The Fact Maker

How to Prevent Ransomware: Strategies for Prevention and Incident Response

Arete, a leading global cyber risk management company, released its Annual Crimeware Report, highlighting key trends and notable shifts in the cyber threat landscape. The report leverages data collected during Arete incident response engagements and explores the rise and fall of ransomware variants, trends in ransom demands and payments, impacts on critical infrastructure, and what Arete expects to see in 2024.

Key findings within the report:

· Arete observed threat actors continually evolve their operations to become faster, stealthier, and wealthier. These changes ranged from new methods to bypass security defenses to new techniques for exfiltrating and posting stolen data.

· A ransom was paid in just 31.3% of engagements in 2023, driving threat actors to become more aggressive in negotiation techniques and demand notably larger ransoms.

· Threat actors faced increased pressure from law enforcement, including the successful disruption of the Hive ransomware operation and a temporary ransomware takedown of ALPHV/BlackCat.

The report offers analysis and insights on the top ten ransomware variants observed and compares the impacts and challenges of RaaS operations and closed groups. It also explores shifts in ransom demands and payments, negotiation tactics, and the impact of encryption. The report also examines challenges faced by threat actors, including insider threats, affiliate disloyalty, and law enforcement’s increased efforts to disrupt cybercrime.

In light of the escalating threat of ransomware, it’s imperative for organizations to adopt a multifaceted approach to prevent and mitigate such attacks. This includes maintaining up-to-date software and systems, employing robust protection tools, educating employees about phishing schemes, implementing multi-factor authentication, and regularly backing up critical data. As the cybersecurity landscape continues to evolve, organizations commonly face various security incidents such as ransomware attacks, data breaches, phishing attempts, insider threats, and supply chain vulnerabilities. Incident response strategies have evolved to prioritize rapid detection and containment, leveraging past incidents for informed decision-making, collaboration with law enforcement, and employing advanced detection and remediation tools.

To establish a resilient incident response program, organizations must engage in meticulous planning, ongoing training, continuous monitoring, and transparent communication with partners. Identifying the underlying causes of incidents is crucial for enhancing overall security posture and mitigating future cyber threats by analyzing trends, improving security measures, demonstrating commitment to improvement, ensuring compliance, and building trust within the organization and with external stakeholders.