Ghost Ransomware: The Growing Global Threat Targeting Critical Infrastructure

 Recent Updates: Forbes Reveals Extensive Impact

According to a recent Forbes article published on April 20, 2025, the Ghost ransomware group is actively targeting critical infrastructure across the globe, with North America and the U.K. suffering the most severe impacts. The article reveals that these financially motivated Chinese cybercriminals are specifically targeting government offices, the energy sector, factories, financial services, and perhaps most concerningly, hospitals.

The Forbes report cites research from Rebecca Harpur at Blackfog, confirming that Ghost campaigns are operated by a profit-driven group from China with no known state affiliations. These attacks are “driven by profit rather than espionage.”

To evade detection and make attribution more difficult, the group has operated under various names over the years, including Cring, Crypt3r, Hello, and the closely related Phantom. “By constantly rebranding,” Harpur explained, “Ghost makes it more difficult for authorities to pin down its activities as one group.”

The Forbes article details Ghost’s attack methodology, which follows a consistent pattern:

1. Initial access through unpatched vulnerabilities in public-facing systems, including VPN appliances, web servers, and email servers
2. Installation of backdoors using web shells and tools like Cobalt Strike to maintain stealthy access
3. Creation of new user accounts and disabling of security software after escalating system privileges
4. Lateral movement to spread throughout the network while exfiltrating sensitive data
5. Final deployment of the ransomware payload (often named Ghost.exe or Cring.exe) across the network, encrypting files and wiping out backups

 What is Ghost Ransomware?

Ghost Ransomware, also known as Cring, is a sophisticated form of malware that has been targeting organizations across more than 70 countries, according to a joint advisory released in February 2025 by the Federal Bureau of Investigation (FBI), Cybersecurity and Infrastructure Security Agency (CISA), and the Multi-State Information Sharing and Analysis Center (MS-ISAC).

Beginning in early 2021, Ghost actors began attacking victims whose internet-facing services ran outdated versions of software and firmware. This indiscriminate targeting of networks containing vulnerabilities has led to the compromise of organizations in more than 70 countries, including organizations in China itself.

Ghost actors use a variety of techniques to avoid detection. They rotate their ransomware executable payloads, switch file extensions for encrypted files, modify ransom note text, and use numerous ransom email addresses. Samples of ransomware files Ghost has used during attacks include Cring.exe, Ghost.exe, ElysiumO.exe, and Locker.exe.

 How Ghost Ransomware Operates

Once inside a network, Ghost operates with remarkable speed, often completing its attack cycle from breach to encryption in under 24 hours – significantly faster than other notorious groups like Conti or LockBit that typically operate over weeks. This rapid exploitation leaves security teams with minimal time to detect and respond to intrusions before critical damage occurs.

The FBI has observed Ghost actors obtaining initial access to networks by exploiting public-facing applications associated with multiple CVEs. Their methodology includes leveraging vulnerabilities in Fortinet FortiOS appliances, servers running Adobe ColdFusion, Microsoft SharePoint, and Microsoft Exchange (commonly referred to as the ProxyShell attack chain).

After gaining access, Ghost actors have been observed uploading a web shell to a compromised server and leveraging Windows Command Prompt and/or PowerShell to download and execute Cobalt Strike Beacon malware that is then implanted on victim systems.

The infection mechanism demonstrates remarkable efficiency. After identifying vulnerable targets, attackers deploy web shells and Cobalt Strike beacons as backdoors, establishing persistent access. After obtaining administrator privileges through additional exploits or credential harvesting, Ghost operators create new user accounts and systematically disable security software, allowing unrestricted lateral movement throughout the network. The attackers meticulously identify and target sensitive information, prioritizing databases containing intellectual property, customer data, and financial records.

Ghost ransomware variants can be used to encrypt specific directories or the entire system’s storage. These ransomware payloads clear Windows Event Logs, disable the Volume Shadow Copy Service, and delete shadow copies to inhibit system recovery attempts. Data encrypted with Ghost ransomware variants cannot be recovered without the decryption key.

Ghost actors hold the encrypted data for ransom and typically demand anywhere from tens to hundreds of thousands of dollars in cryptocurrency in exchange for decryption software.

 Who is Behind Ghost Ransomware?

BlackFog researchers have identified technical indicators suggesting the malware originates from a financially motivated cybercriminal gang operating from China. Their analysis reveals the group utilizes various aliases on the dark web, making attribution and law enforcement action particularly challenging. Unlike state-sponsored threat actors pursuing espionage objectives, Ghost appears exclusively focused on financial gain through ransom payments.

Beginning in early 2021, Ghost actors began targeting victims whose internet-facing services ran outdated versions of software and firmware. This indiscriminate targeting of networks containing vulnerabilities has led to the compromise of organizations across more than 70 countries, including organizations in China. Ghost actors, located in China, conduct these widespread attacks for financial gain.

 Protecting Your Business from Ghost Ransomware

Based on recommendations from security experts cited in the Forbes article, organizations should implement several critical security measures:

1. Regularly back up your data and store copies offline and isolated from your network.
2. Keep your operating systems, applications, and firmware updated.
3. Protect all accounts with multi-factor authentication.
4. Employ network segregation tactics to prevent privilege escalation and lateral movement by the Ghost ransomware attackers.

The FBI, CISA, and MS-ISAC also recommend organizations implement additional mitigation strategies:

• Monitor for unauthorized use of PowerShell. Ghost actors leverage PowerShell for malicious purposes.
• Implement the principle of least privilege when granting permissions.
• Implement allowlisting for applications, scripts, and network traffic to prevent unauthorized execution and access.
• Identify, alert on, and investigate abnormal network activity.

How CinchOps Can Help Secure Your Business

At CinchOps, we understand the ever-evolving threats that businesses face. Our multilayered cybersecurity solutions can help protect your organization from threats like Ghost Ransomware through our comprehensive security solutions:

1. Vulnerability Management: We proactively identify and patch vulnerabilities in your systems before they can be exploited by attackers like the Ghost operators.
2. Backup and Recovery Solutions: We implement robust backup strategies that keep your critical data safe and recoverable, even in the face of ransomware attacks.
3. Security Awareness Training: We educate your employees about the latest threats and best practices to prevent social engineering attacks.
4. Multi-Factor Authentication Implementation: We deploy strong authentication measures across your organization to prevent unauthorized access.
5. Incident Response Planning: We develop and test comprehensive incident response plans so your team knows exactly what to do if an attack occurs.

Don’t wait until it’s too late. Contact CinchOps today to schedule a security assessment and protect your business from threats like Ghost Ransomware. 

For managed IT support near you and specialized cybersecurity services tailored to small businesses, reach out to CinchOps – your partner in comprehensive IT security.

 Discover More 

Discover more about our enterprise-grade and business protecting cybersecurity services: CinchOps Cybersecurity
Discover related topics: Why Your Company Needs an AI Policy
For Additional Information on this topic, check out: Chinese Ghost Hackers Hit Hospitals And Factories In America And U.K

FREE CYBERSECURITY ASSESSMENT