Report on Ransomware in 2019: Network File Encryption

Recently, cloud security provider Vectra unveiled their 2019 Spotlight Report on Ransomware. In this report, they dive into a new species of ransomware called network file encryption. So what is this network file encryption? Why should it concern your enterprise? 

The answer may lie in your network’s infrastructure and in the cloud itself. 

What is Network File Encryption? 

First, we need to establish the normal process for normal ransomware. Usually, ransomware seeks to encrypt files and databases and hold them for ransom. Enterprises can’t access them again until they pay the hackers, usually in the form of cryptocurrency. Of course, the longer these files remain in the wrong hands, the more your enterprise suffers from downtime. 

Additionally, ransomware inflicts data loss and reputational damage, which time also compounds. Worse, hackers often put their ransomware attacks on a timer; if enterprises don’t pay up in time, the hackers delete everything they hold hostage. Such tactics add pressure to already stressful cybersecurity scenarios. 

However, network file encryption doesn’t just seek to encrypt local files. Instead, they seek to locate and capture shared files on your server networks and turn your network against you.

Therefore, network file encryption ransomware enables the spreading of malicious encryption to other servers and computers especially those with shared privileges. So in a targeted enterprise, this ransomware can lock access documents across several departments. 

Is Your Enterprise At-Risk?  

Unfortunately, ransomware no longer operates at random. Instead, hackers directly target enterprises most likely to pay the ransom. Usually, this means larger enterprises with more interconnected networks, and thus vulnerable to this ransomware species.     

In their report, Vectra identified financial, educational, and governmental industries as the most targeted for this species of ransomware. However, if your enterprise underwent a digital transformation, you need to keep an eye out. 

With next-generation endpoint security, your enterprise can work to fortify its digital perimeter. Our 2019 Buyer’s Guide can help you get started!  

You can read the full 2019 Spotlight Report on Ransomware by Vectra here.