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Ransomware attacks — the encryption of data that prevents access to it followed by a demand for payment to decrypt the data — "surpassed the worst expectations of 2021", with $5 billion paid out by companies in the first half of the year alone. Both Public and private sectors are under growing attack.
A string of high-profile cyberattacks has made ransomware an impossible issue to ignore and it has become such a significant worldwide problem that politicians discuss these attacks at high-profile international summits.
SonicWall's annual cyber-threat report noted that, globally, there were 623.3 million ransomware attacks last year. That more than doubled 2020 levels and more than tripled 2019's figure.
Malware, in general, actually saw a 4% drop in 2021 (although still recording 5.4 billion hits), but, there was an increase towards latter part of the year, indicating a likely upward trend for 2022. That slight drop in malware was driven by a 9% decrease across North America. In Europe it actually rose by 35% while Asia also saw a rise of 27%.
The report shows an eye-watering 1,885% increase in ransomware attacks on the government sector. Increases in ransomware volume of 755% were noted in healthcare, 152% in education, and 21% in retail. All sectors, however, are seeing an increase in cyber attacks.
While action has been taken to take down significant ransomware groups, such as REvil, the report warns that this has been "largely ineffective" in stemming the tide of ransomware as a whole, as "due to the lucrative nature of ransomware, as soon as one group is taken down, new ones rise to fill the void".
Should you pay if hit by a ransomware attack?
From the NCSC website:
Law enforcement do not encourage, endorse, nor condone the payment of ransom demands. If you do pay the ransom:
- there is no guarantee that you will get access to your data or computer
- your computer will still be infected
- you will be paying criminal groups
- you're more likely to be targeted in the future
A global survey by cyber security group, Venafi, found that:
- 18% of victims who paid the ransom still had their data exposed on the dark web.
- 8% refused to pay the ransom, and the attackers tried to extort their customers.
- 35% of victims paid the ransom but were still unable to retrieve their data.
As for the ransomware actor extortion tactics, these are summarized as follows:
- 83% of all successful ransomware attacks featured double and triple extortion.
- 38% of ransomware attacks threatened to use stolen data to extort customers.
- 35% of ransomware attacks threatened to expose stolen data on the dark web.
- 32% of attacks threatened to directly inform the victim's customers of the data breach incident.
Mitigating the Effects of a Ransomware Attack
Back up your data – make regular copies of all important files and keep those backups offline.
Limit System Access – cut down entry points to your network and reduce the opportunities for a successful attack. If practical, use a whitelist of websites and apps for trusted resources.
Filter Your Email – screen for, block and remove threats at the most common entry point for ransomware attacks.
Monitor Network traffic – look out for anomalies and scan regularly to identify malware.
Keep software patched and up to date – vulnerabilities will be found and not updating offers opportunity for unauthorised access by cyber criminals.
Expect that your company will be subject to a ransomware attack or other malware infection at some point and have a tested recovery plan in operation. Attackers will also threaten to publish data if payment is not made. To counter this, businesses should take measures to minimise the impact of data exfiltration.
LaneSystems provides a range of cyber security services required to keep your data safe and your business operating. Contact us for a review of your company's IT security and get all your Cyber Essentials in order.
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