What is ransomware?

Ransomware poses an increasingly significant threat to organizations worldwide and was named one of the most prominent cyber threats globally in 2024. The number of ransomware attacks has increased by 17.84% compared to 2023. Furthermore, a record amount of ransom has been paid, with one organization shelling out as much as 75 million dollars to restore their data. A sharp rise was also seen in the Netherlands. Research by Check Point Research has shown that Dutch organizations were 12% more likely to be targeted by ransomware attacks in Q1 2024 than in Q1 2023, with an average of no less than 692 attacks per week.  

The figures above are not just statistics: they serve as a clear warning for organizations to take their cybersecurity to the next level and make it central to their cybersecurity strategy. This highlights the need for advanced solutions.   

Ransomware is a form of malware, malicious software that encrypts an organization's data files with the goal of making them accessible again only after a ransom has been paid. In some cases, ransomware even blocks access to entire IT systems by encrypting critical system files as well. There are two types of ransomware:  

• Locker ransomware: locks a victim's device by preventing the use of the mouse or keyboard.  

• Crypto ransomware: encrypts files and data on the infected system using encryption algorithms.  

Both variants demand that the victim pay a sum to regain full access.  

The causes and impact of a ransomware attack 

There are several ways your systems can become infected with malware. Below are the five most common causes:  

• Phishing emails: many ransomware attacks begin with phishing emails, where victims are misled into clicking a malicious link or opening an infected attachment.  

• Insecure software or systems: unpatched or outdated software can contain vulnerabilities that attackers can exploit. A lack of security updates allows hackers to gain access to systems and install ransomware.  

• Unsecured networks: public or unsecured Wi-Fi networks pose a risk to users who connect to them.  

• Weak passwords and authentication: the use of weak or reused passwords and the lack of multi-factor authentication makes it easier to breach systems.  

• Malvertising: malicious advertisements on a legitimate website can lead to the installation of ransomware without the user needing to click a link.   

Because ransomware restricts or even completely locks access to systems or data, the damage can be enormous. The most well-known example of this is, of course, financial loss. In addition to the ransom demanded, ransomware attacks also lead to indirect financial costs, such as downtime, loss of productivity, data recovery costs, legal fees, and reputational damage. Reputational damage occurs because a ransomware attack can severely harm the trust of customers and partners. When sensitive data is stolen or becomes inaccessible, it can even lead to the loss of customers.  

During ransomware-induced downtime, it is essential to activate business continuity processes to safeguard your operations.

Ransomware attacks are not the only significant challenge to staying secure and compliant. The following factors also play a major role:

Want to know more?

In next week's blog post, we will discuss how to ensure your organization's business continuity using backup, disaster recovery, and the NIST Cybersecurity Framework. Would you like to know what Fundaments can do for you right now? Please contact us by calling 088 4227 227 or emailing info@fundaments.nl.