Cyber Security

Double extortion ransomware is a new, powerful threat that combines two attacks, posing a double danger to businesses. This brand of cyberattack goes beyond just encrypting data, putting organizations at even greater risk.

With the rise of these combined attacks, what steps can your company take to protect yourselves?

Learn more about this ransomware and how this evolving double attack strategy is lurking for businesses everywhere.

What is Double Extortion Ransomware? 

Double extortion ransomware is a cybersecurity attack where attackers encrypt and steal a victim’s data. They then demand a ransom, threatening to release the stolen information if payment isn’t made. 

So, what makes it different from traditional ransomware or extortionware? While the regular one only involves data encryption, this method adds the risk of public exposure or data sales, creating a more severe threat for businesses.

The REvil Ransomware Group is a notorious example of a double extortion attack. In one case, they attacked the law firm Grubman Shire Meiselas & Sacks, stealing nearly one terabyte of sensitive data and demanding ransom to avoid publishing it.

This example shows how even industries like legal services are vulnerable to these aggressive attacks.

How a Double Extortion Ransomware Attack Works

Initial Access

Cybercriminals gain unauthorized access to a network or system. This can happen through phishing, exploiting vulnerabilities, watering hole attacks, or using a brute force attack to crack weak passwords.

Lateral Movement Across a Network

After gaining access, attackers move laterally through the network, targeting high-value systems and sensitive data. They exploit weaknesses and navigate from one system to another, often unnoticed by security measures.

Data Exfiltration

Before locking files, attackers steal sensitive data. They transfer valuable information out of the network, storing it on their own servers.

This stolen data becomes a critical part of their ransom leverage.

Data Encryption

Once data is stolen, attackers apply encryption to lock down the victim’s files. The result? The victim won’t be able to access their critical info until they get the decryption key.

Ransom Demand

Attackers demand the victim to pay a ransom in exchange for the decryption key. The ransom note includes instructions for payment, usually in cryptocurrency.

Payment or Recovery

Victims must decide to either pay the ransom or attempt to recover data through backups or other methods.

Paying doesn’t always guarantee full recovery, as the attackers might not decrypt the files or demand more money.

Double Extortion Ransom Demand

In addition to demanding payment for decryption, attackers use the stolen data to extort victims further. They threaten to release or sell the data on the dark web unless an additional ransom is paid.

Who is the Victim of Double Extortion Ransomware Attacks?

This attack can target anyone with valuable or sensitive data, from individuals to businesses.

However, certain industries are more frequently targeted due to the nature of the data they store, including:

• Healthcare: Medical institutions store sensitive patient records, making them prime targets.
• Legal: Law firms are often attacked due to confidential client information.
• Financial Services: Banks and financial organizations hold valuable financial data.
• Education: Schools and universities house personal information on students and staff.
• Retail: Online retailers are targeted for their customer payment data.

How to Prevent Double Extortion Ransomware Attacks

Preventing double extortion ransomware attacks requires proactive measures to make sure your data is protected. Here’s how:

• Backup Data Regularly: Ensure all critical data is backed up and stored offline to prevent access by attackers.
• Implement Strong Security: Use firewalls, multi-factor authentication, and antivirus software to protect your network from illegal access. You can also implement zero-trust security principles.
• Train Employees: Educate staff on phishing and other attack methods to reduce accidental breaches.
• Update Software: Regularly patch and update systems to fix vulnerabilities attackers could exploit.
• Use Data Encryption: Encrypt sensitive information to limit the damage if it’s stolen.

Frequently Asked Questions

Conclusion

To conclude, double extortion ransomware is a growing threat that targets businesses by encrypting and stealing sensitive data. Its combined approach of ransom and exposure makes it a serious risk for all industries.

By implementing strong security measures, regular backups, and adopting a zero-trust policy, businesses can protect themselves from these dangerous attacks.

For expert consultation and help in securing your business from ransomware threats, contact Fluxgate today.