Ransomware Attacks Increase in 2023

In recent years ransomware has evolved into a serious cyber threat, with 76% of organisations having experienced a ransomware attack at least once in the past 12 months according to Veeam’s Data Protection Trends Report 2024.

Ransomware is a type of software that is designed to cause disruption to a user or to an organisation. Unauthorised access is used to encrypt files and then a ransom is issued for payment to be made using cryptocurrency to restore access.

Over the last few years there has been a surge in ransomware. As employees have moved to remote working, gaps have been created in the cyber defences of many organisations and cybercriminals have seized the opportunity to exploit these vulnerabilities to deliver ransomware.

Dozens of ransomware variants exist and perhaps one of the most well-known variants is Lockbit which has been in circulation since 2019. Lockbit is malicious software designed to block user access to computer systems in exchange for a ransom payment.

Lockbit was developed to target large organisations by rapidly encrypting their systems. This is a way of preventing its detection quickly by security applications.

Some malware can also spread across a compromised network, such as the WannaCry crypto worm which impacted the NHS in May 2017.

Ransomware is one of the biggest threats to availability and it is the most common and most impactful cause of business outages.

Most organisations struggle with preventative measures such as staff training, endpoint security and email protection and when they do succumb to a ransomware attack they are ill prepared to deal with and recover from the attack because they lack the backups, business continuity and incident response plans that are imperative to deal with such an attack.

A ransomware attack is still a ‘when’ more than an ‘if’.

Contact Romano Security Consulting today about preparing for a ransomware attack.