The Number of Ransomware Attacks Around the World Increased by 73% in 2023

The number of ransomware attacks around the world increased by 73% in 2023, according to a new report by the Institute for Security and Technology’s Ransomware Task Force (RTF). These attacks opportunistically target organizations across all industries, but the hardest-hit sectors over the past two years have been construction, hospitals and health care, government, IT services and consulting, and financial services.

“The data shows a year-over-year increase in incidents in a majority of sectors compared to 2022, which is in line with the overall increased ransomware activity observed throughout the year,” the RTF says. “Like last year, our data indicates that the construction and hospitals and healthcare sectors continue to be the top two sectors with the most incidents worldwide.”

The RTF also observed a surge in ransomware groups using big-game hunting tactics. These attacks are targeted, sophisticated operations designed to cause maximum damage to high-value targets in order to extract a large ransom.

“As we enter the final three months of 2024, we anticipate an increase in ‘big game hunting’ tactics by ransomware groups–most notably CL0P—as cyber criminals adapt and create new ways to further extort ransomware victims,” the researchers write.

Phishing remains a top initial access vector for ransomware actors. The RTF points to the 8Base gang, which uses phishing attacks to gain access to their victims’ networks.

“[M]any ransomware groups still rely on traditional, relatively unsophisticated means such as phishing to execute an attack,” the researchers write.

“8Base is a good example of the profitability of such a model. 8Base, who portray themselves as ‘simple penetration testers’ to trick victims into paying their ransom demand, emerged in March 2022. The group typically relies on phishing attacks to compromise systems, delivering a ransom note that pretends to offer help to their victims. In May 2023, 8Base moved to a double-extortion ransomware model and created their own data leak site.”

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The Institute for Security and Technology has the story.