By the end of 2020, ransomware attacks reached a peak in their damaging and destructive stage. The factors that changed this phase were extortionware and big-game hunting.
Due to the risk of victims refusing to pay the ransom, malicious actors moved to strategies with a higher percentage of payment. Here is where extortionware came onto the scene, with attackers stealing the data of the victims and blackmailing them.
Also, the increase in attacks on large corporations, known as big-game hunting, became more popular. Here the threat actors spend months researching larger well-known targets to maximize their profits.
Ransomware trends for 2024
Cybersecurity experts predict multiple significant future trends in ransomware, engulfing the evolution of cyber threats and the advancements achieved in defensive measures.
- Targeted ransomware attacks: Threat actors are likely to conduct thorough reconnaissance to identify high-value targets, including financial institutions, healthcare providers, and critical infrastructure entities, to maximize their extortion efforts.
- Supply chain attacks: Ransomware attacks against supply chain partners are predicted to increase as global supply chains become more linked. Threat actors might increase the effect of their attacks by exploiting the vulnerabilities in third-party software or services to obtain access to their main targets.
- Hybrid ransomware attacks: Attacks using hybrid ransomware, which combines aspects of conventional ransomware with additional online dangers like harmful malware or data manipulation, are probably going to surface. These assaults seek to do the most amount of damage possible to their targets by encrypting data, interfering with processes, or causing irreversible damage.
- Ransomware-as-a-Service (RaaS): It is anticipated that ransomware-as-a-service (RaaS) models will continue to develop, providing hackers with new functionalities. This includes better encryption algorithms, ways to get around security measures, and better customer service to help in decrypting and paying the ransom.
How your organization can stay ahead?
Regular employee training
The human factor is without a doubt the preferred method of foothold for a threat actor. Initial infection vectors can be prevented by teaching staff members about the most recent ransomware strategies and how to spot phishing efforts. Training ought to include a strong emphasis on the value of staying away from suspicious websites, email attachments, and links as well as the necessity of reporting any strange activity right away.
Endpoint protection implementation
Ransomware may be stopped before it has a chance to infect user devices by implementing powerful endpoint security solutions with capabilities like machine learning, behaviour-based detection, and real-time threat intelligence.
Network segmentation
Another way to stop ransomware from spreading throughout a company is to segment networks and apply the least privilege principle to restrict user access to sensitive systems and data. By doing this, it may be difficult for attackers to access vital resources by travelling laterally across the network.
Regular data backups
Recovery against ransomware requires keeping frequent backups of important data and verifying its integrity through regular testing. To shield backups from compromise during an attack, it is best to store them offline and in a secure location.