Ransom has taken quantum leap

Ransomware is a malware designed to deny a user or organization access to files on their computer. By encrypting these data/ files and demanding a ransom payment for the decryption key, cyberattackers place organizations in a position where paying the ransom is the easiest and cheapest way to regain access to their files.

Ransomware is executed in a variety of ways, for different reasons and motives. The technology also carries risks however. It may lead to a new wave of cybercrime, as quantum computers can crack even the most elaborate forms of encryption in use today. This takes a quantum leap in the cyber world.

Ransomware has quickly become the most prominent and visible type of malware. Ransomware attacks are on the rise but few people understand the hidden costs beyond that of the initial extortion payment. This can include response and restoration expenses, legal fees and monitoring costs.

The sophistication of these ransomware groups even extends to the targeting of victims and how a ransom figure is decided as well as the negotiation techniques they use to exact maximum financial gain.

As per the report from CPR has monitored a 24% increase in ransomware attacks Year-over-Year to organizations globally. The weekly average of impacted organizations stands at one in 53 versus one in 66 in the same period of 2021.

Over the years, cybercriminals have perfected their processes in defining extortion demands and developed sophisticated techniques for negotiation with victims, with the aim of exacting the maximum level of ransom payment that the victim organization can afford.

Sophos research finds an increase of 94% between 2021 and 2022. More than two-thirds healthcare organisations in the US said they had experienced a ransomware attack in 2021, up from 34% in 2020. In the US, ransomware attacks on healthcare have become particularly common. 41% of such attacks globally have been carried out against US based firms in 2021.

The increase has just not been only in numbers but there is also growing sophistication of these attacks. The current situation is terrible. Ransomware has led to health care disruptions.

As per cybersecurity company Trellix, over half of adversarial advanced persistent threat actor activity originated from Russian and Chinese backed groups. The report found a significant 73% increase in cyber incidents targeting individuals and positioned people as the top attack sector in Q4 2021.

Individual consumers are the top target of cybercriminals, closely followed by the healthcare vertical. Additionally, the transportation, shipping, manufacturing and information technology industries showed a sharp increase in threats.

Healthcare was the second most targeted sector, bearing 12% of total detections. From Q3 to Q4 2021, threats to manufacturing increased 100%, and threats to information technology increased 36%, said the report. Malware was the technique used most often, accounting for 46% of total cyber incidents.