To almost all who are familiar with ransomware attacks, it just means data encryption until a ransom is paid. However, in recent years, especially after the first lockdown, hackers involved in spreading this file-encrypting tactic have evolved or changed their tactics to create more seriousness among victims.
Yes, you read it right! According to an analysis conducted by the CyberEdge Group, a single ransomware attack can lead to three more cyber threats.
According to the Cyberthreat Defense Report from the same company, 78% of ransomware attacks target victims with two to three additional threats if the victim fails to pay the ransom. These include launching distributed denial of service attacks, notifying impacted customers about the data breach, and releasing stolen data before the malware was induced into the network.
Regarding the most challenging IT components to secure, industrial control systems, Internet of Things, and mobile devices are at the top of the list.
The only positive finding in the report is that security budgets in companies have increased by 8% in 2023. A 1%-2% increase is also assured in 2024 and thereafter.
NOTE: A file-encrypting malware attack turns nasty when the same victim is targeted twice or thrice by the same hacker’s gang. This generally happens when the victim fails to secure the network on time with appropriate security measures, leading to more trouble.