Islamabad: Targeted ransomware gangs have become more numerous and well-known for their attacks on governments, select high-profile businesses, or a portion of an institution’s workforce. Based on a thorough investigation by Kaspersky experts, there will be a 30% rise in the global number of ransomware groups that target victims between 2022 and 2023. During the same year, there was a 70% increase in the number of victims of targeted ransomware attacks in addition to this development.
Like traditional businesses, targeted ransomware groups use hackers to run complex, large-scale operations so they can launch ever-more-sophisticated ransomware attacks.
Approximately 60 targeted ransomware organizations were seen by Kaspersky researchers in 2023, compared to approximately 46 in 2022. The researchers discovered instances of collaboration between these groups. In certain cases, organizations well-known for exchanging access points into business networks and systems sold the first points of entry to more experienced ransomware groups with the ability to launch more complex attacks. These kinds of agreements save hackers time by bypassing the several stages that must precede a targeted ransomware attack and allowing them to move straight on to network reconnaissance or infection.
Over 360,000 downloads of Kaspersky’s free decryption tools occurred in 2023, helping over 2 million ransomware victims restore their data. Notwithstanding these significant developments, ransomware payments reached a record high of USD 1.1 billion globally in 2023.
“Groups targeting ransomware are highly persistent and driven by a desire to extort victims. Cybercriminals often threaten to make the stolen material public if the victim refuses to pay the ransom. Maher Yamout, Senior Security Researcher at Kaspersky, states that in other instances, these fraudsters also filed GDPR or SEC complaints in some regions against the victim firms for breaking data protection laws.
To protect your company from ransomware attacks that are specifically targeted, Update all of your systems and gadgets to stop hackers from taking advantage of security holes. Make sure you have offline backups that are safe from hackers’ attacks and that you can easily access them in an emergency. Installing a cybersecurity solution that guards against ransomware during the virus’s delivery and execution phases is advised by Kaspersky. This solution is based on a multi-layered security technique. Another useful tool is Kaspersky Threat Intelligence, which can offer in-depth information and instantaneous insights on the background, motivations, and methods of operation of certain ransomware gangs. In addition, Kaspersky has produced free programs that help fight ransomware and decrypt files for the general public. Examples of these tools are No More Ransom and Kaspersky Anti-Ransomware.
Given that human error is a major contributor to cybersecurity breaches and can serve as the initial point of entry for ransomware attacks, employee education and cybersecurity training are crucial.
