Cybercriminals Intensify Tactics: Physical Threats Towards Executive Level Personnel due to Ransomware Attacks
In the ever-evolving landscape of cybercrime, ransomware continues to pose a significant threat to businesses globally. Here's a look at some key trends and statistics from the past two years, as reported by various sources.
Ransomware payments have seen a significant decrease, with a 35% year-over-year drop in 2024. This decline is likely due to improved cyber resiliency and a growing reluctance among victims to pay ransom demands. However, the proportion of ransomware victims that still paid a demand remains high, at 69%.
The impact of ransomware attacks on businesses is far-reaching. According to a survey, the top three ransomware-related business disruptions cited by victims were job losses (62%), data breaches (61%), and the cancellation of cybersecurity services or cyber insurance premiums (46%). Furthermore, around three-quarters (73%) of these victims suffered multiple attacks, and 31% were attacked three or more times.
Entrepreneurs in Australia, New Zealand, Italy, Germany, and the UK were most likely to be targeted, with over 81% affected in each of these regions. The Semperis survey, published on July 31, found that 78% of organisations were targeted by ransomware during the past 12 months.
Ransom payment rates were highest in the US, with 81% of victims paying up. Interestingly, the ransomware group that reported one of its victims to the SEC in 2023 to pressure them into paying was Hunters International, a rebranding of the Hive group.
Follow-up attacks often occurred soon after the original incident. For instance, 17% happened simultaneously, 16% less than one day later, 37% one to six days later, and 26% seven to 29 days following the first attack.
Threats of filing regulatory complaints against victims were common in around half (47%) of attacks, and physical harm to business executives was reported in 40% of incidents over the past 12 months.
More than half (55%) of organisations that paid a ransom demand did so multiple times, with 29% of those firms paying three or more times. Disappointingly, 15% of ransomware victims that paid either did not receive decryption keys or received corrupted keys, a problem particularly common against US companies, occurring in 58% of cases.
The Securities and Exchange Commission (SEC) four-day disclosure rule may contribute to this trend, as it applies to publicly listed firms. For example, the BlackCat ransomware group reported one of its victims to the SEC in an attempt to pressure payment in 2023.
On a positive note, around a quarter (23%) of ransomware victims returned to normal operations in less than a day, with 58% taking between one day and one week. Around a fifth (18%) took between one week and one month to fully recover.
These statistics underscore the importance of robust cybersecurity measures and resilience in the face of ransomware attacks. As the threat continues to evolve, businesses must stay vigilant and proactive in their cybersecurity strategies.
Read also:
- Global Content Dissemination Through Cross-Linguistic Voiceovers
- Development of Restaurant Apps: Expenses and Essential Elements
- Time is of the essence
- European transportation's sustainability and competitiveness rely on a "green industrial agreement" that serves the interests of both corporations and residents, as discussed in an Editorial from August 2024.
