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The state of Ransomware in 2024

Although Endpoint Detection and Response (EDR) services and Anti-Virus solutions have come a long way in the process of detecting and blocking Ransomware Threats, malicious actors continue to find new, sophisticated methods of bypassing them.

Ransomware is the most impactful threat in cybersecurity during our time. According to Statista, in 2023 over 72% of organizations over the world fell victim to ransomware attacks. Due to the rise in the frequency of those attacks, more novel, sophisticated types of ransomware emerge in the public eye day by day.

Evolution of ransomware over the years

Ransomware has been part of the cybercrime ecosystem since the late 1980s and remains a major threat in the cyber landscape today.

Going back to 1989 when the first documented occurrence of ransomware attack appeared, when Dr Joseph L. Popp, an evolutionary biologist at Harvard University, sent 20,000 floppy disks infected with a computer virus to individuals who attended the WHO’s International AIDS Conference in Stockholm. Once loaded onto a computer, the virus locked file names, hid file directories and informed the victims that the only restore method was by sending $189 to a P.O. Box located in Panama.

Two weeks after the attack, Dr. Popp attracted the attention of authorities while at Schipol airport. The law enforcement ended up arresting the evolutionary biologist at his parents’ home and extradited him to the UK, facing 10 charges of blackmail and criminal damage for distributing the ransomware what’s now known as the “AIDS Trojan”.

Between the years 2000 and 2010, ransomware attacks were very similar in the spreading method, with attackers sending phishing emails with malicious documents attached to them. It was also the period where malicious actors experimented with more sophisticated encryption algorithms for that time and understood the importance of it.

In 2017, perhaps one of the most notorious ransomware attacks known as “WannaCry” emerged in the cybersecurity field. This ransomware attack affected multiple organizations, ranging from banks to healthcare organizations to law enforcement agencies. WannaCry spread via the EternalBlue vulnerability, an exploit that was leaked from the National Security Agency.

The initial WannaCry attack that affected more than 150 countries

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.

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