Cyber-crime and cybersecurity are locked in a perpetual competition – whenever one advances, the other changes to counter it. With every iteration of this contest, both sides become more nuanced, more complex, and begin to exploit more novel ways of gaining advantage. One of the more interesting types of malware to emerge is called ransomware, and it can make your life very difficult. At its core, all types of ransomware work along the same principle. The program locks up and encrypts all your data, and refuses to release it until a ransom is paid. Usually, the payment is made using bitcoin, since it is both easily accessible and anonymous.
Although ransomware is already a problem, it has the potential to become considerably worse as more everyday objects become networked together. The rise of the Internet of Things (loT) is resulting in an increasing number of items that are indispensable for daily life also gaining wireless access – and are thereby becoming vulnerable to cyber-attacks. For example, in July of 2015, cybersecurity researchers demonstrated that they could hack the control systems of a Jeep while the vehicle was in motion.
The automotive industry is currently working very hard to fix the vulnerabilities that made such a hack possible, but imagine the potential applications of ransomware to that scenario. Instead of locking up files, this type of malware could stop a car from working until the owner paid up. The same thing could happen the electronic locks on a door or to a phone. This isn’t something that the government can necessarily address either. Cybersecurity expert J.J. Thompson told The Cipher Brief that “The burden for securing IoT devices rests predominantly on industry,” and until the creators of networked devices start taking security more seriously, these vulnerabilities will continue to exist.
Cybersecurity firms are aware of the threat that ransomware poses, and they are working to fight it as best they can. The Cyber Threat Alliance, founded by Fortinet, Intel Security, Palo Alto Networks, and Symantec, has done a great deal of research into CryptoWall 3, a ransomware program that is estimated to have caused $325 million in damages. Similarly, a security company called Emsisoft has developed a way to decrypt files that are being held hostage by another ransomware program called LeChiffre, which has been attacking banks and companies in Mumbai. These efforts are encouraging, but cybercriminals have proven to be extremely resilient, and there are reports that criminals are offering to run ransomware campaigns as a service on the Dark Net.
While cybersecurity firms continue to develop ways to counter ransomware, there are some things that can be done to reduce the risk of falling victim to it. Backing up files, keeping antivirus programs up to date, and regularly updating software—the basics aspects of good cyber-hygiene—are all effective means of avoiding ransomware. And avoiding it is the best bet. Ryan Olson, the director of the threat intelligence team at Palo Alto Networks, says that he expects ransomware to only become more focused and nuanced as cybercriminals start to tailor their attacks towards businesses.
Luke Penn-Hall is the Cyber and Technology Producer at The Cipher Brief.
