According to 2021 Unit 42 Ransomware Threat Report

Last week we have been very busy taking part in Western Canada Information Security Conference (WCISC). So much information, so much to learn! It was a feast for a geek in me. But seriously, these are the things we need to pay attention to to prepare for the future, to find solutions to decrease the potential danger of becoming a victim of an attack.

One of the seminars touched on the trends in ransomware attacks. It was very interesting to have a look at the changing business model, currently used by cyber criminals. And, yes, they have developed a serious business model and it is working for them beautifully. Let’s take a look at the numbers: the average ransom paid in 2019 was approximately $115K USD, in 2020 the amount has jumped to $312K USD (over 170% increase). The highest maximum amount paid by an organization in 2020 doubled from 2019 (from $5M to $10M). In the meantime, the cyber criminals are getting greedy and demand higher and higher ransom amounts (2015 to 2019 the highest demand was $15M, in 2020 it was already $30M), recent information, provided during the conference mentioned $50M demand, already issued in 2021.

It seems like double extortion is the name of the game. What is double extortion? Not only data encryption, preventing a company to access its information but also, a threat of divulging sensitive information, if a ransom is not paid.

These attacks are mainly concentrated in the following countries:

1. USA
2. Canada
3. Germany
4. UK

There are specific industries that are more affected than others. Manufacturing, Professional and Legal Services, Construction, High Tech, Wholesale and Retail, Healthcare Organizations and Energy – these are only the most affected ones (just look at the most recent attack on Colonial Pipeline who just paid $4.4Million in Bitcoin).

It is obvious why we need to take a closer look at our business security and take steps to ensure minimalization of the threat and the impact of a potential cyber-attack. Similarly, to any malware, there the 3 main areas that need to be taken under advisement:

1. Prevention of initial access to the network
2. Backup and recovery process
3. Security controls

It is very important to do a company security audit every year to make sure the measures utilized in one’s organization are up to date and working the way they are supposed to and train employees in safe practices (i.e., proper password management), especially when user awareness and email security are one of the most useful ways to decrease initial access.

To learn more about how to tighten your company’s security (network security, password management, proper backup solutions, deployment of other security controls such as: antivirus, end point protection etc.) do not hesitate to contact us. Remember, you are never too small to be affected by cybercrime!

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