Ransomware Alert: Key 2024 Security Essentials!
This year started with a bang when the "Mother of All Breaches" (MOAB) ?exposed 26 billion records comprising 251M LinkedIn, 281M X/Twitter, and 153M Adobe user data - to name but a few.
This monumental data leak contains over 12 terabytes of sensitive data like names, email addresses, login credentials, and credit card data.
Thus, we are all at risk when the leaked MOAB data is sold to hackers armed with credible data to convincingly impersonate legitimate entities and launch devastating attacks.
Furthermore, according to current estimates, there will be a ransomware attack every 11 seconds, with a projected cost of $20 billion in 2024 that will impact businesses of all sizes and sectors. So, if you want to be adequately prepared – read on!
The Top Ransomware Attack Trends For 2024
While the following ransomware attack trends are not new, there's no doubt that these emerging trends will increase in frequency and severity?this year:
Ransomware as a Service (RaaS)?
Most cyberattacks are spearheaded via the dark web where hackers offer a range of ransomware tools and services to other criminals for a fee or a share of the profits.
Thus, it's not surprising that Ransomware as a Service (RaaS) business models are thriving as they lower the barrier of entry for aspiring cybercriminals and increase the supply and demand of ransomware attacks.
Double Extortion
Most companies will do anything to protect their intellectual capital or sensitive data, which may place their businesses at risk if exposed.
Thus, double extortion ransomware attacks where hackers encrypt data, exfiltrate it, and threaten to publish it online if a ransom is not paid is a growing trend because it adds more pressure on their victims and increases the chances of payment.
Slick Targeted Attacks?
Cybercriminals are extremely adept at researching their potential victims and tailoring their ransomware attacks accordingly - particularly because most people leave significant digital footprints that are easy to trace.?
Thus, they are adept at targeting specific individuals, sectors, or organisations with more valuable data who are more likely to pay hefty ransom demands.
Why You May Be at Risk for A Ransom Attack
Even though it's no surprise that network vulnerabilities, coupled with the "human error" factor are at the heart of most ransomware attacks. It's a stark reminder to focus on addressing the following core vulnerabilities that enable? most ransomware attacks:
Phishing Emails?
Cybersecurity and tech savvy users like yourself may know how essential it is to treat all emails with suspicion, verify the sender's identity, and avoid clicking links or opening attachments from dubious, unknown sources. However, organisations are only as strong as their "weakest link".?
So, it's essential to focus on continuous employee cybersecurity awareness training and conduct regular safety audits by distributing fake phishing test emails to verify that all employees can identify malicious emails.
Decrypted Data?
Encrypted data may be more secure at rest (stored on a device or server) and transferred over a network. But it's the most vulnerable when in use. Especially following a network breach when sensitive data is encrypted in exchange for ransom demands.?
Realistically, the only way to protect data during its entire lifecycle and from the moment it enters your network is to deploy a format-preserving tokenised protection solution , rendering it useless to cybercriminals.?
领英推荐
Weak Identity Access Management format-preserving tokenised data solution
Poor identity access management and stolen passwords pose a significant threat to most organisations.?
While passwords must be changed regularly. Zero-trust or password-less identity access management controls and multi-factor authentications are the most efficient ways to combat identity thefts, phishing emails, ransomware, and brute-force attacks.
Outdated Software
Legacy software that is not consistently updated may contain security flaws that hackers exploit. Therefore, install the latest patches and updates for your operating system, applications, and antivirus software and enable automatic updates whenever possible.
How SKG Combats Ransom Attacks
With the SecureKey Group , trusted by many blue chip organisations worldwide, you can rest assured that your data is immune to ransomware attacks with our reliable and comprehensive solution that safeguards data - from all angles.?
Our cutting-edge range of sophisticated cryptographic solutions and services protects the authenticity of digital identities and combats ransomware attacks as follows:
Advanced Identity Access Management Controls
The platforms we employ verify identities and credentials using biometric and advanced blockchain technologies without passwords or other insecure methods, foiling phishing and identity thefts by ensuring that only authorised users have access to sensitive information.
Unbreachable Point-to-Point Encryption (P2PE)
The payment card industry has traditionally relied on vulnerable end-to-end encryption methods to safeguard online transaction data. However, this outdated technology places businesses at significant risk for network breaches.?
Therefore, we offer a point-to-point encryption platform designed by the PCI Security Standards Council to safeguard payment card data and prevent costly ransomware attacks.
State-of-the-Art Encrypted Vaults
This cloud-based service platform stores sensitive data in an encrypted vault with stringent access management controls.?
Our impenetrable vault allows you to back up important files and documents and sync them across various devices whilst protecting data from unauthorised access, deletion, modification, and ransom demands.
Conclusion
Considering the potential ramifications of the recent “Mother of All Breaches” and an uptick in dark web “RaaS" business models. There will be an onslaught of targeted cyberattacks. So, get in touch to deploy our state-of-the-art cryptographic products and services - before it's too late!
#cybersecurity #cyberattacks #dataencryption #onlinepayments #securepayments #cyberprotection #cybercrime #randsomware #digitalsiganture #remotekeymanagement #securekeygroup
Frans Marx is the CEO of SecureKey Group and an experienced adviser to banks and large corporations on Cryptographic Data Protection.
Resources