Hackers' earnings from ransomware attacks unveiled
In a concerning turn of events, a global ransomware attack has disrupted the IT infrastructure of hundreds of companies, causing widespread chaos and financial losses. The year 2020 marked a record year for ransomware attacks in terms of the amount of cryptocurrency paid, with more than $403 million worth of digital currency transferred to ransomware addresses, according to reports from Chainalysis and Spiegel Online.
The trend of ransomware attacks has been on the rise since 2013, as illustrated in a graph provided by the Chainalysis platform. The graph shows a steady increase in the amount of cryptocurrency paid to ransomware addresses, with a significant spike in 2020.
One of the most notable shifts in targets and trends in 2021 was the focus on critical infrastructure, high-profile companies, and government entities. The REvil ransomware group was responsible for about 37% of ransomware attacks in 2021. High-profile attacks hit critical infrastructure, such as the Colonial Pipeline in May 2021, which disrupted oil supply in the eastern U.S. The meat processing company JBS USA was also targeted in June 2021, suffering operational disruptions and reportedly paying $11 million in ransom.
Public sector and government entities became major targets, with attacks like those on the Costa Rican government in 2022 being severe enough to declare a national emergency. Financial sector firms were also targeted, with ransomware attacks on companies such as ION Cleared Derivatives causing operational outages.
Attacks have grown more destructive, with the average cost of a ransomware event rising to about $1.85 million by 2024-25. The frequency of attacks rose dramatically; projections estimate attacks could happen every 2 seconds by 2031. Criminal groups demanded larger ransoms, with average demands reaching over $1 million, and recovery costs often exceeding $2.7 million. Attackers increasingly targeted backups to prevent victims from restoring data without paying.
Ransomware accounted for roughly 10% of all data breaches in recent years. Some ransomware payouts surpassed $1 billion globally in 2023, showing an upward trend from previous years. Downtime and operational disruptions have been the primary reasons organisations pay ransoms, as recovery costs and business impact can be severe.
Swedish supermarket chain Coop is among the companies affected by the ransomware attack. The email requiring clicking a button for subscription activation may be found in the recipient's inbox. It is suggested to check the spam folder if the email is not received.
As ransomware attacks continue to evolve and increase in frequency, sophistication, and financial impact, it is crucial for individuals and organisations to remain vigilant and take necessary precautions to protect their digital assets.
Investing in robust cybersecurity technology is crucial for organizations in light of the rise in ransomware attacks, especially since the financial sector has become a primary target. The disruptions and recovery costs due to ransomware events can be severe, with the average cost projected to reach about $1.85 million by 2024-25.
