The Rise of Ransomware in 2024

What if you were approached with a way to make money super easy that’s also inexpensive and low-risk? Most people would be interested in what is being offered. Well, this is precisely why ransomware is on the rise right now. Ransomware is software that encrypts data and demands you to pay them to get it back. Sometimes, these criminals don’t even return your data once you pay them. But ransomware has always been around, so why is it specifically on the rise now?

The first ransomware attack was dated to the late 1980s, around the beginning of the World Wide Web. Since then, we have had ransomware attacks here and there, but not as frequently as we have seen in 2023 and 2024. But why is this? Well, in 2024, public exposure of data is more reputation-damaging than it has ever been. This makes business owners more likely to pay for their data recovery in desperation to protect their reputation. On top of all the other perks that come with ransomware for a cybercriminal, this makes it almost a guaranteed payout. But what if there is an off chance that someone says no to paying back for their data? Well, cybercriminals are prepared for that as well.

With ransomware, new tools and techniques are constantly being used, and usually, these cybercriminals can get early access to them quickly. There is a new technique called extortionware, which is when these cybercriminals steal your data before encrypting it. If you refuse to pay for decryption, they will switch to threatening to leak your data. New Data Exfiltration technology makes selling large amounts of data on the dark web more accessible than ever. But if you think that sounds bad, it gets worse. Not preventing a ransomware attack could also lead to legal consequences for you. So, on top of recovery, you may now have to deal with the legal aftermath of it all. How do businesses stay prepared against ransomware?

Vertek has the perfect solution for you and your business: ransomMDR. ransomMDR uses Halcyon’s anti-ransomware platform, D3’s Security Smart SOAR platform, and Vertek’s 24/7 security operations monitoring, alarm enrichment, and incident response service. This offers customers a low-cost, high-value, managed solution. If you want to learn more about our ransomMDR solution, contact Vertek today!

Sources:

https://monstercloud.com/blog/2023/01/27/why-is-ransomware-becoming-so-popular/#:~:text=It’s%20one%20of%20the%20easiest,taking%20businesses%20and%20services%20offline.

https://www.blackfog.com/why-are-ransomware-attacks-on-the-rise/

https://www.nationwide.com/business/solutions-center/cybersecurity/rise-in-ransomware-attacks