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When ransomware infects a system, it encrypts files and renders them inaccessible. The attackers then present the victim with a message explaining that they must send an untraceable Bitcoin payment to receive a mathematical key to decrypt their data. While it may be tempting to pay the criminals, many experts advise against doing so because it encourages future attacks and doesn’t guarantee that the files will be restored.

The Financial Impact

Ransomware attacks cause significant business disruption for days, weeks and even months. In addition to the lost productivity and revenue, businesses must also incur costs for incident response, digital forensics and reputational damage. In the healthcare sector, this can lead to patient delays and potentially even death.

In 2023, the ransomware variant Ryuk saw widespread attacks in the retail and healthcare sectors. It is known for demanding large ransoms and disabling backup files. It can even spread laterally by exploiting unpatched vulnerabilities in systems. It is believed to be part of the same cybercrime group behind the attack on the Colonial Pipeline in May 2021.

The Increase in Cyber Threats

Several factors have contributed to the rise of ransomware threats. For one, more employees work remotely. Their personal devices can infect network-connected business computers. The growing popularity of ransomware has also encouraged criminals to develop more sophisticated attacks. This includes the use of artificial intelligence (AI) to scan for targets and more effective malware delivery methods. In addition, cyber insurance has become more common for businesses to mitigate the financial impact of these attacks.