Ransomware will cause $30 billion in damage to governments and businesses by 2023

Ransomware is expected to cause $30 billion in damage to organizations worldwide by 2023, remaining the top cyber threat to businesses as well as governments, a report has revealed.

Cyberattacks have contributed to a loss of more than $60 billion in decentralized finance (DeFi) currency since 2012, of which $44 billion has disappeared in the past 12 months, according to the report by cyber protection firm Acronis.

Ransomware underscores how excessive IT and infrastructure complexity leads to an increase in attacks.

According to the report, nearly half of all reported breaches in the first half of 2022 involved stolen credentials, which enable phishing and ransomware campaigns.

To extract credentials and other sensitive information, cybercriminals use phishing and malicious emails as their preferred infection vectors.

Nearly one percent of all emails contain malicious links or files, and more than a quarter (26.5%) of all emails were delivered to the user’s inbox (not blocked by Microsoft365).

“Organizations of all sizes need a holistic approach to cybersecurity that incorporates everything from anti-malware to email security and vulnerability assessment capabilities,” said Candid Wuest, vice-president. president of Cyber ​​Protection Research.

Ransomware gangs, like Conti and Lapsus$, inflict serious damage.

The Conti gang demanded a $10 million ransom from the Costa Rican government and released much of the 672 GB of stolen data.

Lapsus$ stole 1TB of data and leaked the credentials of over 70,000 Nvidia users. The same gang also stole 30 GB of source code from T-Mobile.

“Six hundred malicious email campaigns made their way across the internet in the first half of 2022 and 58% of emails were phishing attempts. 28% of those emails contained malware,” the report noted.

The business world is increasingly distributed, and in the second quarter, an average of 8.3% of endpoints attempted to access malicious URLs.

About Matthew Berkey

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