Ransomware – The Rising Threat
In the realm of cyberattacks, few threats have risen and evolved as rapidly as Ransomware. Ransomware is malware that encrypts files or systems on a network, locking users out of their data and demanding a ransom payment to restore access. Ransomware has become a significant threat to businesses. A study by cybersecurity researcher Wade Baker found that ransomware attacks rose significantly from 2013 to 2024, with the highest percentage increases occurring in software development and healthcare sectors.
The most successful ransomware attackers target multiple victims at once. Attackers use email campaigns to infect computers and spread malware. They also use social engineering tactics to spoof trusted vendors and software providers to gain entry into networks. Attackers may even exploit a single vulnerability in widely-used software to attack thousands of downstream organizations.
Cybercriminals have created and distributed thousands of unique ransomware variants, or families, that contain distinct code signatures and functions. The first ransomware family to strongly encrypt data, CryptoLocker, was one of the most popular and generated more than USD 3 million in ransom payments before it was shut down.
Ransomware attacks have expanded to include mobile devices. For example, a recent ransomware attack locked Garmin fitness tracking systems and demanded a payment to unlock the devices. Attackers also use ransomware to infect medical devices. Infections are increasing in the healthcare sector, with 67% of healthcare organisations reporting an increase in ransomware incidents between Q2 and Q3 of 2024.
The best way to limit your risk from ransomware is to keep all of your systems and devices updated with the latest security software, web browsers and operating system. Additionally, it is a good practice to maintain offline copies of your important data. Having the ability to recover quickly from a ransomware attack by restoring data from clean backups can limit downtime and strengthen operational resilience.