Microsoft Reports Nearly Tripled Ransomware Attacks on Customers Last Year
Recent reports by Microsoft reveal an astounding increase in ransomware attacks on their customers in the past year – nearly triple. Even though this seems to be an alarming update, there’s a silver lining: fewer attacks successfully encrypt data. What does that mean? Let’s find out.
The report shows a rapid surge in human-operated ransomware attacks between July 2023 and June 2024, – 275% to be exact. This depicts the mastermind and the rise in aggression of cybercriminals, as they attempt to attack organizational devices that are not as secure or properly managed. However, despite the increase in the number of attacks, there seems to be a significant drop in the percentage of data that is being successfully encrypted, which means less data is being locked because of the attack. The reason behind this is the strong security measures companies are now taking, and as a result, attackers are trying to steal sensitive information instead. An example of this is the break of Snowflake, through which, over 100 companies were affected. In such a trend, attackers steal sensitive information and demand ransom for it, alongside gruesome threats of leaking the information to the public – given the ransom isn’t paid off. This is a new, rather aggressive approach being followed by cybercriminals.
Moreover, Data Leak Sites tend to play an important role in increasing the pressure on these companies. These are websites where cybercriminals post all stolen information – whether sensitive or not, and there has been a significant increase of 67% in the postings on these websites; putting a great amount of pressure on organizations.
Is there anything organizations can do? Yes! If the pressure is shifted towards positivity, organizations can always make use of that energy to enhance their cybersecurity measures. Moreover, regularly updating software, investing in employee training regarding phishing attempts, and managing all devices equally can help reduce the risk of a cyberattack. Another crucial step is the collaboration between the public and the private sectors – to ensure a safer digital landscape. Many organizations are also turning towards a safety net – Cyber Insurance. This type of insurance can help cover the excruciating costs associated with cyberattacks, including ransom payments, any legal fees required, and effective recovery methods as well.
With a smooth combination of effective training, cybersecurity measures, collaborations toward a safer digital space, and robust insurance, your company can be safe against such heavy losses.
For expert advice, contact Shayne Bevilacqua at Professional Liability Insurance Group.
Call or Text us at +1 (877) PLIG – 123, That’s (877) 754 – 4123.
