Ransomware’s Rise

Summary

The 2024 State of Ransomware Report from BlackFog reveals a record-breaking year for ransomware attacks, with LockBit and RansomHub leading the charge. Data exfiltration reached an all-time high, impacting various sectors, especially manufacturing, services, and technology. The surge in new ransomware groups and variants underscores the need for enhanced cybersecurity measures.

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** Main Story**

Ransomware Reaches Record Highs in 2024

BlackFog’s 2024 State of Ransomware Report paints a grim picture of the cybersecurity landscape. The report reveals a record-breaking surge in ransomware attacks throughout 2024, with disclosed attacks increasing by 25% and undisclosed attacks rising by 26% compared to 2023. This alarming trend emphasizes the growing threat ransomware poses to organizations worldwide, prompting calls for stronger cybersecurity defenses.

LockBit and RansomHub Dominate, Newcomers Emerge

LockBit, a notorious ransomware group, retained its position as the most active variant in 2024, impacting 603 victims. May witnessed the highest activity from LockBit, accounting for 36% of all attacks that month, likely fueled by news of the gang’s supposed disbandment after its leader’s identity was revealed. RansomHub, emerging in February 2024, quickly gained notoriety, becoming the second most active group with 586 victims. RansomHub targeted various sectors, including government entities and manufacturing, affecting organizations ranging from small and medium-sized enterprises (SMEs) to large corporations. Medusa and Play also played significant roles, ranking third in disclosed and undisclosed incidents, respectively. Medusa’s attacks demanded ransoms exceeding $40 million, while Play largely operated in the shadows, contributing significantly to the overall ransomware tally.

Data Exfiltration Soars to Unprecedented Levels

Data exfiltration reached an all-time high in 2024, accounting for a staggering 94% of all attacks. This tactic, often combined with data encryption, involves stealing sensitive information, such as personally identifiable information (PII) and intellectual property, and threatening to publish or sell it if ransoms aren’t paid. The average amount of data stolen in an undisclosed attack reached 592 GB, highlighting the severity of the data breach threat. This alarming rise in data exfiltration emphasizes the need for robust data protection and anti-data exfiltration measures.

New Ransomware Groups Proliferate

A dramatic increase in new ransomware variants further complicated the cybersecurity landscape. 2024 saw the emergence of 48 new ransomware groups, marking a 65% increase compared to 2023. These new variants, responsible for 32% of all undisclosed attacks, demonstrate the evolving nature of ransomware and the continuous need for organizations to adapt their security measures. Notably, in November and December, these newly formed groups accounted for over half of all attacks.

Industry Impact and Calls for Enhanced Cybersecurity

The healthcare, government, and education sectors were the most targeted in disclosed attacks, accounting for 47% of reported incidents. Manufacturing (17.6%), services (12.2%), and technology (9.7%) led the list for undisclosed attacks. These figures demonstrate the widespread reach of ransomware and the need for robust cybersecurity measures across all industries. BlackFog CEO Darren Williams stressed the growing financial and reputational damage caused by these attacks, with high-value sectors facing increased pressure to pay ransoms. He emphasized the growing complexity of defending against ransomware, urging organizations to adopt proactive and preventative strategies to mitigate the threat of both ransomware and data exfiltration.

The Rise of AI and Its Implications

The increased availability of AI technologies has lowered the barrier to entry for aspiring cybercriminals, enabling even inexperienced individuals to conduct sophisticated ransomware attacks. This trend, highlighted by the surge in new ransomware groups, underscores the need for advanced security solutions that can effectively counter AI-powered attacks. As the ransomware landscape continues to evolve, organizations must prioritize cybersecurity and invest in robust preventive measures to protect their data and operations from this ever-growing threat.