Are We Seeing Fewer Ransomware Attacks? Not Now
Despite what you may have heard, ransomware threats continue to grow and evolve in mid-2023. Here’s what you need to know.
As I walked the show floor at the RSA conference and held meetings with vendors and clients in San Francisco last month, I heard a surprising theme that I disagreed with.
Security Magazine —Ransomware attacks decreased 61% in 2022: “The 2022 State of Ransomware Report from Delinea and conducted by Censuswide surveyed 300 U.S.-based information technology (IT) decision-makers about the impact of ransomware on their organizations over the past year. The survey found that 25% of organizations were victims of ransomware attacks over the past 12 months, a 61% decline from the previous 12-month period, when 64% of organizations reported being victims.”
Security Week — Ransomware Revenue Plunged in 2022 as More Victims Refuse to Pay Up: “According to data from Coveware, a company that helps organizations respond to ransomware attacks, the percentage of companies that paid up in 2022 dropped to 41%, from 50% in 2021 and 70% in 2020.”
TechTarget — July [2022] another down month in ransomware attack disclosures: “SearchSecurity has tracked ransomware in 2022 via a database of public reports and disclosures, as well as an article series that covers the most notable attacks each month. According to SearchSecurity’s data sets, there was approximately a 300% drop between attacks in January and June. July saw similar numbers, with just 13 confirmed disclosures last month; in addition, only three disclosures were for attacks in July.”
Inside P&C — Cyber frequency fell 22% in 2022 as ransomware dropped 54%: Coalition: “Cyber claims frequency declined 22% year over year in 2022, driven mostly by a 54% drop in ransomware attacks, according to InsurTech Coalition.”
BUT NOT SO FAST
Politico — Ransomware comes back with a vengeance: “Researchers at a leading cryptocurrency tracing company have bad news for Washington: Ransomware is back, and it might be worse than ever.
WION: Nearly two-thirds of India-based companies victims of ransomware attack: “In an alarming statistic that describes the State of Ransomware in 2023, it has been revealed that 73 percent of India-based organisations surveyed by cybersecurity company Sophos were victims of ransomware attacks.”
The Hacker News —Buhti Ransomware Gang Switches Tactics, Utilizes Leaked LockBit and Babuk Code: “The threat actors behind the nascent Buhti
Insurance Journal —Viewpoint: Could Increasing Ransomware Frequency Bring Back Repeat of Hard Market?: “Insurance pricing is cyclical. When loss ratios are sustainably higher, over time prices rise in response, creating a hard market. The last hard market in cyber was in 2021 when an onslaught of ransomware and high-profile cyber attacks drove a spike in demand for cyber insurance and a decreased supply of capital, which led to increased premiums.
NEW RANSOMWARE TRENDS TO WATCH
FINAL THOUGHT
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*** This is a Security Bloggers Network syndicated blog from Lohrmann on Cybersecurity authored by Lohrmann on Cybersecurity. Read the original post at: https://www.govtech.com/blogs/lohrmann-on-cybersecurity/are-we-seeing-fewer-ransomware-attacks-not-now