Are you running a small business ? Then you need to read this !
One of my friend, who owns a small printing studio, was extorted after he downloaded & opened a file sent via email from a suspicious “customer”. He said that all of his files including printing materials, designs, contracts & other documents are encrypted and the screen showed a message telling him that if he want to restore those files, he had to buy & send Bitcoin to an unknown crypto wallet. Luckily, those files were not that critical so he reinstalled Windows and contacted customers for recovering design files. Only the emotion is damaged then.
But not every victims was lucky like that. In fact, many organizations also were attacked by the same way but the encrypted files now was the database – which is not easy to recover, especially when some companies forgot to back it up.
The software that encrypts files on victim computers then extorts victims for recovering is called Ransomware. Below table lists a few security incidents occurred recently that related to Ransomwares and its damages:
| Date | Victim | Ransomware Group | Impact |
|---|---|---|---|
| May 2025 | PowerSchool | Unknown | Personal data of over 62 million students and 9.5 million teachers exposed across North America. |
| Apr 2025 | NASCAR | Medusa | Over 1 TB of sensitive data stolen; attackers demanded $4 million. |
| Apr 2025 | DaVita | Interlock | Personal and health data of 2.7 million patients compromised. |
| Nov 2024 | Blue Yonder | Unknown | Supply-chain software outage disrupted customers including Starbucks, Morrisons, and Sainsbury’s. |
| May 2024 | Ascension Health | Black Basta | Hospital systems taken offline, ambulances diverted, electronic medical records unavailable; recovery cost estimated at $1.3 billion. |
| Feb 2024 | Change Healthcare (UnitedHealth) | ALPHV / BlackCat | Nationwide disruption of U.S. pharmacy and healthcare billing systems; one of the largest healthcare cyberattacks in history. |
| Sep 2023 | MGM Resorts | ALPHV / BlackCat (with Scattered Spider) | Casino operations, hotel check-in, digital keys, slot machines and payment systems disrupted; losses exceeded $100 million. |
| Sep 2023 | Caesars Entertainment | ALPHV / BlackCat | Customer loyalty data stolen; company reportedly paid a ransom to prevent data leakage. |
| May–Jun 2023 | Companies using MOVEit Transfer (e.g., BBC, British Airways, Shell, PwC, U.S. agencies) | Cl0p | Mass exploitation of a zero-day vulnerability affected hundreds of organizations and millions of individuals. |
1. What is Ransomware ?
1.1. Definition
Ransomware is a type of malicious software that has two main functions:
- Encrypt all files on a computer.
- Instruct victims how to pay a ransom in exchange for a decryption key.
Ransomware itself does not infect computers on its own. Instead, it is typically delivered through phishing campaigns, fake software downloaded from the Internet, malicious advertisements, compromised websites, or email attachments containing infected documents or archives.
Hackers often disguise ransomware as legitimate files or applications to trick users into opening or installing it. For example, it may appear to be a software installer, software crack, game, invoice, delivery receipt, PDF document, Microsoft Office file, or compressed ZIP archive. Once the victim opens the malicious file, the ransomware is executed, encrypts the victim’s files, and displays a ransom note demanding payment, usually in cryptocurrency, in exchange for the decryption key.
1.2. Why cryptocurrency ?
Ransomware attackers almost always demand payment in cryptocurrencies such as Bitcoin or Monero because these digital currencies can be transferred worldwide without banks or payment processors. Cryptocurrency transactions are also more difficult to trace than traditional bank transfers, making it harder for law enforcement to identify the attackers. In particular, Monero provides stronger privacy features that even hide the sender, receiver, and transaction amount, making it a popular choice for cybercriminals.
2. A Sample Attack
It is unclear how each incidents in above tables happened internally, but here we can look into a sample attack that was caught in the wild. This attack abused shortcut files (.LNK files) on Windows and was delivered via email attachments & a Github public repository. The attack plan was like so:
Step 1. The Bait
The attacker sends an email to the victim, posing as a potential customer with an attractive business offer. The email includes an attachment named “Deal Details.zip”. At this stage, many business owners and sales professionals are likely to download and open the attachment out of curiosity or in hopes of reviewing the proposed deal.
Step 2. The Camouflage
The victim opens downloaded ZIP file. A file is extracted with name: “Deal Details.txt.lnk” with a familiar icon like so:
Deal Details.txt.lnk
Everything looks familiar: from the icon of Notepad app to the “.txt” part, except the “.lnk” suffix. But without knowing what .LNK is, most people will double click it with expectation to see the deal details.
What is LNK file ?
An LNK file is a Windows shortcut that points to another file, folder, or program. Instead of containing the actual content, it stores the location of the target and opens it when double-clicked. Although LNK files are commonly used as convenient shortcuts, attackers can also abuse them to execute malicious commands while appearing to be harmless documents.
In this case, if we open the Properties (use right-click), we can see these malicious settings:

In summary, this LNK file is intentionally named as “Deal Details.txt” to trick user to think that it is a common text file (note that the “.txt” here is a part of filename, it does not specify file type). But because it is a Shortcut file, when double click on it, the command set in field “Target” will be executed. As we can notice, this shortcut actually point to the powershell.exe with a few parameters which looks like will download something from a Github repository.
What is PowerShell ?
PowerShell is a command-line shell and scripting language developed by Microsoft for Windows system administration and automation. It allows administrators to execute commands, manage files, configure system settings, and automate repetitive tasks using scripts.
Unlike the traditional Windows Command Prompt, PowerShell is much more powerful because it can interact directly with Windows components and execute complex scripts. It is installed by default on modern versions of Windows and is widely used by IT professionals for legitimate administration.
However, these same capabilities also make PowerShell attractive to cybercriminals. Instead of shipping a complete malware program, attackers can use a small PowerShell script to download malicious files from the Internet, execute them in memory, modify system settings, and launch attacks – all while using a trusted Windows application that may not immediately raise any suspicion.
In this case, as parameters on above image, the LNK file will use the built-in PowerShell to download another file from https://raw.githubusercontent.com/lrqdz/a/refs/heads/main/bot (file behind this link is already removed after this campaign is reported by researchers ). According to the lab that analyzed this case, that another file on Github is a ransomware written in PowerShell language, which looks like so:


Step 3. The Ransomware
Ransomware, in this case, is the PowerShell script stored on a Github repository. Once downloaded, it is executed by the PowerShell and scans the computer for files that are likely to be valuable. It targets folders such as: Desktop, Documents, Downloads, Pictures, OneDrive.
Instead of stealing data, it focuses on encrypting data that victims cannot easily replace. Once the scan is complete, the ransomware encrypts the discovered files. Each document, spreadsheet, presentation, photograph, and database becomes unreadable without the corresponding decryption key.
After encryption finishes, the ransomware leaves a ransom note for the victim. The message explains that the files have been encrypted and provides instructions for purchasing the decryption key. In this example, the attackers request payment in Monero (XMR), a cryptocurrency designed to provide strong transaction privacy. Here is what victim will see:

3. How To Defend ?
As you can see, Ransomwares can not infect your computer by itself, it needs a phishing campaign to trick you to download and execute it. Problem is if you are doing a business, download attachments & files from Internet is inevitable. So how to know which file is safe, which file is not ? Here is some security practices that can help minimizing the risk of malwares in general, not just ransomwares.
3.1. Always Show File name Extensions
By default, Windows hides the extensions of known file types, making it easier for attackers to disguise malicious files. For example, a file named Invoice.pdf.exe may appear simply as Invoice.pdf, tricking users into believing it is a harmless PDF document. Enabling “Show file name extensions” in Windows File Explorer allows you to see the real file type, making it much easier to identify executable or script files before opening them. This simple setting can help prevent many malware and ransomware infections caused by deceptive filenames.
3.2. Only Open Known File Extensions
Only open files with extensions that match what you expect to receive. For example, a report should typically be a .pdf or .docx file, while a photo should be .jpg or .png. Be cautious of executable or script files such as .exe, .msi, .bat, .cmd, .vbs, .js, .ps1, and .lnk, especially if they arrive through email, messaging apps, or downloads. If you were expecting a document but receive an executable or shortcut instead, do not open it.
3.3. Use Antivirus Softwares
Modern antivirus software can detect many ransomware families by identifying known malware signatures and suspicious behaviors, such as mass file encryption or unauthorized PowerShell execution. Antivirus can act as the last defense line on user’s computer, prevent malicious files from running if users already get tricked by a phishing attempt.
3.4. Backup Data Regularly
The most effective defense against ransomware is maintaining reliable backups of important files. Follow the 3-2-1 backup rule: keep three copies of your data, store them on two different types of media, and keep one copy offline or off-site. If ransomware encrypts your computer, you can restore your files from a clean backup instead of considering the ransom demand. Regularly test your backups to ensure they can be successfully restored when needed.






