In November 2023 [1] [2], ransomware attacks reached a new peak, surpassing the previous record for the highest number of reported victims. This alarming trend marks the eleventh consecutive month with a year-on-year increase in ransomware victims and the third time this year that a record has been broken. The rise in ransomware attacks poses serious threats to businesses, leading to operational disruptions, financial losses [2], and damage to their reputation [2].
Description
According to a report by Corvus Insurance [1], leak sites identified 1,278 new ransomware victims during the month, representing a staggering 95% increase compared to the previous year. The increase in ransomware victims in 2023 is largely attributed to the activities of the Clop ransomware group, who exploited vulnerabilities in file transfer software [3]. Additionally, another group of hackers focused on targeting cities and municipalities [3]. It is worth noting that the Clop’s MOVEit supply chain attack, which was responsible for previous record-breaking incidents, is not the cause of this increase.
Conclusion
The rise in ransomware attacks has significant implications for businesses. The operational disruptions [2], financial losses [2], and damage to reputation that result from these attacks can be detrimental. Businesses are faced with the challenge of restoring systems and meeting customer expectations. Mitigating the risks associated with ransomware attacks is crucial for organizations to protect themselves and their stakeholders. Looking ahead, it is important for businesses to invest in robust cybersecurity measures and stay vigilant against evolving threats in order to safeguard their operations and maintain customer trust.
References
[1] https://www.infosecurity-magazine.com/news/ransomware-victims-record-november/
[2] https://www.msptoday.com/topics/msp-today/articles/458119-majority-consumers-sever-ties-with-hacked-brands.htm
[3] https://siliconangle.com/2023/12/22/rethinking-data-security-age-ransomware-ai-delldataprotection/
