RANSOMWAREInternational Ransomware Gangs Are Evolving Their Techniques. The Next Generation of Hackers Will Target Weaknesses in Cryptocurrencies
In reality, not a week goes by without attacks affecting governments, schools, hospitals, businesses and charities, all over the world. These attacks have significant financial and societal costs. Ransomware is now widely acknowledged as a major threat and challenge to modern society, and there is every expectation that criminals will continue to adapt their strategies and cause widespread damage for many years to come.
In May 2023, the Dallas City Government was hugely disrupted by a ransomware attack. Ransomware attacks are so-called because the hackers behind them encrypt vital data and demand a ransom in order to get the information decrypted.
The attack in Dallas put a halt to hearings, trials and jury duty, and the eventual closure of the Dallas Municipal Court Building. It also had an indirect effect on wider police activities, with stretched resources affecting the ability to deliver, for example, summer youth programs. The criminals threatened to publish sensitive data, including personal information, court cases, prisoner identities and government documents.
One might imagine an attack on a city government and police force causing widespread and lengthy disruption would be headline news. But ransomware attacks are now so common and routine that most pass with barely a ripple of attention. One notable exception happened in May and June 2023 when hackers exploited a vulnerability in the Moveit file transfer app which led to data theft from hundreds of organizations around the world. That attack grabbed headlines, perhaps because of the high profile victims, reported to include British Airways, the BBC and the chemist chain Boots.
According to one recent survey, ransomware payments have nearly doubled to US$1.5 million (£1.2 million) over the past year, with the highest-earning organizations the most likely to pay attackers. Sophos, a British cybersecurity firm, found that the average ransomware payment rose from US$812,000 the previous year. The average payment by UK organizations in 2023 was even higher than the global average, at US$2.1 million.
Meanwhile, in 2022 The National Cyber Security Centre(NCSC) issued new guidance urging organizations to bolster their defenses amid fears of more state-sponsored cyber attacks linked to the conflict in Ukraine. It follows a series of cyber attacks in Ukraine which are suspected to have involved Russia, which Moscow denies.
In reality, not a week goes by without attacks affecting governments, schools, hospitals, businesses and charities, all over the world. These attacks have significant financial and societal costs. They can affect small businesses, as well as huge corporations, and can be particularly devastating for those involved.
Ransomware is now widely acknowledged as a major threat and challenge to modern society.
