The Ransomware 2020 Attack Trends affecting organizations globally

All the businesses across multiple industries complain of ransomware being one of the most insistent and common threats. Moreover, ransomware threats are also on the rise. On the other hand, ransomware threat actors adapt their templates to adapt to operational changes. 

As of September 2020, this year’s ransomware provokes incident response assaults, which seems to have erupted more during the initial months of the pandemic. In June 2020, ransomware attacks seemed to erupt, which saw a third of all ransomware attacks to emails. 

Looking at data from Q2 2020, there are more than three times more ransomware threats than in the previous year. Between April and June 2020, they account for 32% of the team’s activities. 

Targets Cost Efficient CSE

Concerning priorities, few of the defense teams worldwide have witnessed a general improvement in ransomware attacks. Ransomware hits the most challenging development firms. About a fifth of all the cybersecurity accidents have been registered this year, with technical services remaining the second most affected in the industry, having suffered 17% of ransomware attacks. 

The attacks on these sectors show that the victims are having poor downtime tolerance, including fabrication networks. High uptime companies will lose millions of dollars per day due to stoppage. Consequently, they can pay a ransom to restore access to data and resume business. 

Besides these industries and sectors, the spike in ransomware attacks is also observed in academic institutions during 2020, mainly when schools and universities provide online classes with hybrid environments because of COVID-19. And since most of the teaching staff are not well-trained, attackers find them an attractive target for ransomware attacks. 

In August and September, a consortium of universities was assaulted in May and June 2020 and ran for rankings of $400,000 to over $1 million. Also, additional academic institutions expect confidential information about staff, students, and research would not be published in the public domain. 

Geographical Reach 

While ransomware attacks continue to reach every corner of the world, Asia and North America have been the hardest hit this year, accounting for 30% and 33%, respectively. 

In Europe, significant ransomware activity has occurred in recent months, accounting for 27% of incident response team attacks remedied. These statistics show that although geographical attacks are common, the ransomware attacks typically appear to concentrate on areas more populated by heavily targeted companies. 

Evolving Ransomware Tactics in 2020 

There are some developments surrounding ransomware attack tactics and methods that have been remediated. Of these, new attention is put on mixed extortion-ransomware attacks where threat actors extract confidential information before encrypting it. If victims do not pay for a decryption key, criminals threaten to reveal publicly stolen information. 

Such a technique would leave several in a state of a catch-22 situation. While they can retrieve locked backup files, it can lead to privacy violations, data destruction, and leaking consumer information. This also spans to people paying administrative penalties, including restoration of a reputation that has been harmed. In some instances, attackers accused of asking for their payment according to administrative penalties that organizations would have to pay, using that as another intimidation technique. 

Operational EfficiencyCombating the Ransomware Onslaught 

In several cases, Ransomware attack tactics placed victims in a more challenging role in 2020 than we previously observed. Many use ransomware for extorting victims with raised demands over time to more than 40 million dollars in some cases. Blending attacks with extortion technologies threatens the most sensitive networks and procedures of some ransomware firms. 

If attackers can access a network, encrypt files, and attempt to release stolen records, some companies can be tempted to pay for the ransom. Many variables play a part in a payment decision, and there can be no single solution for all organizations. 

Ransom rewards allow offenders to resume their commercial practices, confirm their business models, and encourage more cybercriminals to join. However, there are steps that businesses can take even in these challenging circumstances, which can reduce costs and mitigate prospective loss. 

  • Set up and hold offline copies: Ensuring that you securely open data from access to the intruder through read-only access. Backup files are a major difference among companies and can help to rebound from a ransomware attack. 
  • Implement a plan to avoid illegal data manipulation: This is mainly for uploading massive volumes of data into legal cloud storage systems that attackers can manipulate. 
  • Enabling user conduct analyses: This is to detect possible cases of ransomware protection. If activated, presume that a violation has occurred. Auditing and tracking alleged manipulation of sensitive identities and classes easily. 
  • Using multifactor authentication: The idea is to apply it on all remote access points in a corporate network with careful attention paid to protect or deactivate remote desktop (RDP) access. Multiple attacks by ransomware were known to exploit poor RDP access to initial network entry. 

The pandemic did not slow down cybercriminals. Instead, it took the chance to spend more time online, adapting old tricks to spread different types of fakes, scams, and target major ransomware businesses. Today’s technology offers an excellent opportunity for the top enterprise to keep run an integrated process and sustain contact and function. It is recommended that people be more vigilant and mindful of what they see online and check stuff before trusting news, applications, connections, sales, and even video material. 

 

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