Cryptocurrency price increases linked to an increase in ransomware attacks
In a recent study, Barracuda Networks has highlighted the prevalence of ransomware threats, focusing on 106 highly publicized attacks. The findings underscore the urgent need for businesses to bolster their cybersecurity defenses.
The growth in third-party vendor attacks is concerning, as they serve as a concentration point for attacks. This allows threat actors to target multiple organizations simultaneously, increasing the potential damage. Service providers, often built on multi-tenancy infrastructure, are particularly vulnerable due to their multiple extensions.
Attacks on critical infrastructure organizations have seen a significant increase, with a fourfold rise over the last year. The industry sectors most frequently targeted by these high-profile ransomware attacks were healthcare, manufacturing, and government agencies. Interestingly, service providers emerged as the most frequently targeted entities beyond the five most targeted industries.
The urgency of operations in targeted industries is a tactic used by threat actors to ensure they are paid. By exploiting the critical nature of these operations, they increase the likelihood of receiving a ransom demand.
Ransomware threats surged in June to over 1.2 million incidents, reaching levels last observed in January. This spike in activity preceded periods of slowdown, with the number of attempts dipping to a 2022 low of about 350,000 in March.
The term "single-attack harvest" refers to the strategy used by threat actors to turn an attack on one organization into attacks on many. This strategy, combined with the increasing number of third-party vendor attacks, means that businesses must be vigilant against the unrelenting risk posed by ransomware.
Barracuda's Chief Technology Officer, Fleming Shi, has stated that zero-day threats, malware, and advanced persistent threats are no longer the primary weapons for many cybercriminals. Instead, ransomware has become the preferred method for many attackers. The value of cryptocurrencies may influence the temporary downward trends in ransomware activity, with spikes in crypto values leading to more ransom threats and attacks.
Education, healthcare, municipalities, infrastructure, and finance remain the most targeted organizations among the 106 ransomware attacks Barracuda deemed highly publicized. The pace and scale of ransomware attempts highlight the extent to which malicious actors pose a significant threat to various sectors.
In conclusion, businesses must prioritise their cybersecurity measures to protect against the growing threat of ransomware. This includes strengthening defenses against third-party vendor attacks and being aware of the tactics used by threat actors to exploit critical operations in targeted industries.
