Ransomware Crisis Escalates
Attacks Surged A Whopping 33% In 2023
Brace yourself for a cyber shocker:
“Attempted ransomware attacks on organizations rose 33% worldwide last year. About 1 in 20 organizations in the US fell victim to attempted ransomware attacks.” – Check Point Research
It’s no secret: the U.S. is squarely in the middle of an unprecedented cyber war. From the Pentagon to your local bank, no place is safe. Global tensions, especially in Ukraine and the Middle East, contributed to one of the worst data breach periods in U.S. history. Undoubtedly, 2023 witnessed a significant surge in ransomware attacks.
Ransomware is a type of malware designed to encrypt data, rendering it inaccessible to the owner without a unique decryption key. To regain access, the owner must pay a ransom, usually demanded in cryptocurrency like Bitcoin.
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The situation appears to be getting even worse this year. The latest Q1 2024 ransomware report from the GuidePoint Security Research and Intelligence Team (GRIT) reveals a significant surge in activity, with the number of active ransomware groups rising by 55 percent. This increase saw the count of distinct groups jump from 29 in Q1 2023 to 45 in Q1 2024.
The rise in ransomware attacks can be attributed, in part, to the accessibility and affordability of Ransomware-as-a-Service (RaaS) offerings, which can now be purchased for as little as $40. These tools have democratized the means for launching cyberattacks, enabling even low-skilled criminals to execute sophisticated ransomware campaigns rapidly. The time required to deploy an attack has dramatically decreased, from an average of 60 days in 2019 to just four days currently.
Additionally, modern ransomware attacks are increasingly targeting personal and sensitive commercial data, not just to encrypt it, but to steal it for extortion. This evolution has not only escalated the direct costs associated with these incidents but also amplified the potential for severe reputational damage to affected organizations.
At Cyber Defense Advisors, we are committed to enhancing cybersecurity awareness and protection. Our advisory services focus on educating and equipping organizations with the knowledge and tools needed to defend against ransomware.
We actively share valuable information and best practices with the public, empowering businesses to strengthen their defenses and safeguard their digital environments against the rising tide of ransomware threats.
