Crypto-Ransomware: An A to Z Guide to What It Is and How to Protect Yourself

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Wondering what is crypto-ransomware? You’ve come to the right place. Because of the cryptocurrency boom, cyber threat actors have begun to use unauthorized and illegal methods to obtain cryptocurrencies.

While ransomware typically demands Bitcoin as a ransom to ‘unblock’ access to systems/files, crypto-ransomware attacks are designed to mine cryptocurrencies without the users’ knowledge.

Basically, crypto-ransomware is malicious software that encrypts files on a computer or mobile device to extort money. Encryption scrambles a file’s contents, rendering it unreadable. A decryption key is required to ‘unscramble’ the file and restore it for everyday use. Crypto-ransomware then effectively kidnaps the files and demands a ransom for the decryption key needed to correct them.

How Does Crypto-Ransomware Work?

In contrast to most malware, crypto-ransomware uses the victim’s device to continuously and inconspicuously mine cryptocurrency.

Once downloaded, crypto-ransomware embeds malicious code into applications and programs. This code runs in the background and mines for currency in the background every time the victim uses their device.

An advanced method of infection is via a compromised ad or website. Infected sites run scripts automatically on victims’ computers when they visit them. As a result, this type of attack is even more challenging to detect since malicious code is not stored on the computer itself but in the browser.

What Are the Consequences of a Crypto-Ransomware Attack?

Because crypto-ransomware does not explicitly steal data, it may not be considered a severe cyber threat on par with a costly ransomware attack, large-scale data breach, disruptive virus, or Remote Access Trojan.

However, its ongoing use of the victim’s computing power to mine cryptocurrency is draining and significantly impacts the user’s productivity. Most victims will experience significantly slower system processing speeds and may be unable to perform multiple tasks concurrently.

Crypto-ransomware has the capability of bankrupting businesses and crippling critical infrastructure, posing a significant threat to our national and economic security.

How to Protect Yourself Against Crypto-Ransomware Attacks

Crypto-ransomware attacks are a newer phenomenon. This, combined with their difficulty in detection, makes them extremely difficult to defend against. In most cases, responsible online behavior on the user’s part is the best defense. Here are a few things you can do to stay on the safe side:

Never open unsolicited links or download unknown attachments.
Only visit URLs that start with HTTPS.
Use a spam filter to keep most infected emails out of your inbox.
Invest in cybersecurity software that will detect and prevent many threats from infecting your device.
When possible, enable multi-factor authentication, which makes it far more difficult for attackers to exploit.

Businesses must take extra precautions to protect their assets, customers, employees, and reputation from malware and ransomware variants.

Here Are a Few Steps You Can Take to Protect Yourself From Crypto-Ransomware

➡ Ascertain that remote services, VPNs, and multifactor authentication (MFA) solutions have been fully patched, configured, and integrated.
➡ To improve security posture, use machine learning in conjunction with anomaly detection algorithms to detect patterns associated with attacks, such as decreased processing speeds.
➡ Look for DMARC (Domain-based Message Authentication Reporting and Conformance), DKIM (Domain Keys Identified Mail), and SPF (Sender Policy Framework) failures as indicators of malicious activity.
➡ Scan received message properties, including the Attachment Detail property, for malware-related attachment types (such as HTA, EXE, and PDF) and sent them to be analyzed for additional malware indicators.
➡ Create a robust employee training program that informs them about the risks and indicators of spoofing attacks and other exploit techniques. When possible, use attack simulators to create a realistic training environment
➡ Install ad-blockers and anti-crypto mining browser extensions such as No Coin, minerBlock, and Antiminer. To be safe, remove any unwanted browser extensions.
➡ Use and keep updated antivirus products that protect the system from crypto-jacking.
➡ Disable JavaScript on unknown or suspicious websites.
➡ Unless necessary, disable macros in Microsoft Word.
➡ Educate employees/users about malware attacks and the consequences of downloading files and applications from unknown sources.
➡ Use a Network Detection and Response (NDR) tool to monitor an organization’s network and detect unusual traffic to detect cyber threats.

How Can Heimdal® Protect You Against Crypto-Ransomware Attacks

Heimdal’s Ransomware Encryption Protection module is an excellent defense against crypto-ransomware attacks. It’s a revolutionary, signature-free solution that safeguards your devices against malicious encryption attempts initiated by various ransomware attacks.

Ransomware Encryption Protection supplements traditional antivirus functionality by transforming it into a solution capable of preventing and protecting your endpoints from any malicious vectors leading to a ransomware attack.

The module detects processes on the endpoint that perform malicious encryption operations on files. It also handles kernel events such as IO reads and writes, directory enumeration, and file execution.

Feel free to get a demo and see for yourself!

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Conclusion

Crypto-ransomware attacks are becoming more common as cryptocurrencies gain popularity and demand. They are designed to avoid detection and to mine cryptocurrencies unauthorizedly using computer resources (crypto-jacking.)

Crypto ransomware should not be underestimated because it exposes your devices to threat actors who may target your data in the future. Not to mention the indiscriminate use of your computational resources and power. Even though crypto-jacking is still in its infancy, businesses must take adequate precautions to avoid crypto-ransomware attacks.

We hope this article gave you a clear understanding of crypto-ransomware and some best-case practices you can implement today to ensure you keep your organization safe from a possible crypto-ransomware attack.

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Gabriella Antal

SMM & Corporate Communications Officer

Gabriella is the Social Media Manager and Cybersecurity Communications Officer at Heimdal®, where she orchestrates the strategy and content creation for the company's social media channels. Her contributions amplify the brand's voice and foster a strong, engaging online community. Outside work, you can find her exploring the outdoors with her dog.