Ransomware is Still a Blight on Business

Ransomware is Still a Blight on Business

Trends come and go with alarming regularity in cybersecurity. Yet a persistent menace over the past few years has been ransomware. Now mainly targeting organizations rather than consumers, and with increasingly sophisticated tools and tactics at their disposal, the cybercriminals behind these campaigns have been turning up the heat during the COVID-19 pandemic. That’s why we need industry partnerships like No More Ransom.

Celebrating its fourth anniversary this week, the initiative has helped over four million victims fight the scourge of ransomware, saving hundreds of millions of dollars in the process. At Trend Micro, we’re proud to have played a major part, helping to decrypt over 77 million files for victims.

Not going anywhere

Ransomware has been with us for years, but only really hit the mainstream after the global WannaCry and NotPetya incidents of 2017. Unfortunately, that was just the start. Today, no sector is safe. We saw attacks rage across US municipalities, school districts and hospitals in 2019. Most recently, a major outage at a connected technology giant impacted everything from consumer fitness trackers to on-board flight systems.

Such attacks can hit victim organizations hard. There are serious reputational and financial repercussions from major service outages, and the stakes have been raised even further as attackers now often steal data before encrypting victims’ files. A recent incident at a US cloud computing provider has led to data compromise at over 20 universities and charities in the UK and North America, for example. A separate ransomware attack on a managed service provider earlier this year may cost it up to $70m.

The bad guys have shown no sign of slowing down during the pandemic — quite the reverse. Even as hospitals have been battling to save the lives of patients battling COVID-19, they’ve been targeted by ransomware designed to lock mission-critical systems.

No More Ransom

That’s why we need to celebrate public-private partnerships like No More Ransom, which provides helpful advice for victims and a free decryption tool repository. Over the past four years it has helped 4.2 million visitors from 188 countries, preventing an estimated $632 million in ransom demands finding its way into the pockets of cyber-criminals.

At Trend Micro, we’re proud to have been an associate partner from the very start, contributing our own decryption tools to the scores available today to unlock 140 separate ransomware types. Since the start of No More Ransom, Trend Micro tools have been downloaded nearly half a million times, helping over 50,000 victims globally to decrypt more than 77 million files. We simply can’t put a price on this kind of intervention.

https://www.europol.europa.eu/publications-documents/infographic-4th-anniversary-no-more-ransom

Yet while the initiative is a vital response to the continued threat posed by ransomware, it is not all we can do. To truly beat this menace, we need to educate organizations all over the planet to improve their resilience to such malware threats. That means taking simple steps such as:

I’m also speaking on a panel today hosted by the U.S. Chamber of Commerce on NotPetya and general ransomware attack trends related to the pandemic. Join us to learn more about ransomware from law enforcement agencies, policy makers and businesses.

If your organization has been impacted by ransomware, check the resources available on https://www.nomoreransom.org/ for advice and access to the free decryption tool repository.

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Teaming up with INTERPOL to combat COVID-19 threats

If the past couple of months have taught us anything, it’s that partnerships matter in times of crisis. We’re better, stronger and more resilient when we work together. Specifically, public-private partnerships matter in cybersecurity, which is why Trend Micro is always happy to reach out across industry, academia and law enforcement to offer its expertise.

We are again delighted to be working with long-time partner INTERPOL over the coming weeks on a new awareness campaign to help businesses and remote workers stay safe from a deluge of COVID-19 threats.

The new normal

All over the world, organizations have been forced to rapidly adjust to the new normal: social distancing, government lockdowns and mass remote working. While most have responded superbly to the challenge, there’s no denying that IT security teams and remote access infrastructure are being stretched to the limit. There are understandable concerns that home workers may be more distracted, and therefore likely to click on phishing links, and that their PCs and devices may not be as well protected as corporate equivalents.

At the same time, the bad guys have also reacted quickly to take advantage of the pandemic. Phishing campaigns using COVID as a lure have surged, spoofing health authorities, government departments and corporate senders. BEC attacks try to leverage the fact that home workers may not have colleagues around to check wire transfer requests. And remote infrastructure like RDP endpoints and VPNs are being targeted by ransomware attackers — even healthcare organizations that are simultaneously trying to treat critical patients infected with the virus.

Getting the basics right

That’s why Trend Micro has been pushing out regular updates — not only on the latest scams and threats we’re picking up around the globe, but also with advice on how to secure the newly distributed workforce. Things like improved password security, 2FA for work accounts, automatic software updates, regular back-ups, remote user training, and restricted use of VPNs can all help. We’re also offering six months free use of our flagship Trend Micro Maximum Security product to home workers.

Yet there’s always more to do. Getting the message across as far and wide as possible is where organizations like INTERPOL come in. That’s why we’re delighted to be teaming up with the global policing organization to run a new public awareness campaign throughout May. It builds on highly successful previous recent campaigns we’ve collaborated on, to tackle BEC and crypto-jacking.

This time, we’ll be resharing some key resources on social media to alert users to the range of threats out there, and what businesses and home workers can do to stay safe. And we’ll help to develop infographics and other new messages on how to combat ransomware, online scams, phishing and other threats.

We’re all doing what we can during these difficult days. But if some good can come from a truly terrible event like this, then it’s that we show our strength in the face of adversity. And by following best practices, we can make life much tougher for the cybercriminals looking to profit from tragedy.

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