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

 

The Resource Hub

Get Complete Managed Services Insights

Visit our Resource Center for up-to-date news and stories for technology and business leaders.

Three IT Service Techs Working together at desks in office

Move Forward with IT Services for Business

Use managed services for small and mid-sized businesses that help you reach your goals.

Work With Us