“Record-breaking year for global ransomware incidents- report | Insurance Business America”

Record-breaking Year for Global Ransomware Incidents – Report

In a shocking revelation, a report by Corvus Insurance (Corvus), a leading cyber underwriter, has stated that ransomware activity in 2023 exceeded the total number recorded in 2022 by a staggering 68%. This surge in attacks has left experts alarmed and concerned about the state of cybersecurity worldwide.

Corvus’ Q4 2023 Ransomware Report highlights the unprecedented pace at which ransomware attacks occurred throughout the year. The report indicates that these attacks witnessed a steady increase in the first three quarters of 2023, with only a slight decline in the final quarter. This alarming trend underscores the urgent need for improved cybersecurity measures.

Despite the grim situation, there is a glimmer of hope. The report also highlights the significant impact law enforcement had on these ransomware groups, particularly in the last quarter of 2023. International law enforcement efforts resulted in the takedown of one of the most notorious ransomware gangs, ALPHV/BlackCat. This operation dealt a severe blow to their operations and disrupted their malicious activities.

Additionally, the report reveals that Qakbot, a highly pervasive malware, was successfully eliminated. Qakbot was responsible for gaining unauthorized access to victim networks and was the most commonly observed malware family spread through email in the third quarter of 2023. Its removal significantly contributed to the decline in ransomware attacks in the final quarter.

Despite these positive developments, cybersecurity experts warn against complacency. Threat actors are resilient and quick to adapt to new forms of malware. The report indicates that the number of active ransomware groups increased by 34% between the first and last quarter of 2023. This surge can be attributed to well-known groups making their proprietary encryptors available on the dark web.

The report concludes with a call for enhanced security controls and cyber insurance policies to minimize the risk of future attacks. Threat actors remain determined and continue to evolve their tactics, making it crucial for businesses to remain vigilant in their cybersecurity efforts.

The record-breaking year for global ransomware incidents serves as a stark reminder of the pressing need for improved cybersecurity measures worldwide. With the increasing sophistication of threat actors, it is imperative for organizations and individuals to stay ahead of the curve to safeguard their digital assets..

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