Why Ransomware Isn’t Going Anywhere (and What You Can Do About It)

The problem: Ransomware

Ransomware continues to be one of the most persistent threats in the world of cyber security, and it shows no signs of slowing down. In 2023 alone, 59% of organisations experienced ransomware attacks. These statistics have compelled the UK’s National Crime Agency to allocate a substantial £860 million budget bolstering digital and physical infrastructure against ransomware attacks. The reasons ransomware remains a dominant threat are multifaceted and complex, making it a challenge that every business must confront.

Ransomware pays

The profitability of ransomware attacks makes them highly attractive to cybercriminals. When a business’s operations grind to a halt, many choose to pay ransoms in exchange for quick restoration of services, reinforcing the incentive to continue these attacks. Even when companies refuse to pay (or when it is illegal for them to pay the ransomware), attackers can profit by selling stolen data or offering access to other malicious actors.

High-profile groups like REvil, DarkSide, and Conti have refined tactics like double extortion, where data is not only encrypted but also exfiltrated, with the threat of public release if the ransom isn’t paid. This has hit large organisations hard, with Maze ransomware making waves by targeting businesses like Canon and LG Electronics using this method.

The Ransomware-as-a-Service (RaaS) model further increases accessibility for less experienced hackers by allowing them to “rent” ransomware tools—something Conti famously used during its 2021 attack on Ireland’s Health Service Executive (HSE), which crippled healthcare services across the country.

Growing Sophistication of Attacks

Ransomware has evolved into a sophisticated adversary. Attackers now use techniques such as encrypting malicious payloads, polymorphic malware, and multi-stage attacks that can lie dormant until triggered. These innovations make ransomware more elusive, often evading traditional detection systems.

Security teams must keep pace by adopting advanced threat detection systems and real-time monitoring strategies. Solutions like zero-trust architectures and machine learning detection are essential for staying one step ahead of these increasingly sophisticated threats.

Widespread Attack Vectors

Ransomware enters through a range of attack vectors, most notably phishing emails. Despite growing awareness, phishing remains the leading cause of ransomware infections, with 83% of businesses reporting phishing as a key entry point for attackers. The emotional, financial, and reputational damage caused by these attacks can affect entire supply chains, not just individual businesses.

Phishing attacks often impersonate trusted entities, preying on unsuspecting employees. This underscores the need for robust email security solutions and regular employee training to reinforce vigilance. In the age of AI, new technology can be used to benefit business and better employee vigilance. Beyond phishing, ransomware can exploit domain spoofing, malicious links, and other techniques, making it crucial for businesses to maintain top-tier cyber security hygiene across the board.

Inadequate Response Plans

One of the biggest challenges is that many organisations lack effective incident response plans. Without real-time backups or clearly defined steps for recovery, affected businesses often find themselves with no choice but to pay the ransom or face prolonged downtime.

Moreover, without a proper post-attack strategy, vulnerabilities remain, making businesses prone to future attacks. Alarmingly, only 31% of companies have conducted a cyber security risk assessment in the past year. This leaves many organisations unaware of gaps in their defences, exposing them to repeated ransomware incidents.

The Solution: Managed Detection and Response (MDR)

With ransomware becoming more advanced and widespread, Managed Detection and Response (MDR) provides an excellent answer. At Red Helix, our MDR service provides 24/7/365 detection, containment, and response to threats. We offer complete visibility and continuous monitoring, eliminating the need for costly hires while ensuring your business stays protected.

Our MDR combines the power of Endpoint Detection and Response (EDR), Network Detection and Response (NDR), and Security Information and Event Management (SIEM) to provide multi-layered protection. This advanced monitoring system allows our expert SOC team to quickly detect and respond to potential ransomware attacks, protecting your business before significant damage occurs.

By partnering with Red Helix, you’re investing in a scalable, cost-effective security solution designed to grow with your business and adapt to the ever-evolving ransomware threat landscape. Incorporating this comprehensive strategy, allows businesses to effectively defend themselves against ransomware, securing their future in an increasingly digital and vulnerable world.

Contact us today to learn more about how we can help keep ransomware at bay.