Navigating Ransomware Attacks: A Comprehensive Guide for MSPs

Ransomware, a formidable threat that has seen a steady rise over the last decade, continues to plague organizations globally. With a myriad of strains such as ReVil, AXLocker, LockBit, Ryuk, and RansomCloud, cybercriminals are employing creative tactics to breach traditional security layers. The evolving threat landscape necessitates a comprehensive understanding of ransomware, attacker behaviour, and affected security infrastructure to effectively respond, recover, and prevent similar attacks.

According to Gartner research, the cost of downtime during ransomware recovery can be ten to fifteen times higher than the ransom itself. Successful recovery from a ransomware breach is achievable by adhering to industry best practices. This article provides in-depth insights into the workings of ransomware, preparation best practices, and mitigation tips tailored for Managed Service Providers (MSPs).

Defining Ransomware Attacks

Ransomware extends beyond being just a type of malware; it poses a global threat, with 41% of attacks utilizing phishing as the leading threat vector. Motivated by monetary gain, cybercriminals target individuals and businesses alike, seeking to extort sensitive data. Despite compliance with ransom demands, nearly 40% of victims never recover their data, and a staggering 73% face repeated ransomware attacks.

Delve into the mechanics of ransomware, the types of attacks, and the common tactics used to circumvent cybersecurity layers.

How Ransomware Works

A costly form of malware, ransomware aims to deny users access to vital files and data by encrypting them once cybercriminals breach security layers. The victim is then prompted with an online ransom, demanding payment in exchange for unlocking the files. Exploiting fear and ignorance, successful ransomware attacks pressure users into paying within a specified timeframe. While most attacks follow a similar pattern, various ransomware variants employ distinct steps and demand diverse forms of ransom payments, often in cryptocurrency.

Prolific Ransomware Attacks on MSPs

The service provider industry faces significant threats from two predominant types of ransomware attacks:

1. Crypto-malware: This type of malware encrypts data on the victim's device and demands payment for decryption. Operating silently, it may also covertly search for cryptocurrency on the user’s device, often disguised as legitimate software.
2. Locker Ransomware: This malware encrypts a victim’s files and locks them out of their own systems, demanding a ransom payment for access restoration. Cybercriminals employ fear and urgency to coerce victims into paying within a specific timeframe.

Common Techniques Used by Ransomware Attackers

Ransomware attackers employ various techniques and sub-techniques to achieve tactical goals. Phishing, social engineering, and cloud compromise are prevalent methods through which adversaries gain unauthorized access and initiate malicious activities.

• Phishing: Nearly 90% of all cyberattacks begin with email phishing, where attackers deceive victims into opening malicious emails or attachments, leading to malware deployment.
• Social Engineering: Psychological manipulation is used to deceive users into divulging confidential information or access credentials, often through deceptive emails.
• Cloud Compromise: Adversaries gain unauthorized access to cloud-based systems or services, resulting in compromised data or ransomware deployment.

Detection and Response: How to Respond to Ransomware

In the event of a suspected ransomware attack, paying the ransom is strongly discouraged, as organizations that comply are more likely to face repeated attacks. Instead, adopt these industry-leading tips for an effective response:

1. Contain and Quarantine: Disconnect infected systems to prevent the spread of ransomware.
2. Assess the Scope: Compile a list of impacted assets and conduct an incident response assessment to understand the infection's origin and spread.
3. Disconnect Backup Methods: Avoid connecting backups to infected machines to prevent potential backup system targeting by cybercriminals.
4. Disrupt and Minimize Spread: Optimize antivirus solutions, apply relevant patches, and shut down uninfected systems.
5. Collaborate and Use Trusted Sources: Seek assistance from trusted IT security connections and leverage publicly available resources and databases for research.

Ransomware Recovery Tips for MSPs

Effective ransomware recovery involves proactive measures:

1. Incident Response Plan: Develop a comprehensive incident response plan to identify, quarantine, and reduce the impact of an infection.
2. Reliable Data Backup: Implement robust backup and recovery solutions, regularly backing up critical data to safeguard assets.
3. Thorough Investigation: Conduct a thorough investigation using event logs, network traffic, and system artifacts, combined with forensic analysis and threat intelligence.
4. Mitigate Risk of Reinfection: Conduct post-incident evaluations to identify areas for improvement, update security policies, and stay informed about emerging ransomware trends.
5. Report New Threats: Report new threats to government entities to contribute to proactive measures against cybercrime.

 

While preventing ransomware is preferable to remediation, it is essential to invest in reliable cybersecurity and backup solutions for swift detection and response. Acronis Cyber Protect and Acronis Cyber Protect Cloud offer integrated security, backup, disaster recovery, and management in a single solution. With AI-based anti-malware and anti-ransomware capabilities, these solutions provide unmatched cyber protection, reducing costs and increasing profitability. Investing in a robust defence against ransomware is not just a prudent choice; it's a necessity for the modern MSP.

Acronis Cyber Protect is your ally in fortifying cybersecurity and ensuring business continuity. Act decisively – choose Acronis Cyber Protect today. Your clients, your data, and your business are too vital to leave unprotected.

By proactively partnering with Acronis and the 4Sight Channel Partner Cluster, your organization can, protect your valuable data assets, and maintain the trust of your customers. Act now and fortify your cybersecurity defences to ensure a resilient and secure future for your business contact This email address is being protected from spambots. You need JavaScript enabled to view it. to sign up as a 4Sight Channel Partner.