Ransomware continues to dominate the threat landscape, remaining one of the most prevalent cyber security threats to Small to Medium Sized Businesses (SMBs), large enterprises, and even Managed Service Providers (MSPs) who do not adequately invest in cyber security measures.
➜ What is Ransomware?
For cyber criminals, the beauty of ransomware stems from its simplicity, speed, and low-risk pay-off potential. It’s a quick route to causing significant business disruption and scoring a significant paycheck.
Ransomware, at its core, is a form of malicious software designed by cybercriminals to encrypt or lock the valuable digital files of a user or organization. Once the files are encrypted, the attackers demand a ransom for the decryption key.
This digital extortion leverages the critical need for access to the victim’s information, essentially holding the data hostage. The sophistication of ransomware tactics has evolved, making it a formidable challenge for entities without robust cyber security defenses.
Ransomware Statistics
According to data, a staggering sum of over $1 billion in ransomware payments were made worldwide in 2023 alone. Such eye-opening statistics highlight the urgent necessity for robust IT cyber security strategies, designed specifically to thwart ransomware attacks.
The Cyber Response Unit (CRU) has been closely observing this trend, pooling data from multiple sources throughout the year. This includes security incidents dealt with by the ConnectWise Security Operations Center (SOC) and incident response teams, open-source intelligence (OSINT) resources, and even data leak sites operated by the ransomware culprits themselves.
Based on the findings, the total number of ransomware sightings surged by an alarming 94% in 2023 when compared to the preceding year. The trajectory is clear – that this threat is a rapidly escalating issue that demands our attention.
➜ What Can We Do?
In light of such trends, it’s vital for both MSPs and SMBs to focus on bolstering their IT cyber security measures. The objective is to create layers of defense and mitigation specific to ransomware, transforming from a reactive to a more proactive stance.
By investing in IT cyber security and end-user security awareness training, companies can mitigate the havoc these attacks can have on business operations and ensure technological environments are well fortified against such threats.
To conclude, these threats are not a passing storm. The time to invest in strong IT cyber security and properly educate staff members has never been more critical. Let’s take steps towards an improved cyber security posture today:
