Why it issues: There have been a number of incidents of authorities shutting down main ransomware operations this yr, together with the seizing and disruption of LockBit. As such, you would be forgiven for considering that ransomware is declining, however it’s not. In response to an skilled, 2024 is ready to be one other record-breaking yr for such a malware, with victims handing over more cash than ever earlier than.
Allan Liska, a menace intelligence analyst at cybersecurity agency Recorded Future, spoke to TechCrunch in regards to the miserable state of ransomware in 2024.
“The curve goes to flatten somewhat bit, which I assume is sweet information. However a record-breaking yr continues to be a record-breaking yr,” Liska informed the publication. “We have additionally this yr, for the primary time that I am conscious of, had 4 eight-figure ransoms paid.”
In February, UnitedHealth-owned well being tech firm Change Healthcare suffered a safety incident that was later confirmed to be the work of an affiliate of Russian ransomware gang ALPHV, aka BlackCat, which stole the medical knowledge of a minimum of 100 million Individuals. UnitedHealth paid the gang $22 million, one of many eight-figure ransoms Liska talked about.
Ransomware assaults are normally related to gangs encrypting a goal’s techniques, stopping entry till cash for a decryption secret’s paid. Nonetheless, Liska says there’s been an increase in data-theft-only assaults this yr, up 30% in 2024.
“Plenty of the newer menace actors simply do not wish to take care of encryption, decryption, or something like that,” he stated.
In February, regulation enforcement businesses from 12 nations got here collectively in a joint operation that noticed the LockBit ransomware web site taken down (beneath), the seizure of servers crucial for the group’s infrastructure, and the arrest of a number of gang members, together with one whereas he was vacationing exterior of Russia. Ransomware gang Radar (aka Dispossessor) additionally had its servers seized by the FBI.
Regardless of these victories, Secureworks revealed this week that there was a 30% year-over-year rise in lively ransomware teams this yr, with 31 new teams showing.
Legislation enforcement businesses normally advise victims to not pay ransomware gangs as there isn’t any assure they may hand over/decrypt the info, however it nonetheless occurs. White Home cyber boss Anne Neuberger recommended a method to cease this was to ban insurance coverage firm insurance policies that cowl reimbursement of ransomware funds.
Liska beforehand said that banning funds wasn’t the reply, however with eight-figure ransom funds incentivizing extra assaults, he now believes it might be mandatory. “My reply is: ban ransom funds, which is a horrible resolution, however it might be the least-bad resolution that we now have,” he stated.
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