Deep Dive into Ransomware – Thematic Intelligence
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Deep Dive into the Ransomware Thematic Report Overview
Since reaching its peak in 2021, the ransomware attacks count fell in 2022 and 2023. However, 2024 will likely be the highest year for ransomware attacks on record, partly due to intensifying geopolitical tensions.
Ransomware is a type of malware that prevents access to the target’s computer system or data until a ransom is paid to the attacker. It often uses encryption to lock up files or IT systems, holding them hostage until money is paid for a decryption key.
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This “Deep Dive into Ransomware – Thematic Intelligence” report gives valuable insights into the malicious ransomware software. It analyzes the current ransomware attack landscape, highlighting the changing nature of attacks and scenarios determining ransomware payments. The report further elucidates the importance of clarity and transparency in reporting cyber breaches and ransom payments.
Ransomware Attack Landscape
The ransomware landscape has been dynamic, with significant incidents escalating the threat level and signaling a major shift in cybercriminal activities, by established and new ransomware gangs. The scale and complexity of attacks grew as new and old gangs targeted victims for extortion.
After a reduction in global ransom payments in 2022, ransomware firms stepped up their efforts in 2023, targeting high-profile institutions and critical national infrastructure, including hospitals, schools, and government agencies. The US was the most targeted country, accounting for more than 46% of reported ransomware victims. With relevance to industries, the manufacturing sector was the most susceptible to ransomware attacks.
Number of Ransomware Victims Announced by Ransomware Gangs, Jan 2023 – Mar 2024
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Ransomware Players
The most prolific ransomware gangs include LockBit, AlphV, Clop, Play, and 8Base among others. Two of the three most prolific ransomware gangs in 2023 have been disrupted.
LockBit: LockBit was the world’s most prolific ransomware gang until it was disrupted by an international law enforcement takedown in February 2024. Following the law enforcement takedown, LockBit lost many of its affiliates, leading to a significant drop in attacks from February to March 2024.
Ransomware Players
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Scope
Ransomware is a type of malware that prevents access to the target’s computer system or data until a ransom is paid to the attacker. It often uses encryption to lock up files or IT systems, holding them hostage until money is paid for a decryption key. This report looks in detail at the issue of ransomware, including analysis of the attack landscape, details of the most prolific ransomware gangs, an evaluation of the positive and negative impacts of paying ransoms, and recommendations for businesses, regulators, cyber authorities, and governments.
Key Highlights
- You are never too big to be hit by a ransomware attack. Companies that have suffered ransomware attacks include Boeing, Caesars Entertainment, MGM Resorts, Change Healthcare, Royal Mail, Johnson Controls, the UK’s National Health Service (NHS), Sony, Capita, and Dish Network. No organization, big or small, is immune from a ransomware attack. What is important is how that organization responds to the attack.
- Ransomware gangs are being disrupted by law enforcement takedowns. Law enforcement takedowns against Hive, LockBit, and AlphV have stemmed the tide of attacks. However, the ransomware industry is never static, and new gangs continually emerge to replace those that have been taken down or have become less effective. Gang affiliates are taking a larger slice of ransom payments and are making repeat attacks. Ransomware gangs must now actively compete to attract talent.
- Ransom payments should not face a blanket ban but should be regulated and licensed. The trend is toward authorities cracking down on ransomware payments. This will drive payments underground, making it more difficult for law enforcement to track and combat ransomware operations, among other negative consequences. Instead, ransom payments should be regulated and licensed to enable more controllable, transparent, and accountable payments.
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Reasons to Buy
- One in every 10 organizations worldwide was hit by attempted ransomware attacks in 2023.
- On average, there were more than 1,100 attacks per organization per week. Ransomware is a major issue for companies of all sizes. This report will help you understand what ransomware is, how it might affect your business, and what you can do about it.
Arnold Clark
BBC
BlackKite
Boeing
British Airways
Caesars Entertainment
Calumet
Capita
CDW
Chainalysis
Cisco (Splunk)
Continental
City of Dallas
Cybereason
Cyberint
Dish Network
Dole
Henry Schein
Hyundai Motor Group
IBM
Industrial and Commercial Bank of China
Insomniac Games
Ion
Johnson Controls
MGM Resorts
Mikrona
Moncler
National Health Service (UK)
NCC Group
NCR
Polycom
Progress
PSI
Royal Mail
Seiko
Shell
SonicWall
Sony
Speedy
Stanford University
Swissport
Synlab
UNDP
United Health Group (Change Healthcare)
US Department of Justice
Western Digital
Xplain
Yum
Table of Contents
Frequently asked questions
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What is ransomware?
Ransomware is a type of malware that prevents access to the target’s computer system or data until a ransom is paid to the attacker. It often uses encryption to lock up files or IT systems, holding them hostage until money is paid for a decryption key.
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Which was the world’s most prolific ransomware gang?
LockBit was the world’s most prolific ransomware gang until it was disrupted by an international law enforcement takedown in February 2024. LockBit carried out many attacks in 2023.
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Which are the most prolific ransomware gangs globally?
The most prolific ransomware gangs include LockBit, AlphV, Clop, Play, and 8Base among others. Two of the three most prolific ransomware gangs in 2023 have been disrupted.
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