What is Email Ransomware?
Email ransomware is a type of cyberattack where attackers send emails containing malicious software capable of encrypting data on the victim’s computer. Once the data is locked, the attackers demand a ransom for decrypting and restoring access. This poses a significant threat to both businesses and individuals, necessitating robust protective measures to mitigate risks.
Email Ransomware in 2024
The year 2024 has seen a sharp and sophisticated rise in email ransomware attacks, particularly in Vietnam's retail sector. Leveraging artificial intelligence (AI) technologies, hackers are crafting highly convincing phishing emails that mimic the style and content of colleagues, suppliers, or management teams. This makes it increasingly challenging for recipients to discern fake emails from legitimate ones. These emails often prompt employees to open malicious attachments or click on links that install ransomware, leading to severe data breaches.
According to a report by the International Cybersecurity Association, email ransomware attacks surged by 50% in the first half of 2024 compared to the same period last year, causing billions of dollars in losses for businesses. A notable example involves a major retail chain in Vietnam, where attackers impersonated the management team and sent an email instructing employees to open an “important” attachment. Trusting the sender, an employee opened the file, which paralyzed the retailer's systems for several days. Reports from VietBao indicate that this attack encrypted nearly 2.2 TB of data, making the retail industry one of the hardest-hit sectors by ransomware attacks in early 2024. Such incidents not only result in significant financial losses but also severely damage brand reputation.
Read more: How to Detect and Prevent Email Ransomware in Time?
Common Types of Email Ransomware in 2024
Phishing Ransomware
Phishing ransomware is one of the most significant cyber threats today, where attackers impersonate trusted sources such as banks or partners to trick users into opening malicious attachments or clicking harmful links. The greatest danger lies in users unknowingly enabling malware to infiltrate their systems, encrypting data and demanding ransom for decryption.
According to statistics from the Government Cipher Committee, ransomware-related damages amounted to $459.8 million in the first half of 2024, with predictions suggesting a record-breaking year ahead. These figures highlight the severity and far-reaching impact of phishing ransomware on both organizations and individuals.
Locker Ransomware
Locker ransomware operates by locking victims’ devices entirely, preventing access to data and applications. Unlike crypto malware, this type of ransomware doesn’t encrypt data but instead locks the screen or system, rendering the device unusable until the ransom is paid to regain access.
Locker ransomware spreads through emails containing malicious links or attachments. Once users click on these links or open attachments, the malware swiftly locks the device and demands a ransom.
A UNIT 42 report from 2023 revealed that ransomware attacks caused over $20 billion in global damages, with healthcare, finance, and education sectors being prime targets, resulting in severe disruptions and significant financial losses.
Ransomware Examples
Crypto Malware
Crypto malware is a common form of ransomware typically distributed via emails with fake links or attachments. When recipients interact with these, the malware encrypts data on the device, rendering it inaccessible without a decryption key. What’s particularly alarming is the hefty ransom demands, often requiring payment in cryptocurrency to allow attackers to conceal their identities and evade authorities.
According to VNPT's Information Security Center, Vietnam ranked among the top 10 countries most targeted by ransomware in the first half of 2024. A notable incident involved a retail business in Vietnam, where attackers sent a phishing email impersonating the management department. The email contained an attachment labeled "Monthly Sales Report." Upon opening it, crypto malware encrypted the company’s data, forcing them to pay a ransom to regain system access.
Scareware
Scareware manipulates users’ fear, typically through fake security alerts that claim their devices are infected with viruses or face severe issues. Emails containing scareware often use alarming subject lines like “Your Device is Infected” or “Your System is at Risk,” pressuring recipients to download counterfeit software to “protect” their systems.
Once installed, users receive continuous fake warnings and are asked to pay a ransom to fix non-existent issues. A recent example involved a U.S. company attacked by scareware. Employees received emails from a "security software provider" urging them to download a fake program to fix alleged system errors. After installation, they faced repeated fake alerts and ransom demands, despite their systems being unaffected. (Source: Ransomware .org)
Trojan Ransomware
Trojan ransomware infiltrates systems via disguised attachments or links, often presented as legitimate documents to deceive users. Upon opening, the malware silently installs itself, encrypts data, and sometimes facilitates the entry of additional malicious software, causing more extensive damage.
This ransomware type is particularly dangerous for businesses with large networks, as it can quickly spread within internal systems, leading to significant data loss and financial damage.
According to Sophos Threat Report 2024, Trojan ransomware—including variants like AgentTesla—has surged in recent years. These malware types now target not only Windows systems but also macOS and Linux, posing threats across all operating systems. Moreover, with the rise of "Malware as a Service" (MaaS), such tools have become increasingly accessible, amplifying risks for businesses and individuals alike.
New Tactics and Methods of Ransomware Email Attacks
By the end of 2024, ransomware attacks via email have not only increased in frequency but have also become more sophisticated, utilizing new attack tactics to maximize destruction and evade detection. Below are three common tactics used by cybercriminals, along with the potential consequences organizations and individuals may face.
Enhancing Attack Sophistication Through AI
The rapid development of artificial intelligence (AI) has enabled cybercriminals to create increasingly sophisticated phishing emails. With the ability to accurately mimic the communication style of trusted organizations such as banks, business partners, or colleagues, AI allows attackers to customize the language, format, and content of emails in great detail, making them hard to distinguish from legitimate messages. These emails can bypass phishing protection systems, tricking recipients into opening attachments or clicking on malicious links, which in turn allows ransomware to infiltrate the system and encrypt data.
The consequences of such attacks not only disrupt operations but also result in the loss of crucial data, along with expensive and time-consuming recovery costs. The organization targeted could face significant losses in revenue and reputation if proper preventive measures are not in place.
Exploiting Unpatched Software and System Vulnerabilities
Another tactic increasingly used by cybercriminals is exploiting unpatched security vulnerabilities in software and operating systems. These weaknesses become entry points for ransomware attacks via phishing emails. Cybercriminals send emails containing malicious links or attachments, often disguised as legitimate documents such as financial reports or contracts. When the recipient opens the attachment or clicks the link, malware exploits the vulnerability to automatically install ransomware, encrypt data, or create a "backdoor" that gives the attacker prolonged access to the system.
According to a 2024 report from the Information Security Department of the Ministry of Information and Communications, attacks exploiting security vulnerabilities have caused global damages of approximately $1.026 trillion, with damages in Vietnam estimated between 8,000 and 10,000 billion VND. This highlights the severity of these attacks and the substantial recovery costs organizations face.
Combining Scareware and Crypto Malware to Amplify Impact
A tactic that has become more popular and sophisticated is the combination of scareware and crypto malware in a single attack. In this strategy, cybercriminals use scareware to display fake security alerts, causing panic and convincing the user that their system is under serious threat. These emails often contain subject lines like "Your device has been infected with a virus" or "Your system is in danger," urging recipients to download fake security software. Once victims download and install the software, crypto malware infiltrates the system, encrypts data, and demands ransom for access restoration.
This tactic not only causes financial harm to victims but also wastes their time and effort dealing with fake alerts. Without proper preventive measures, users could lose all their data or be forced to pay a large ransom to restore their system. The combination of scareware and crypto malware makes it difficult for victims to recognize and respond quickly, thereby increasing the severity of the attack.
These three strategies—using AI to craft phishing emails, exploiting unpatched security vulnerabilities, and combining scareware with crypto malware—demonstrate the increasing sophistication of ransomware attacks. To counter these threats, organizations must strengthen their security measures, raise awareness, and develop effective response plans to protect their data and systems from dangerous attacks.
EG-Platform: A Powerful 3-in-1 Email Ransomware Protection Solution
As the complexity of email ransomware attacks rises by the end of 2024, attack tactics such as phishing, vulnerability exploitation, and scareware are increasingly challenging traditional protection methods. These diverse strategies allow hackers to easily bypass basic security layers, leading to significant data loss and disruption of business operations. In response to these challenges, VNETWORK’s EG-Platform offers a comprehensive email security solution, designed to protect against email ransomware threats through three advanced filtering technologies.
SpamGuard - Defending Against Phishing Ransomware and Spoofed Emails
SpamGuard uses machine learning (ML) technology and Bayesian algorithms to detect and block spoofed emails, especially those sent from addresses impersonating partners or colleagues. A deep analysis of email probabilities enables SpamGuard to effectively prevent emails containing malware or harmful links, protecting businesses from phishing ransomware — one of the most common attack methods where hackers use spoofed emails to trick employees into clicking malicious links.
ReceiveGuard - Blocking Crypto Malware and Ransomware via Scareware
ReceiveGuard acts as a second layer of protection, analyzing incoming email content within a virtual environment. With the ability to detect suspicious behavior using AI, ReceiveGuard identifies ransomware types such as crypto malware and scareware, stopping malware from encrypting data as soon as the email is opened. Additionally, AI technology scans email subject lines, IPs, and URLs in detail, minimizing potential threats from ransomware demanding ransom through fake alerts.
SendGuard - Preventing Trojan Ransomware and Safeguarding System Reputation
SendGuard monitors outgoing emails to prevent the spread of ransomware, such as Trojan ransomware. If any unusual activity is detected from the email server, SendGuard blocks malicious emails before they leave the system, preventing the business from becoming a source of malware distribution and avoiding blacklisting.
Other Optimizing Technologies to Enhance Email Ransomware Protection
In addition to the three core filters, EG-Platform integrates additional technologies to improve security against increasingly complex ransomware attacks:
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AI and Machine Learning Behavior Analysis: By using AI and machine learning, MIP analyzes abnormal behaviors in emails to detect suspicious signs early, blocking sophisticated spoofed emails as soon as they appear.
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Sandboxing – Real-Time Testing: Attachments and links are tested in a sandbox environment, preventing complex ransomware like crypto malware from spreading within the system.
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Continuous Threat Intelligence Updates: EG-Platform integrates with global threat intelligence systems to quickly detect and block the latest attack methods, preparing businesses for potential new threats.
Multi-Factor Authentication (MFA) and Encryption: For sensitive emails, EG-Platform applies MFA and data encryption to ensure that emails are protected during transmission, preventing data leaks and securing business-critical information from attacks.
Mail Inspector Platform provides a comprehensive security system specially designed to address modern ransomware attack tactics, helping businesses protect their data, reputation, and maintain secure operations.