Ransomware Attack Severity Set to Increase Substantially

Ransomware protection for businesses is now more important than ever

Ransomware attacks have become so common, many have become desensitized to the news of them, even high-profile attacks, such as those on large companies or critical infrastructure. And let's not forget, we've had businesses in our region who have been hit by ransomware as well. Truth is, ransomware protection is more important than ever. That's because industry experts fear—even as ransomware scope sizes down—the severity of ransomware attacks is going to increase substantially.

Ransomware impact is real, but often  preventable

The impact of ransomware attacks and the subsequent fallout is real, and wise business leaders recognize the importance of having ransomware protection, like the suite of services we provide here at Locknet® Managed IT. If you're still in the thinking stage about whether the investment into ransomware protection is right for your organization, or if you're considering ramping up your protection, read on for critical information about the threat landscape and its likely evolution.

The number of attacks may fall, but expect surgical strikes to continue

In 2021, industry experts report that we actually saw fewer ransomware attacks over the previous year. That can lead to a false sense of security on the part of businesses, in particular, small to enterprise-sized businesses which historically underestimate their risk. Have ransomware criminals given up? Have they turned away from the life of crime? No. But what they have done is this: they've become more sophisticated, and adept at making highly targeted surgical strikes. They've become more strategic, and that's bad news. Of note is that while the number of ransomware attacks fell year over year, the ransom asks rose substantially. And the organizations affected had plenty to lose; we're talking businesses in the manufacturing sector, critical infrastructure companies, and public utilities. A crippling attack on any of these industries has far-reaching effects. So while individuals may be experiencing fewer ransomware crimes, the growing scope of attacks spares no one.

In their strategic selection of potential victims, hackers will be looking for organizations that meet these criteria, to make the most of their efforts:

• little to no ability to weather service interruptions, such as critical infrastructure companies
• broad attack surfaces, including networks with millions of devices or more
• financial resources to cover the cost of a substantial ransom

As our infrastructure, utilities, and food system components become increasingly more intertwined and dependent upon one another, our collective vulnerability to ransomware attacks grows. Having powerful ransomware protection in place is absolutely critical to maintaining our way of life.

What we're seeing from an attack perspective is criminals identify and exploit weaknesses by operating as insiders and manipulating supply chain faults. More, identifying the source of attacks is becoming more difficult, blurring the differentiation between private attackers and nation-state-sponsored attacks.

A new threat landscape in our digital world

As you can see, there is a new threat landscape in our digital world—one which requires increased diligence and ransomware prevention to thwart increasingly more sophisticated ransomware attacks. As leaders in business, industry, and public utilities, it's essential to not only educate users and employees on best practices but to have in place the best level of protection from hackers. If it's time to shore up your organization's cyber protection, contact us; we can help you achieve peace of mind, even in the face of increasingly more severe, strategic, and sophisticated ransomware attacks.