For a long time, the FBI’s guidance was essentially, “don’t pay the ransom, just report it.” Occasionally, field offices would issue reminders to businesses in their jurisdiction to bolster their security, but for the most part the government operated in more of an advisory capacity. While the federal government has continued responding to these new and evolving ransomware threats, it has pivoted its stance.
Regardless of your firm’s size, you’ll want to understand how ransomware works and how recent changes to the law might impact your strategy. The aforementioned Coveware report shows that companies of this size made up the vast majority (70.4%) of all companies impacted by ransomware attacks. Ransomware continues to be a major threat to businesses in all sectors, but more and more we see the greatest impact being leveled at businesses between 11 and 1,000 employees. Perhaps spurred by the recent legislative action in a handful of states, which bans the use of tax dollars for ransom payments, hackers have begun targeting smaller, privately-held businesses across all industries. Perhaps the most interesting new development has been the rise of attacks against public sector entities. Ransomware affects all industries, from tech to healthcare, and oil and gas to higher education. Unit 42 reported an overall increase in ransom payments of 78% by the end of last year. This was due to increasing pressure from law enforcement, but seems to have only been a temporary setback. In 2021, payment amounts declined throughout the year, with Coveware reporting average payments of $136,576 for Q2 2021, a decrease of 38% from the previous quarter. One firm, CNA Financial, paid a historic $40 million ransom following a 2021 attack, possibly the largest payout to date.
Ransom amounts are also reaching new heights. That same Cybersecurity Ventures report states that ransomware damages reached $20 billion in 2021, and predicts that number to hit $265 billion by 2031. An attack on corporate networks that encrypts sensitive information can cost businesses hundreds of thousands-even millions-of dollars. As such, the financial impact will keep pace. These trends show us that ransomware attacks are rising at an exponential rate. Cybersecurity Ventures expects that, by 2031, businesses will fall victim to a ransomware attack every other second, up from every 11 seconds in 2021, every 14 seconds in 2019, and every 40 seconds in 2016-an acceleration greatly influenced by the rise of remote work following the global pandemic. In 2021, the FBI’s Internet Crime Complaint Center received 3,729 ransomware complaints, and those are just the ones that got reported. We’ve updated the post to reflect the current state of ransomware and to help individuals and businesses protect their data. Sadly, ransomware has only become more prevalent since then. This post was originally published during April of 2019 and updated in July of 2022. What can we tell you, scammers have a certain style guide they adhere to).
Especially when you glance down to your screen and see the inevitable truth in black and white (Or red with yellow hazard stripes. You might chalk it up to a glitch…until the IT department calls you.Īnd when they say those three words no one wants to hear, “We’ve been breached,” it will all start to make sense. You might not even realize it at first, the only signs being odd drops in file associations, lag times, and slowdowns. Maybe you’ve beaten the odds so far, but there may come a day when you boot up your laptop, only to find yourself the victim of a ransomware attack. It’s a nightmare scenario faced by thousands every year. “Object Lock 101: Protecting Data From Ransomware”.Take a look at our other posts for more information on how businesses can defend themselves against a ransomware attack, and more.
#Crypto locker ransomware series
This post is a part of our ongoing series on ransomware.
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