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Ransomware assaults are being driven by manual methods, according to CrowdStrike's assertion

Ransomware payments are anticipated to reach record highs in 2024, according to Chainalysis' findings, with cybercriminals targeting the technology sector for their attacks.

,   and  Administrator
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Ransomware attacks are being driven by hand methods, according to CrowdStrike's assertion
Ransomware attacks are being driven by hand methods, according to CrowdStrike's assertion

Ransomware assaults are being driven by manual methods, according to CrowdStrike's assertion

Over the past year, the technology sector has witnessed a significant increase in ransomware attacks and interactive intrusions, with rising attack frequency, ransom demands, and more sophisticated tactics. This trend has profoundly impacted the roles of Chief Information Security Officers (CISOs), expanding their responsibilities and strategic focus.

  • Rising Frequency and Sophistication of Ransomware: In 2024, there were over 5,200 large ransomware attacks globally, with ransom demands averaging around $5.2 million per incident1. Ransomware attacks increased 13% over the past five years, with organizations experiencing multiple daily attacks worldwide2. Attacks are becoming more complex with AI-enabled deepfakes enhancing phishing and social engineering techniques2.
  • Broader Attack Vectors and Targets: The technology sector remains a prime target due to high-value data and critical infrastructure. Attack vectors notably include phishing campaigns, RDP vulnerabilities, and software weaknesses, with Windows platforms involved in 93% of ransomware infections2. There is increased exploitation of managed service providers (MSPs), enabling attackers to compromise multiple clients simultaneously5.
  • Consequences in Downtime and Costs: Cyberattacks now cause lengthy operational disruptions, with U.S. companies averaging 21 to 24 days of ransomware-induced downtime3. The average cost of recovery rose to approximately $2.73 million in 2024, a 500% increase from 2023, encompassing lost revenue and remediation expenses3.
  • Cybercrime Economic Impact: Global cybercrime damages are projected at $9.5 trillion in 2024 and expected to reach over $10 trillion by 2025, with ransomware a major contributor1. Ransomware damages alone could escalate to $265 billion annually by 20314.

Impact on CISOs’ Roles

  • Expanded Strategic Responsibility: CISOs now must manage a broader threat landscape with a focus on proactive risk management, including zero-trust models and supply chain security5. They coordinate across business units and with third-party vendors, especially MSPs, to mitigate complex multi-victim attacks5.
  • Increased Focus on Incident Response and Recovery: With long downtimes and high costs, CISOs lead incident response planning and business continuity strategies, balancing the decision to pay ransoms versus recovery efforts3.
  • Emphasis on Emerging Technologies and Threat Intelligence: Given the rise in sophisticated attack methods leveraging AI and zero-day vulnerabilities, CISOs prioritize integrating advanced detection capabilities and real-time threat intelligence1.
  • Stakeholder Communication and Compliance: The growing financial impact and regulatory scrutiny require CISOs to engage more actively with executive leadership, boards, insurers, and regulators, emphasizing cybersecurity as a core business risk factor5.

Notable Attacks

  • Ransomware payments were up 2% from the first half of last year, setting 2024 up to be "the highest-grossing year yet for ransomware payments."6 Victim organizations paid a collective $460 million in extortion demands to ransomware groups in the first half of 2024.7
  • More than 100 Snowflake customers were compromised in a wave of attacks in April, resulting in widespread data theft, exposure, and extortion.8
  • The technology sector was the most frequently targeted industry for the seventh consecutive year, according to CrowdStrike's research.9
  • Hands-on-keyboard attacks saw a 75% increase in the healthcare sector and a 60% increase in the technology industry, as per CrowdStrike's report.9

The past year has seen a surge in ransomware and interactive intrusions in the technology sector, compelling CISOs to adopt more strategic, cross-functional roles focusing on resilience, advanced threat mitigation, and stakeholder communication amid escalating cyber risks135.

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