Ransomware Is At A Record High

According to research provided by The Record, the number of ransomware attacks posted on extortion websites in July reached a record high, with ransomware groups publicly claiming over 15 attacks per day on average.

Recorded Future’s data reveals a total of 484 ransomware attacks in July, up from 408 the previous month. The surge was largely driven by the Russia-based Clop ransomware group, which exploited a vulnerability in the MOVEit file transfer tool to breach global computer networks.

Those attacks accounted for 35% of all publicly reported victims in July, including Shell, Siemens Energy, and a major U.S. public pension fund, with the education sector being particularly impacted. However, there were a total of 484 attacks spread across 38 different groups in July 2023, compared to 214 attacks across 24 groups in July 2022.

Emily Phelps, Director, Cyware had this to say:  

“With ransomware, cybercriminals don’t need to be sophisticated hackers to execute sophisticated attacks. Ransomware has a low barrier for entry, and with the emergence of Ransomware-as-a-Service, it requires virtually no technical skills to execute a successful attack. It’s profitable and harder to trace, with many adversaries dealing in cryptocurrencies.  

“Preventing successful ransomware attacks requires organizations to take multiple actions, which include keeping software and systems patched and updated; regularly maintaining and isolating backups; conducting regular security awareness training; and investing in threat intelligence and detection systems that enable security teams to proactively defend against these types of attacks.”

Carol Volk, EVP, BullWall follows with this: 

“Ransomware attacks continue to rise and the battle continues. We must learn from every event, improving our security posture, as the fallout from such attacks can be devastating to a business in terms of lost revenue, business disruption and long-term reputational damage.  

“While the hope of a magical AI silver bullet to protect us is still just a dream, we have to own our own protection and apply the best defense available within the resources available to us. There are good defensive options, from on-prem teams to Security as a Service (SECaaS) that can provide the full range for a good defense, including detection, backup and containment solutions. Stay current!”

Ransomware is not going away. Organizations need to wrap their heads around this and do whatever is required to make sure that they are not going to be the next victim of a ransomware attack.

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