Getting the basics right

Why ransomware remains a systemic risk to business

Whilst it is hard to verify, some published data claims that ransomware will cost the world an estimated $20bn in 2021, with that number expected to rise to $265bn by 2031. What this highlights is that ransomware is a lucrative business. A blog post from CHECKPOINT reflecting on the colonial pipeline network attack highlights that the attackers work in a Ransomware-as-a-Service model and could leverage a partner program to execute its cyber-attacks. Many businesses will be familiar with managed service providers in the commercial context. However, crime has evolved to be no different.

The business of crime adapts just like any business

CHECKPOINT also highlights that Double extortion (Data breach and ransomware) became the method of choice for many ransomware groups during 2020 and into 2021, but as organisations' responses start to improve, such attacks develop further. Triple extortion attacks have evolved to include exploiting individuals who are included in the data breaches. For example, in the case of the REvil ransomware group in 2021, they had created a multistage extortion scheme, including DDoS attacks and phone calls to the victim's business partners and the media.

Crime and Conflict – easy bedfellows

The Not-Petya incidents in 2017 highlighted that those activities considered conflict-based could inadvertently expand beyond the intended purpose. As a result, companies incurred significant damage and losses, some of which had to rebuild their infrastructure completely, costing many $100's Millions in cost and lost revenue. Overall costs to the industry were estimated at $10 Billion. Motivations vary, but the methodology and consequences are often the same. Intent to deceive, degrade, deny, disrupt, or destroy either for financial reward or a military/political outcome. The connected world we live in and depend on is a complex and diverse supply chain covering software, products, parts, services, and infrastructure. This means we must continuously review our security posture. The following post from the NCSC highlights the increased threats we all face.

Joint advisory highlights increased globalised threat of... - NCSC.GOV.UK

How we can help?

Salus Cyber is an NCSC CHECK Green Light Penetration Testing Provider and an NCSC Cyber Essentials Certification Body. We can support your business to obtain certification that demonstrates you have the basics to minimise your risks from such attacks. We can also conduct total business resilience reviews with you, more comprehensive penetration testing, and help you develop effective incident response and incident recovery plans. Suppose you want to find out how resilient you are to cyber-attacks. In that case, we can also help you exercise your response plans to ensure that they are robust and adequately embedded within your organisation. If you would like to understand more about our service offering and how we can best help, we would be delighted to discuss this further.