Kaspersky reveals 30% rise in ransomware attacks

Spike is mirrored by 70% rise in number of victims targeted globally from 2022-2023

ISLAMABAD:

The proliferation of targeted ransomware groups has surged, with these entities now notorious for attacking governments, specific high-profile organisations, or select groups within larger entities, said a press statement. Research conducted by Kaspersky experts reveals a 30% increase in the number of targeted ransomware groups globally from 2022 to 2023. According to the statement, this spike has been mirrored by a 70% rise in the number of victims of targeted ransomware attacks during the same period.

Much like conventional businesses, targeted ransomware groups recruit cybercriminals as employees to orchestrate extensive and sophisticated operations. Kaspersky researchers closely monitored approximately 60 targeted ransomware groups in 2023, up from about 46 groups in 2022. They uncovered incidents indicating collaboration between these groups, with some known for trading access points into corporate networks selling initial entry points to more advanced ransomware groups capable of executing more sophisticated attacks. Such collaborations streamline the process for cybercriminals, allowing them to bypass preliminary stages and proceed directly to network reconnaissance or infection, reads the statement.

Read Lockbit cybercrime gang disrupted by Britain, US and EU

According to the press release, in 2023, Kaspersky celebrated its seventh year as a vital contributor to the No More Ransom initiative. Its free decryption tools were downloaded over 360,000 times, facilitating data recovery for over two million ransomware victims. However, despite these efforts, global ransomware payments exceeded $1.1 billion in 2023, reaching an unprecedented high.

“Targeted ransomware groups are highly persistent and aggressively pursue extortion. They often resort to threats of publicising stolen data if ransom demands are not met. In certain cases, cybercriminals file GDPR or SEC complaints against victim organisations in specific regions for alleged data protection violations,” remarked Maher Yamout, Senior Security Researcher at Kaspersky.

Published in The Express Tribune, March 3^rd, 2024.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.