February Warning

Ransomware Is Back With A Vengeance

The NCC Group first started monitoring ransomware activity relatively recently, in 2021, to be precise, but last year, it observed the highest number of ransomware attacks ever. Reflecting a rise of 15% against 2023, the NCC Group threat intelligence reported 5,263 attacks in total. The ransomware attack landscape is somewhat splintered, though, with the majority of attacks being launched by LockBit. And amounting to just 10% of the total. Now, you might be thinking that’s a low number, and LockBit is dead anyway following law enforcement actions in 2024, but as I recently reported, all that is about to change. LockBitSupp, the alleged leader of the cybercrime gang, has warned LockBit will return on Feb. 3. That doesn’t give you long to get your defensive act together, assuming you haven’t already.

Mitigating The Renewed Ransomware Threat—Act Before Feb. 3

Although North America felt the force of more than half the ransomware attacks observed by NCC Group, pretty much every geographic region experienced a rise in attacks: Asia, South America and Oceania were highlighted by the report. “Rising global geopolitical tensions and high payouts for ransomware attacks are likely to have attributed to increase across regions,” NCC Group said. When it comes to market sectors, industry was hit 1,424 times, accounting for 27% of all ransomware attacks.

The primary mitigations are:

* Install updates for operating systems, software and firmware as soon as they are released.
* Require phishing-resistant, non SMS-based multi-factor authentication.

“In the face of these challenges, businesses, governments, and individuals must stay vigilant and proactive,” Hull warned, and that’s good advice that you would be well-advised to action immediately before the ransomware threat becomes a reality for you.

Conclusion

Ransomware attacks are on the rise, and it’s essential to take action to mitigate the threat. With LockBit set to return on Feb. 3, it’s crucial to prioritize your cybersecurity and implement the necessary measures to protect your organization. By staying vigilant and proactive, you can reduce the risk of a successful ransomware attack.

FAQs

* What is ransomware?
Ransomware is a type of malware that encrypts a victim’s files or locks their device and demands a ransom in exchange for the decryption key or unlock code.
* How can I protect myself from ransomware?
You can protect yourself from ransomware by installing updates for your operating system, software, and firmware as soon as they are released, requiring phishing-resistant, non SMS-based multi-factor authentication, and backing up your important files regularly.
* What should I do if I’m hit by a ransomware attack?
If you’re hit by a ransomware attack, do not pay the ransom. Instead, report the incident to the authorities and seek help from a cybersecurity professional.