Ransomware attacks at all-time high, hackers have businesses, tech giants in crosshairs

A recent report from Cisco Talos Incident Response (Talos IR) has highlighted a surge in ransomware and business email compromise (BEC) attacks targeting businesses and tech giants. The findings reveal that these cyber threats now account for nearly two-thirds (60 per cent) of all security incidents investigated by Talos IR.

Ransomware on the rise
Ransomware attacks alone constituted almost a third (30 per cent) of engagements in the latest quarter, showing a significant 22 per cent increase compared to the previous quarter. This escalation underscores the growing threat posed by ransomware to businesses across various sectors.

Although there was a slight decrease in BEC incidents compared to the previous quarter, they remain a substantial threat. BEC attacks involve fraudsters impersonating business executives or vendors to trick employees into transferring funds or sharing sensitive information.

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The technology industry is particularly vulnerable, accounting for 24 per cent of all engagements over the past three months. This sector’s extensive digital assets and critical infrastructure make it an attractive target for cybercriminals. The report also notes a 30 per cent increase in attacks on tech firms from the previous quarter. These companies are seen as entry points into other industries, amplifying their appeal to hackers.

New threat actors and ransomware families
Talos IR identified two new ransomware families, Mallox and Underground Team, indicating an increase in the number of active threat actors. Additionally, well-known ransomware operations like Black Basta and BlackSuit continue to inflict significant damage on organizations.

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A major factor contributing to the success of ransomware attacks is inadequate security measures. According to the report, 80 per cent of ransomware victims did not have proper multi-factor authentication (MFA) implemented on critical systems, including virtual private networks (VPNs). Other victims were compromised due to vulnerable or misconfigured systems. Talos IR observed a 46 per cent increase in these security weaknesses from the previous quarter.

Industry-wide Impact
Aside from tech firms, other heavily targeted sectors include healthcare, pharmaceuticals, and retail. These industries are also facing increased cyber threats, emphasizing the widespread nature of these attacks.

The Talos IR report paints a grim picture of the current cybersecurity landscape. Ransomware and BEC attacks are at an all-time high, with tech giants and businesses in various sectors firmly in the crosshairs of cybercriminals. The findings highlight the critical need for robust security measures, including proper implementation of MFA and regular system configurations, to mitigate these pervasive threats.

How to protect yourself and your business

To combat these rising threats, businesses must:

2. Implement Multi-Factor Authentication (MFA): Ensure that all critical systems, especially VPNs, are protected with MFA.

3. Regularly Update and Patch Systems: Address vulnerabilities and misconfigurations promptly to reduce the risk of exploitation.

4. Educate Employees: Provide ongoing training on recognising and responding to phishing and BEC attempts.

5. Develop Incident Response Plans: Prepare for potential attacks with a well-defined response strategy to minimize downtime and damage.

By adopting these measures, organisations can better protect themselves against the increasing threat of ransomware and BEC attacks, safeguarding their digital assets and maintaining operational continuity.