Keeping up with requirements has caused financial organizations to rapidly overhaul their IT infrastructure. Because of this rapid digitalization, organizations are consuming many different security solutions creating a bespoke environment that inadvertently exposes them to cyber threats.
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Cybercrime reports flowing out of marketing departments still highlight the danger of ransomware. However, a closer look at the numbers reveals a much different story and poses the question: Have we reached peak ransomware?
Last year, ransomware attacks hit all-time highs with paid ransoms exceeding $1.1 billion and attacks exceeding 5000, according to FBI and Interpol reports. However, looking at midyear reports from Cyberint, SonicWall and Check Point and a dozen others, attacks and ransoms paid have crashed. Still, the crime is not to be discounted, and industry recommendations are to double down on efforts to combat the “scourge”.
There are three reasons why the ransomware industry is hitting a wall.
Law enforcement agencies, working In cooperation, have found the means to identify and shutdown ransomware gang operations around the world.
Potential victims have learned hard lessons regarding the gangs’ willingness and ability to decrypt data, and becoming repeat targets. They are deciding in greater numbers to ignore ransom demands, cutting into revenue streams.
The “honor among thieves” philosophy does not relate to these criminals. Ransomware service providers are stiffing their affiliates, causing a fracturing of the criminal industry into multiple, independent gangs.
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Remote working is here to stay. Security policies may be in place outlining acceptable use and connectivity requirements but it’s essentially down to the worker to abide by them and not to seek to circumvent controls. However, recent research suggests that trust is being sorely tested.
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Ransomware vulnerability is typically exacerbated by immature security programs, leaving organizations susceptible to a variety of infiltration tactics. Additionally, a lack of security culture within companies increases susceptibility to ransomware attacks.
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Small businesses face a myriad of cybersecurity threats, with ransomware and malware being the most prevalent. The consequences of such breaches can be profound and multifaceted, affecting various aspects of the business.
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The Crowdstrike failure dominated the news this week and the debate is whether it is Crowdstrike’s or Miicrosoft’s fault.…… Freemore...
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NIS2 is an EU framework designed to provide “legal measures to boost the overall level of cybersecurity in the EU.” More specifically, it focuses on cybersecurity preparedness, crisis management and cooperation across member states as part of a harmonised “culture of security”.
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Today’s organisations are all too aware of the potential financial, operational, and reputational costs posed by cybersecurity threats and the importance of fortifying defences and boosting their cyber resilience capabilities. And with good reason
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In order to understand the ever-changing regulatory landscape, we spoke to eight cybersecurity experts about the latest developments and how businesses should navigate their way through.
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