Ransomware attacks have become an increasingly common and dangerous threat to businesses and individuals alike in recent years. March 2023 was the most prolific month recorded in recent years with 459 successful ransomware attacks, a 91% increase from February 2023, and a 62% increase compared to March 2022, as found from the NCC Group. In Thales 2023 data threat report, they found that 48% of IT professionals surveyed reported an increase in ransomware attacks, with 22% of organizations admitting they had experienced a ransomware attack in the past 12 months. Additionally, IBM reported that in 2022, the average cost of a ransomware attack is $4.54 million, excluding the actual ransom itself. Furthermore, Thales’ report found that IT professionals surveyed believed that security threats are increasing in volume or severity. This indicates that cybercriminals’ attack methods are evolving. With the rise of digital technologies, cybercriminals are finding new and innovative ways to exploit vulnerabilities and infect systems with malicious software that can hold data hostage until a ransom is paid. As Antonia Din stated, over 200,000 new ransomware strains are detected daily, which means there are 140 new ransomware strains capable of evading detection and inflicting damage every minute. What is Ransomware? Ransomware is a type of malware that encrypts your files and demands payment in exchange for the decryption key. Once your files are encrypted, they are essentially useless, and the only way to get them back is to pay the ransom. Ransomware attacks can be devastating for individuals and businesses alike, often resulting in significant financial losses and reputational damage. In particular, it has been found that 20% of the costs can be attributed to brand reputational damage. Biggest Ransomware Attacks 2022 In recent years, there have been several high-profile ransomware attacks that have made headlines around the world. One of the notable ransomware attacks in 2022 was the Nvidia attack. Nvidia is the largest gaming chip company in the world. Lapsu$, the ransomware group, took responsibility for the attack and demanded $1million and a percentage of unspecified free from Nvidia. Lapsu$ claimed they had stolen over 1TB of data which includes source code, customer data and employees login information. The attack resulted in Nvidia’s internal systems being compromised which caused disruption in their email systems and developer tools. It took the company 2 days to get their systems partially running again. Another of the most notable and spoken-of ransomware attacks was the Costa Rica Government attack, which was breached by Conti Group and Hive Group. Costa Rica declared a national state of emergency, the first time any country has declared a national emergency in response to a cyber attack. 30 of its government institutions suffered ransomware attacks over a few weeks, and Conti claimed they had encrypted hundreds of gigabytes of sensitive information. This attack had not only impacted on government services but also the private sector engaged in import and export. For Hive’s attack, they affected the Costa Rican healthcare system by taking it offline, which in turn affected their social security fund. Best Practices to Avoid Ransomware The best way to avoid becoming a victim of ransomware is to take proactive steps to protect yourself. Here are some best practices to keep in mind:
Takeaway Ransomware is a growing problem, and it's not going away anytime soon. However, by following best practices like keeping your software up to date, using solutions with AI and ML, and backing up your files regularly, you can reduce your risk of becoming a victim. Remember to stay vigilant and educate yourself on the latest ransomware threats to stay ahead of the curve. Securing the Endpoint with TAFA Shield With the current cyber environment, endpoint protection is now essential to your cybersecurity strategy. There are many endpoint solutions that exists in this space, therefore selecting the right endpoint security protection is necessary to prevent and block cyber attacks and threats. With our prevention first and zero-trust approach to security using ML and AI, TAFA Shield will strengthen your company's ability to prevent and block cyber attacks and threats. To learn more information about TAFA Shield and how we can help your company, do not hesitate to contact us for more information. Comments are closed.
|
Archives
June 2024
Categories
All
|
© 2021, TAFA HOLDINGS (S) PTE LTD. ALL RIGHTS RESERVED
|