Ransomware Projections 2023

June 27, 2023

Ransomware Trends, Statistics, and Projections for 2023

Introduction:

Ransomware has emerged as a formidable cybersecurity threat, casting a shadow of havoc over individuals and organizations. As the landscape of ransomware continues to evolve presenting us with new trends, captivating statistics and intriguing projections shape the future of this malicious activity. This comprehensive article endeavors to delve into the key aspects of ransomware including recent trends, notable attacks, compelling statistics, projected developments and essential measures to protect against this insidious menace.

Ransomware Trends in 2021 and 2022:

Noteworthy trends have materialized within the realm of ransomware in recent years, with several expected to persist as we venture further into 2023:

  • Supply chain attacks: Rogue adversaries have set their sights on supply chains, amplifying the impact of their malevolent assaults. The 2021 Kaseya attack, targeting numerous managed service provider customers, serves as a glaring example of this approach.
  • Double extortion: The pernicious craft of ransomware attacks has evolved, now involving the malevolent act of exfiltrating data alongside its encryption. Threat actors coerce victims by threatening to expose pilfered information unless a ransom is paid, intensifying the pressure on the hapless targets.
  • Ransomware as a service (RaaS): The emergence of RaaS platforms has facilitated a troubling ease for attackers to launch and sustain ransomware campaigns. This streamlined process expands the pool of threat actors, creating a disconcerting wave of malevolence.
  • Targeting unpatched systems: Exploiting the vulnerabilities that linger in unpatched systems has become a preferred tactic among ransomware attackers. While zero day vulnerabilities play a role in select attacks, the exploitation of known vulnerabilities remains a persistent concern.
  • Phishing: The art of phishing, ensnaring unsuspecting users through cleverly crafted emails, retains its prominence as a common vector for ransomware infections. These social engineering tactics dupe users into unwittingly initiating the attack, a deceptive ploy indeed.

Ransomware Statistics for 2021 and 2022:

Statistics offer profound insights into the far reaching impact and staggering financial costs entwined with ransomware attacks:

  • The “Verizon Data Breach Investigations Report” of 2022 reveals that ransomware played a distressing role in 25% of all breaches reported that year.
  • According to Sophos’s “The State of Ransomware 2022” report, a staggering 66% of organizations fell prey to ransomware attacks in 2021. This marked an unprecedented 78% increase from the preceding year, truly an alarming surge.
  • The FBI’s Internet Crime Complaint Center received a staggering 3,729 complaints about ransomware attacks in 2021. Regrettably, these incidents resulted in grievous financial losses totaling a distressing $49.2 million.
  • Startlingly, the Cybersecurity and Infrastructure Security Agency reports that 14 out of the 16 U.S. critical infrastructure sectors experienced ransomware incidents in 2022, an unsettling revelation indeed.
  • Since 2020, we have witnessed the emergence of over 130 distinct ransomware strains, with the notorious GandCrab family reigning supreme, accounting for a commanding 78.5% of all samples received. Beware the infamous GandCrab!

Ransomware Attacks: Notable Incidents in 2021 and 2022:

Certain high profile ransomware attacks have cast a dark shadow over organizations and individuals alike:

  • Acer: In March 2021, the global IT hardware vendor Acer fell victim to a nefarious ransomware attack perpetrated by the notorious REvil ransomware group. Oh, the vulnerability of even the mightiest!
  • CNA Financial: In that same fateful month of March 2021, the esteemed cyber insurance carrier CNA Financial disclosed the heinous targeting they endured. Allegedly the work of the cunning Phoenix CryptoLocker group, this cyber attack sent shockwaves through the industry.
  • Colonial Pipeline: In May 2021, the nefarious ransomware attack on Colonial Pipeline disrupted the vital flow of oil across the eastern reaches of the United States. A grim reminder of the vulnerability of critical infrastructure to these vicious assaults.
  • JBS USA: June 2021 witnessed a malevolent incursion upon the realm of meat processing vendor JBS USA. The ransomware attack inflicted a temporary reduction in the packaging of their esteemed meat products. The price? A princely sum of $11 million paid to the dastardly REvil ransomware operators.
  • Kaseya: July 2021 witnessed the malicious machinations of a supply chain ransomware attack on the esteemed remote management software vendor, Kaseya. The wily culprits employed the infamous REvil ransomware platform, causing ripples of consternation throughout the industry.
  • Sinclair Broadcast Group: In the chilling month of October 2021, the Sinclair Broadcast Group faced the brunt of a treacherous ransomware attack. The consequences were temporary disruptions to their noble broadcasting operations, a stark reminder of the far reaching effects of these attacks.

Projections for the Future of Ransomware:

Drawing from the currents of present trends and developments, esteemed experts offer glimpses into the future that will shape the ever evolving landscape of ransomware:

  • Increased government involvement and legislation: Governments, recognizing the gravity of this menace, shall ascend from the shadows, taking an active role in combatting ransomware. Stricter regulations shall be imposed, fostering international cooperation in the pursuit of neutralizing this global threat.
  • Cloud aware ransomware targeting critical cloud data: As organizations continue their celestial embrace of cloud services, ransomware assailants will adapt their tactics accordingly. Expect a shift in focus towards compromising and encrypting critical cloud based data, striking fear into the hearts of cloud dependent enterprises.
  • Intermittent encryption techniques: The cunning of these adversaries knows no bounds! The ingenious employment of intermittent encryption techniques shall confound current detection and protection measures. Alas, detecting and mitigating ransomware attacks shall be an even more arduous endeavor for the valiant defenders of our digital realms.
  • Evolving ransomware-as-a-service (RaaS) models: The evolution of RaaS platforms shall persist, granting entry to less technically proficient threat actors. This unfortunate development may result in an increase in the overall number of ransomware attacks, further challenging our stalwart guardians.

Protecting Against Ransomware:

To shield against the perils associated with ransomware attacks, organizations must adopt a multifaceted approach, embracing the following measures:

  • Implement a comprehensive defense-in-depth security program, incorporating a constellation of protection layers: firewalls, antivirus software, intrusion detection systems and formidable endpoint security solutions.
  • Employ advanced protection technologies, harnessing the power of behavior based detection, machine learning and artificial intelligence. These invaluable tools shall identify and thwart emerging ransomware threats that lurk within the shadows.
  • Educate employees about the treacherous world of social engineering, phishing attacks and the perils of suspicious email attachments. Forge a culture of security awareness within the very fabric of your organization, for knowledge is power.
  • Regularly patch and update software and operating systems. By tending to the vulnerabilities that assail our digital fortresses, we render the ransomware attackers bereft of their preferred entry points.
  • Back up critical data with unwavering diligence, storing backups offline or in secure, isolated environments. This steadfast practice shall ensure the preservation of vital information, immune to the clutches of ransomware’s grasp.
  • Conduct tabletop exercises and simulate ransomware incidents, for it is through such preparations that we fortify our defenses. Enhance your preparedness and ensure effective response and recovery procedures stand ready to face the dark forces that threaten us.

Conclusion:

As we conclude this journey into the treacherous realm of ransomware let us not underestimate its omnipresent nature and ever evolving malevolence. With a firm grasp on the latest trends, compelling statistics and insightful projections organizations can forge a path of resilience and safeguard against the ravages of this insidious menace. Stay vigilant, stay informed and together we shall defy the machinations of ransomware ensuring a brighter and more secure future for all.

Jake Wert
CISO
Private Matrix

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