1 big thing: Ransomware gangs cut to the chase

January 13, 2023 – Published on Axios

In this edition of Axios Codebook, we’re delving into one of the scariest things around: the ever-evolving ransomware market.

Criminal gangs are using a new method to guarantee a ransomware payout: They’re ditching the part where they lock up a target firm’s systems by encrypting them and are skipping straight to holding the company’s precious data for ransom.

As law enforcement attention on ransomware grows, gangs are constantly looking for less-flashy, but still efficient ways to keep their ransomware attacks going.

A ransomware attack typically starts with hackers installing file-encrypting malware onto an organization’s networks and then displaying a ransom note on every screen.

Focusing solely on data extortion allows hackers to carry out their attacks more quickly and eliminates their reliance on encryption tools that sometimes fail mid-attack.

Law enforcement is also keener on investigating attacks that involve encryption, seeing as it causes more damage, Drew Schmitt, a principal threat analyst at GuidePoint Security, told Axios.

Companies that have solid endpoint security tools and firewalls, along with constant monitoring and security plans that limit employees access to internal files, are the ones that will best be able to foil most varieties of ransomware attack, Schmitt said.

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