Ransomware Threats in 2024

Ransomware is malicious software that encrypts files or entire computer systems, demanding payment for a decryption key. It exploits vulnerabilities through methods like phishing emails or exploiting software weaknesses. The victim must pay a ransom, often in cryptocurrency, to regain access to their data. It highlights the need for robust cybersecurity measures and regular software updates to prevent such attacks.

The Delinea survey indicates a worsening ransomware landscape in 2023 compared to 2022. Cybercriminals are shifting focus to data extraction over encryption payloads. The report, based on a survey of over 300 US IT and security decision makers, reveals an increase in ransom payments (from 68% to 76%) and highlights the role of cyberinsurance. Security budgets show a greater emphasis on prevention than recovery.

The reactive nature of cybersecurity is evident, with negative effects rising post-attack. Board-level concern for ransomware is reported to be high, but the survey doesn’t provide trends. Criminal motivations are evolving, with an increase in data exfiltration (46% to 64%) and a decrease in simple ‘money grab’ tactics (69% to 34%). Overall, the State of Ransomware 2024 report suggests a worsening landscape, attributed to increased sophistication among cybercriminals and nation-state actors.

Read the full article here: The Ransomware Threat in 2024 is Growing: Report – SecurityWeek


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