Ransomware is Only Getting Worse in 2024

Since it was first documented in 1989, ransomware has only become far more severe, ruthless, and, most of all, prevalent. Let’s review some important statistics to remember if you are to understand ransomware and, even more importantly, avoid its impact on your business.

Triple Extortion Ups the Ante

It wasn’t all that long ago that double extortion ransomware—attacks that first demand a ransom for data restoration and then a bribe, of sorts, to keep the attacker from leaking this data—was first spotted (which, for the record, was only just in 2019).

Now, however, triple extortion ransomware is on the rise. In addition to demanding a ransom for the decryption key and one to prevent data from being leaked, triple extortion adds the threat of regulators being notified by the criminals directly so the affected business will pay to prevent word from spreading. It is important to acknowledge that L7 Solutions does not, has not, and never will endorse paying a ransomware demand. That said, it is easy to understand why doing so (especially when triple extortion is in play) is so tempting.

Despite this, you need to resist, ideally avoiding ransomware every time you can by educating your team about how it spreads and how to identify it.

Phishing and Ransomware Go Hand-in-Hand

Speaking of how ransomware spreads, one of the primary means that attackers use is phishing. By convincing a user to allow a threat past their defenses so that it can take root, ransomware can somewhat easily bypass the cybersecurity tools that businesses should have in place.

That means you and your whole team must be ready to spot phishing when it threatens your business. However…

Artificial Intelligence is Making Phishing Harder to Spot

Since it’s exploded into the relative mainstream, seemingly everyone has used AI to optimize their processes. Unfortunately, this includes those using phishing to their own nefarious ends.

Attackers are more capable than ever of crafting convincing scams using AI to their advantage. This makes it even more important that you and your team are ready to catch these threats as they appear.

Ransomware is Serious Business (Literally)

Nowadays, there are actual organizations built on and dedicated to cybercriminal activities. Some cybercriminals make their money using ransomware to extort it. In contrast, others craft ransomware and lease it out for others to use, providing a service in itself.

This makes ransomware more accessible than ever, so it’s more likely that your business will ultimately be targeted. Once again, you and your team all need to know the best practices for avoiding ransomware:

• Not clicking unknown links
• Not opening unexpected attachments
• Maintaining a proper backup isolated from the rest of your systems

Your Business Can’t Afford to Underestimate Ransomware

Speaking of backups, we must acknowledge one small victory: the number of ransomware victims who paid instead of restoring from a backup has nosedived over the years. Some stats show that payments shifted from 85% of victims paying in 2019 to just 27-29% paying in Q4 of 2023. This is great, as it suggests that people are more aware of ransomware and using backups appropriately.

We can help your business do the same. Contact us to find out how our services can put you in a better position to succeed, no matter the consequences. Call (954) 573-1300 today.