The ransomware threat has been escalating over the past year, with an increase in both the quantity and quality of attacks by threat actors. Staying up to date with trends in the world of ransomware is essential for optimizing cyber defenses and staying ahead of hackers in 2024. Cyberattacks have been on the rise, especially during the Covid pandemic, as remote work has expanded the attack surface area of many networks. Successful attacks have become more severe, with the average ransom demand increasing sharply in 2023. Insurance companies are adding more exclusions in policies in response to the changing threat landscape, such as war exclusions due to the conflict in Ukraine.
One disturbing trend in 2023 was the increase in triple extortion attacks, where hackers threaten to leak sensitive data to extort more money, contact a victim’s clients, notify the media or regulators, or launch denial of service attacks. These attacks aim to put maximum pressure on victims to pay the ransom and have become more prevalent going into 2024. Law firms have been increasingly targeted by ransomware attacks due to their sensitive information and heavy consequences for data breaches. It is crucial for companies, especially those in certain sectors, to carefully read and understand their insurance policies to ensure they have the necessary coverage against ransomware attacks.
To protect against ransomware in 2024, companies need to prioritize the protection of client data, as data exfiltration has become a common tactic used by hackers in high-profile attacks. Balancing operational efficiency with security is key, and intelligent network architecture solutions can help achieve this balance. Conducting regular security audits to identify and secure sensitive data, limiting access to only those who need it, and providing extra security training to prevent phishing attacks are essential steps in enhancing cybersecurity defenses. As ransomware attacks continue to increase, having a strong data security record can be a competitive advantage and contribute to a healthy brand image in the future.