Ransomware Response

It usually starts with something that seems innocent: an email, or a message on social media. Someone in your organization receives a message about needing to take immediate action on an account, or a notification about a package. They click an enclosed link and suddenly their computer is locked, and so is the rest of your network. 

You’ve been hit with a ransomware attack — how should you respond?

How Flare Helps Protect your Organization’s Ransomware Response

The importance of a ransomware response plan

Ransomware is extremely popular among attackers. Verizon found that about one third of all attacks in 2023 involved ransomware or some other form of extortion, so it’s likely that most organizations will be impacted by some form of ransomware attack at least once. Preparation for an eventual incident is key to mitigating the damage caused by a ransomware attack, and part of your plan should include threat intelligence.

How does Flare threat intelligence platform address ransomware readiness? 

Ransomware gangs gain access to your environments by taking advantage of previous data leaks, and using information from those leaks to target people in your organization, or stolen credentials to gain entry into your networks and systems. To do this, they browse sensitive information in stealer logs sold on Genesis Market, Russian Market, and both public and private groups. Flare combats this practice by continuously monitoring stolen information across the clear & dark web as well as in prominent threat actors communities. This includes monitoring for stealer logs, especially those that contain access to RDP, VPN, and SSO credentials that might lead to a compromise of your data. Once your data is found, a notification is sent to your team so they can prepare before an attack happens. 

What are the key benefits of ransomware monitoring and readiness with Flare?

• A proactive security stance: By actively seeking out potential threats, you can catch breaches early and take steps to protect your enterprise’s data, systems, and networks.
• Interpretation of alerts: Not every threat actor speaks your language. Flare’s AI Assist helps your team by translating relevant threats, as well as by interpreting threat data in ways that will make sense to your enterprise’s leadership. 
• Automated continuous monitoring: Using an automated solution gives you 24/7 coverage, keeping you on top of your enterprise’s data security. 

Responding to Ransomware: An Overview

What is ransomware? 

Ransomware is a type of malware that locks down an organization’s information, systems, data or networks, and holds them for ransom. Ransomware does this by blocking access to data, either by encrypting the data or by locking a system so the owners can’t get access.The attackers then demand a ransom for the encryption key and threaten to publish proprietary information on the public internet if the ransom isn’t paid.

What should a ransomware response plan include? 

While every business should develop their own plan for responding to ransomware, a basic ransomware response should include the following steps: 

• Contain the breach: Once you know which systems and devices were affected, isolate them. If you can disconnect them from the network, do so. 
• Plan for business continuity: Is your data backed up? Have a plan for how your business will keep working even if you are locked out of systems and networks. 
• Mitigate damage: Restore the impacted systems and devices and attempt data recovery. 
• Document the incident: Consult with your team to analyze and document the incident.
• Communicate: Reach out to all stakeholders to inform them of what has happened. 

What are the types of ransomware? 

There are several types of ransomware and ransomware attacks: 

• Crypto ransomware encrypts the files on a user’s computer or device. The threat actor demands payment of a ransom in exchange for the encryption key. Wannacry is a classic example of this kind of ransomware.
• Locker ransomware locks the users out of their files, restricting access to a device or part of a system until a ransom is paid. Petya and NotPetya are examples of locker ransomware.
• Scareware: Scareware displays false warnings and alerts, claiming that a computer is infected and driving users to “fix” the issue by paying for fake services or antivirus programs.
• Double (and triple) extortion: Double extortion does two things: encrypts files and steals the victim’s data, which the attacker threatens to leak if a ransom is not paid. Triple extortion goes further, threatening to act on the stolen data in some way (such as threatening customers) to extract another ransom.
• Doxware: Doxware, or Leakware, threatens to leak personal information unless a ransom is paid.
• Ransomware as a service (RaaS): RaaS is a cybercrime business model in which ransomware developers sell their malware to other criminals, allowing people with no coding experience to launch attacks.

Why Do You Need a Ransomware Response Plan Now? 

Why do you need a planned ransomware response in today’s cybersecurity ecosystem? 

The worst time to plan your response to an attack is after it happens. Creating a plan in advance lays the groundwork for a swift response and makes it less likely that your team will panic. A well designed ransomware response plan empowers an organization to protect its data and minimize the potential impact of an attack. 

What is the history of ransomware? 

Ransomware began in the 1980s, but it first gained prominence as a series of small-time scams that locked users out of their devices until a ransom was paid, often in gift cards. The ransomware ecosystem has grown since then, evolving into sophisticated attacks targeting nations and large enterprises. This was likely due to the success of early ransomware campaigns and was further encouraged by the dawn of ransomware as a service (RaaS), which allows threat actors without technical knowledge to launch their own attacks. 

What is the impact of a ransomware attack?

Ransomware presents a significant threat to a business and its customers. When an organization experiences a ransomware attack, it’s exposed to several consequences, both financial and reputational. Some of the financial costs include: 

• Disruption of operations
• Regulatory fines
• Litigation costs
• Expenses associated with remediation efforts
• The ransom fee, or fees, if the organization chooses to pay

Build Your Ransomware Response Plan with Flare

The Flare Threat Exposure Management (TEM) solution empowers organizations to proactively detect, prioritize, and mitigate the types of exposures commonly exploited by threat actors. Our platform automatically scans the clear & dark web and prominent threat actor communities 24/7 to discover unknown events, prioritize risks, and deliver actionable intelligence you can use instantly to improve security. With Flare’s Supply Chain Ransomware Exposure Monitoring, your security team can build the best ransomware response possible.

Flare integrates into your security program in 30 minutes and often replaces several SaaS and open source tools. Learn more by signing up for our free trial.