Types of Ransomware

Over the past several years, ransomware attacks have become so popular (and unfortunately, successful) that different types of ransomware have popped up. The increasing complexity of the criminal ransomware market has made it difficult for security teams to prepare against ransomware attacks, and has made it simpler for anyone who wants to launch an attack to do so.

All companies are vulnerable to ransomware, and the risk gets higher each year, making it essential to know about all the different types of ransomware and how to defend against them effectively. 

Ransomware Types: An Overview

First, what is ransomware? 

We know you’re on a cybersecurity blog, but here’s a brief definition just in case:

Ransomware is 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.

Why are there different types of ransomware?

Ransomware comes from humble criminal beginnings, starting as small-time scams that locked users out of their devices until a ransom was paid, often in gift cards. However, the ransomware family tree has grown considerably more complex over the years, 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. 

Different types of ransomware have evolved in response to new security measures and shifting attacker strategies. As companies put stronger ransomware defense in place, criminals revise their tactics in response, which is why ransomware has remained a significant business risk for over a decade now. 

Similarly, as ransomware gangs have grown in number and sophistication, their methods and motives have become more varied. Some seek the most victims, others the largest payments, and the types of ransomware they use reflect those priorities. What both factors suggest is that new types of ransomware will almost certainly emerge in the future to reflect the new threat landscape. 

What were the original types of ransomware? 

Originally, ransomware took one of two forms: crypto and locker:

• 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.

What are other common types of ransomware? 

Ransomware has evolved significantly over the years. Now there are several types of ransomware and ransomware attacks: 

• Crypto Ransomware – Perhaps the most common type of ransomware, this one encrypts files and data before demanding a ransom for the decryption key. 
• Locker Ransomware – This type raises the stakes by locking victims out of their computer systems, increasing the pressure to pay the ransom. 
• 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.
• Wiper Malware – Threatening to permanently delete infected data helps this type of ransomware increase the likelihood of victims paying the ransom. 
• 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 are New Types of Ransomware Emerging?

What is driving the development of new types of ransomware?

By one estimate, the global cost of ransomware will reach $265 billion each year by 2031. Compared to other forms of cyber crime, ransomware promises fairly quick, easy, and substantial payments, attracting new bad actors and prompting the development of new types of ransomware. Opportunity breeds innovation. Hackers see unparalleled opportunity in ransomware and will put their best, brightest, and biggest resources into perpetuating these attacks. 

Who is creating new types of ransomware?

Creators include ransomware gangs creating more potent and sophisticated attacks for their own purposes, or creating more accessible and reliable attacks to sell as ransomware as a service. The financial potential of ransomware gives these gangs a powerful motivation. Backing from nation-states, which are increasingly utilizing cyber warfare for geopolitical purposes, is funneling ample resources to these gangs to enhance their methods. Generative AI gives them another advantage, making it easier to develop attacks at speed and deploy attacks at scale. 

The reality is that creating new types of ransomware has never looked more accessible or appealing. 

What types of ransomware are coming in the future?

Predictions for the future of ransomware include:

• Paired Attacks: Attackers will launch ransomware attacks at the same time as other offensives like denial of service attacks to create a state of cyber chaos that leaves victims with seemingly no viable option besides paying the ransom to stop the damage. 
• AI-Powered: AI gives attackers a host of new tools to work with, along with a new target to potentially exploit for profit, and already there’s evidence of ransomware attacks developed with generative AI that, while simplistic, have also proved successful.
• Targeted Victims: Seeking bigger payments and higher success rates, tomorrow’s ransomware gangs will put more effort into a smaller number of victims, targeting attacks to exploit a company’s unique features in ways that cause maximum damage. 

Why is it so Important to Know About Different Types of Ransomware Now?

Why do you need a ransomware readiness solution in today’s cybersecurity ecosystem? 

Ransomware is so common that organizations are likely to experience an attack with at least one ransomware component. About one third of all attacks in 2023 involved ransomware or some other form of extortion, according to research from Verizon. 

Ransomware readiness empowers an organization to protect its data and minimize the potential impact of an attack. 

Why worry about more than one type of ransomware?

Ransomware poses a significant threat to businesses, as well as to their customers and partners. Because the stakes are so high, it’s critical for security teams to stay on top of ransomware trends, including prominent actors, gangs, and types of ransomware. 

What is the impact of a ransomware attack?

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

How can cybersecurity stop different types of ransomware?

Fighting ransomware has proven quite difficult, as evidenced by frequent successful attacks, including on major companies with significant security resources. Antivirus protections and detection and response solutions are important, along with data backups and network segmentation. 

However, time has shown that the further ransomware is kept from the IT environment the better, making it important to neutralize threats as early in the attack chain as possible. To the end, the strongest defense against ransomware takes away whatever may give an attack a foothold, such as a leaked password that opens the door to the VPN. 

How Flare Helps Protect your Organization Against Different Types of Ransomware

How does Flare 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 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 actor 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. 

Flare Prepares you for Different Types of Ransomware Attacks

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 Ransomware Exposure Monitoring, your security team can monitor exposures to any type of ransomware.

Flare integrates into your security program in 30 minutes and often replaces several SaaS and open source tools. Learn more by checking out a demo of Flare’s Supply Chain Ransomware Exposure Monitoring.