Ransomware, a malicious software variant, has become one of the most significant cybersecurity threats in recent years, profoundly impacting both individuals and businesses. Cyberattackers exploit vulnerabilities, steal sensitive data, and employ sophisticated extortion tactics to exert pressure on their victims.
The global ransomware market, fueled by low prosecution rates and the willingness of victims to pay ransom, has seen exponential growth. Reports highlight the alarming escalation in ransomware damages, which rose from $325 million in 2015 to a staggering $20 billion in 2021. The upward trajectory is expected to continue, with damages predicted to exceed $265 billion annually by 2031, targeting various sectors indiscriminately, with a new ransomware attack occurring on average every 2 seconds, according to estimates.
Ransomware has become a significant cybersecurity threat over the past decade, as the nature of ransomware attacks has evolved from simple file encryption to more sophisticated forms, including data theft and double extortion, where attackers also threaten to release stolen data if the ransom is not paid.
Ransomware can result in the loss of important data, financial information, and critical documents, with businesses facing more severe consequences, such as reputational damage, and legal repercussions. High-profile attacks on organizations, such as the WannaCry and NotPetya outbreaks, have demonstrated the devastating impact ransomware can have on operations and critical infrastructure.
The two main types of ransomware are generally considered:
However, over time, various other types of ransomware with unique characteristics and methods of attack emerged:
The exact ransomware impact is difficult to estimate due to fragmented information and the reluctance of many victims to come forward. Nevertheless, there are general trends that can be observed, such as that judging by purely ransomware payments, 2023 hit an all-time record of $1.1 billion. But this is only the tip of the iceberg. If we include ransom payments, downtime, lost data, and recovery costs, the cost could likely exceed $70 billion in damages by 2026.
The frequency of ransomware attacks and their sophistication have been increasing steadily. According to cybersecurity studies, there was a significant spike in ransomware attacks during the COVID-19 pandemic, with attackers exploiting the shift to remote work and the increased reliance on digital infrastructure. The number of ransomware attempts organizations detected in 2023 has decreased, meanwhile, to 317 million, from 623 million in 2021. Despite of that, studies indicate a year-over-year growth rate in ransomware provoked damages of approximately 30% to 40%. This growth is driven by factors such as the rise of Ransomware as a Service, the increasing value of digital data, and the relative ease with which attackers can target vulnerable systems.
Ransomware families are groups of ransomware that share common characteristics, codes, or methodologies, often created by the same threat actors. These families can evolve over time, adding new capabilities or modifying their attack strategies to evade detection and increase their impact. While some ransomware families are clearly associated with specific threat actors or groups, others are more difficult to attribute due to the use of obfuscation techniques and the nature of cybercriminal operations.
Ransomware is evolving at a high rate, with different types frequently rising and falling in prevalence. For instance, in early 2024, LockBit was a major player, but its dominance quickly shifted due to factors like the arrest of its leader and the rise of other groups. To stay informed and protected, the safest method is to monitor threat intelligence by regularly reviewing reports from reputable cybersecurity sources to track the latest trends and shifts in ransomware activity.
Based on their historical impact, prevalence, and the notable characteristics that distinguish them from other ransomware, here is our take on the top 5 ransomware families you should know about, as their tactics and techniques have had a lasting influence on the cybersecurity landscape.
1. WannaCry
This crypto ransomware worm exploited the EternalBlue vulnerability in Windows SMB protocol, spreading rapidly in 2017, infecting over 200,000 computers across 150 countries and causing an estimated $4 billion in damages. WannaCry encrypted files and demanded ransom payments in Bitcoin. A unique aspect of WannaCry's timeline is its accidental “kill switch,” discovered by researchers, which significantly slowed its spread.
While widely believed to be the work of North Korea's Lazarus Group, there is still no definitive proof of attribution. Despite its age, WannaCry remains a threat to unpatched systems and has inspired numerous copycats. Its legacy is that today, organizations pay much more attention to patching vulnerabilities and maintaining regular backups.
2. Petya / NotPetya
Also dubbed GoldenEye, this extremely destructive duo initially emerged in 2016, targeting the master boot record (MBR) of Windows computers to take systems hostage. The NotPetya variant, which appeared in 2017, was even more damaging, permanently encrypting files. Both Petya and NotPetya exploited the EternalBlue vulnerability; however, the latter is often considered a separate attack, designed more as a cyberweapon than a ransomware tool, with the primary goal of causing destruction rather than financial gain. Widely attributed to being a cyberweapon deployed by Russia against Ukraine, it caused around $10 billion in damages globally, with Ukraine being hit particularly hard. NotPetya spread through a compromised software update and rendered systems unbootable by overwriting the MBR, leading to severe operational disruptions.
3. Ryuk
This is a targeted ransomware that has heavily impacted large organizations and critical infrastructure since 2018. Operated by the cybercrime group Wizard Spider, Ryuk is known for its high ransom demands, sometimes over $1 million. It is manually deployed after network compromise and uses encryption to lock victims out of systems, disabling Windows System Restore to prevent recovery.
4. GandCrab
This innovative ransomware-as-a-service (RaaS) operation was active in 2018-2019. It relied on affiliates to distribute the malware, offering them a percentage of paid ransoms. GandCrab infected over 1.5 million victims globally, extorting an estimated $2 billion. It frequently evolved in order to evade detection and decryption, and gained notoriety for its aggressive marketing tactics on cybercrime forums. Files were encrypted with specific extensions like .GDCB and .CRAB, and ransom notes provided instructions for payment. GandCrab shut down in June 2019, claiming to have made enough money. There were also successful decryption efforts, offering some of the victims a way to recover their data.
5. REvil (Sodinokibi)
This a highly prolific ransomware-as-a-service (RaaS) operation that emerged in 2019 and was active until 2021, when it mysteriously disappeared, likely due to law enforcement actions. It compromised numerous organizations worldwide, and the group made headlines for demanding a $70 million ransom in the Kaseya supply chain attack. REvil employed double extortion tactics, that is, encrypting files plus stealing data, putting extra pressure on victims to pay ransom. REvil operated a "Happy Blog" on the dark web where they leaked stolen data to further pressure victims. REvil's activities prompted increased scrutiny of supply chain vulnerabilities. Find here the free decryptor key.
Below we highlights some of the most significant ransomware attacks ever, based on their impact, tactics, and peculiarities. Understanding the evolution of these attacks can help organizations to prepare and defend against future threats.
When people who have heard of ransomware think about it, WannaCry is likely the first name that pops out, and for good reasons, considering its massive global impact and extensive media coverage. In May 2017, WannaCry infected hundreds of thousands of computers in over 150 countries, disrupting businesses, government agencies, and critical infrastructure. While WannaCry is the most famous among the general public, NotPetya is equally significant within cybersecurity circles. Emerging shortly after WannaCry in 2017, NotPetya caused extensive economic damage, with losses estimated at $10 billion. It disrupted major corporations like Maersk, Merck, and FedEx. Unlike typical ransomware, NotPetya acted more as a wiper, designed to destroy data rather than extort ransom, showing ransomware's potential as a cyberweapon. Its spread through a compromised software update mechanism and the use of the EternalBlue exploit demonstrated a high level of sophistication.
It's important to remember that this list only includes publicly known and confirmed payments. Many organizations choose not to disclose ransom payments due to various reasons, including legal and reputational concerns. Therefore, the actual figures may be much higher.
1. CNA Financial (2021): The largest ransomware payment ever recorded was made by CNA Financial, a major U.S. insurance company. In March 2021, CNA Financial faced a ransomware attack that led to a ransom payment of $40 million to regain control of its IT systems and data.
Amount Paid: $40 million
Ransomware: EvilCorp
2. Change Healthcare (2024): The attack encrypted critical systems and threatened to release stolen patient data. Change Healthcare paid the ransom to secure the data and restore operations, but patient data still made it to the dark web
Amount Paid: $22 million
Ransomware: BlackCat/ALPHV
3. JBS Foods (2021): The attack disrupted global meat processing operations, forcing JBS to pay the ransom to restore operations and secure their data.
Amount Paid: $11 million
Ransomware: REvil
4. CWT Global (2020): CWT, a travel management company, paid the ransom to recover stolen data and restore its systems after the ransomware attack affected 30,000 computers.
Amount Paid: $4.5 million
Ransomware: Ragnar Locker
5. Colonial Pipeline (2021): The attack led to significant fuel supply disruptions across the U.S. East Coast. The company paid the ransom to regain control of its systems, and a portion of the money was later recovered by authorities.
Amount Paid: $4.4 million
Ransomware: DarkSide
There are no universal laws explicitly prohibiting such payments, but there are growing concerns about potential legal and ethical implications. The decision to pay a ransom is a complex one that balances the need for business continuity against the risks of financial loss, reputational damage, and potential legal exposure. Legal landscapes vary significantly across other regions, with some countries having stricter prohibitions or restrictions on ransom payments. In the United States, paying a ransom is not inherently illegal; however, if the attackers are linked to sanctioned entities or embargoed countries, the payment could violate the Office of Foreign Assets Control (OFAC) regulations and result in civil penalties. The FBI and other law enforcement agencies strongly discourage paying ransoms, arguing it fuels further criminal activity without guaranteeing data recovery.
The European Union's stance is similar, with no outright ban on ransom payments but strong advice against the practice. As in the U.S., payments to sanctioned entities are illegal.
In October 2023, the U.S. announced that a 40-country alliance plans to sign a pledge never to pay ransom to cybercriminals, showing a growing international consensus on the matter.
With ransomware attacks becoming increasingly sophisticated and frequent, enhancing resilience involves a multi-faceted approach that integrates prevention, protection, and remediation strategies. Below is an overview of effective methods and tools to be considered by organizations of all sizes.
Ransomware Prevention
Preventing ransomware begins with robust cybersecurity hygiene and proactive measures:
Ransomware Protection
Effective protection strategies against ransomware focus on early detection and minimizing the impact of an attack:
Ransomware Remediation
Should a ransomware attack succeed, swift and effective remediation and recovery is vital:
We do not recommend paying ransom under any circumstances, although some organizations have strong reasons to do it. Beyond legal considerations, there are other compelling reasons to avoid paying ransoms:
It does not ensure the decryption of files or the return of stolen data.
It incentivizes further attacks by validating the profitability of ransomware.
It can lead to repeat attacks or higher ransom demands.
It may result in higher cyber insurance premiums.
Cryptocurrencies have indeed grew into the preferred payment method for cybercriminals due to their decentralized nature, pseudonymous transactions, and ease of international transfers. They facilitate the financial transactions that enable attackers to profit from their crimes, which has led to calls for stricter regulations for exchanges and transactions to curb the ransomware epidemic.
Ransomware attackers employ various strategies to select their targets, often prioritizing organizations they perceive as vulnerable and likely to pay a ransom. Large organizations often have valuable data and the financial resources to pay ransoms. Attacks on hospitals, energy companies, or government agencies are also preferred as they can cause significant disruption and pressure victims to pay. Some attackers specialize in targeting sectors like healthcare, education, or finance, exploiting their unique vulnerabilities and reliance on data. Often, attackers only pay attention to vulnerable systems, such as outdated software, weak passwords, or unpatched vulnerabilities, to gain initial access. The rise of Ransomware-as-a-Service (RaaS) has democratized ransomware attacks, allowing less technically skilled individuals to participate, leading to a wider range of targets being attacked. Today, phishing emails and exploit kits are used to indiscriminately infect as many systems as possible, hoping some will belong to valuable targets.