacks also result in indirect financial costs, such as downtime, loss of productivity, data recovery costs, legal fees and reputational damage. Reputational damage occurs because a ransomware attack can severely damage the trust of customers and partners. When sensitive data is stolen or becomes inaccessible, it can even lead to loss of customers.  

During the downtime caused by ransomware, it is important that business-continuity processes are enabled to ensure business continuity.    

It's not just ransomware attacks that pose significant challenges to staying secure and compliant. The following causes also play an important role in this:  

Want to know more? 

In our blog article next week, we will discuss how you can ensure your organization's business continuity thanks to backup, disaster recovery and the NIST Cybersecurity Framework. Would you like to know now what Fundaments can do for you in regards to this? Contact us by calling 088 4227 227 or emailing info@fundaments.nl.