Ransomware attacks are a major issue facing all industries. Keeping your business safe against these threats should be a priority. Understanding the motivations behind these cyber schemes is essential in helping your business avoid falling victim to these attacks. Talos Intelligence Group recently interviewed a hacker behind one of the many ransomware schemes.

Ransomware attacks are often very lucrative in nature, as they attempt to force businesses into paying a significant fee to regain access to their data. These cybercriminals are often paid in cryptocurrency to avoid detection from authorities. It helps to work with IT support professionals in LA to keep your business safe from these threats.

Are Ransomware Attacks Simply Greed?

Talos Intelligence Group contacted a hacker known as “Aleks,” who is a college-educated Russian male that taught himself cybersecurity skills for finding software vulnerabilities. Initially, Aleks would warn companies after detecting vulnerabilities that exposed their data, but he was often ignored. The lack of response from these companies and the feeling of not being recognized for his work eventually lead him to launch his own attacks.

Aleks began to use distributed denial-of-service attacks to gain more attention. However, he eventually moved on to ransomware to make a greater impact while also helping him gain a lot more money. LockBit was his malware of choice, as it’s part of a ransomware-as-a-service (RaaS) that’s available for purchase on the dark web.

Dangers of RaaS

Using this technology gives the original developers a cut of the profits from these attacks. One reason why Aleks chose LockBit was due to the developer’s cut being less than 35% compared to other forms of malware. Using RaaS greatly extends the threat of these attacks, as cybercriminals do not need to be proficient with creating their own schemes, as they can automate these attacks with minimal technical input.

Partnering with IT support experts in LA is critical in giving your business an added layer of protection against these evolving threats. These ransomware attacks will only continue to be more prevalent in the near future, as hackers such as Aleks aren’t simply motivated by greed, but also recognition.

Ransomware Trends

Many businesses are also investing in cyber insurance due to these threats, which ironically increases the likelihood of hackers being paid a ransom. Local and state governments in the United States are also being targeted with ransom amounts nearly ten times the amount compared to businesses.

For Cybersecurity, Partner with Advanced Networks

Advanced Networks offers IT support solutions, including state-of-the-art cybersecurity services for small to mid-sized businesses in LA. Our goal is to keep businesses up to date with the latest cyber threats. Our team is also available to provide immediate assistance. For more information, don’t hesitate to contact us.