Ransomware is going to be the top-notch cyberthreat in 2023

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#AbhishekKumar, CEO & Founder, #Cybereconn

Ransomware is going to be the top-notch cyberthreat in 2023.

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    India is witnessing exponential growth in the adoption of digital technology across sectors and institutions, enabling a large number of people to avail themselves not only of services and conveniences but also governance solutions. The rise of digital has also been accompanied by growing need for cyberthreat intelligence and protection, to proactively minimize risks and ward off cyberattacks. Threat intelligence is about identifying and analyzing cyberthreats targeting a business. IT specialists use sophisticated tools to read threats and analyse them, applying historical knowledge to identify a real threat apart from one that is not, and then applying a solution to mitigate it. The better and more comprehensive the tool, the more robust is threat intelligence. While enterprises and institutions are waking up to the actual scale of dangers posed by weak cybersecurity systems targeting not only finances but also user data, Kaspersky, a global cybersecurity company, has urged players to take speedy steps to strengthen their cybersecurity systems as the only way to protect not only their funds and data but also their reputation and the consumer’s trust in their ability to service them.



    Secondly, it is now official that, the online gaming software simulated a number of cyberthreat incidents, for which were highlighted a range of solutions. As a result, participants were reminded of the various kinds of vulnerabilities that exist in the digital world and the counter-measures required for it. While large businesses have woken up to cyberthreats, a lot more awareness is needed. Media’s role in making medium- and small-sized businesses and institutions aware of these risks and urging them to take steps in the right direction is seen as crucial. On the other hand, large businesses too need to keep investing in latest cybersecurity solutions to ensu

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    #Ransomware is now one of the most potentially damaging — and prevalent — types of malware. With this lucrative crime, hackers break into a firm’s computer system, encrypting the data, which they will only release for a fee. A Sophos report revealed that the majority (83%) of IT teams in India said the number of phishing emails targeting their employees increased during 2020. Even government agencies are not spared. In February 2021, a number of senior Indian government officials, including those from the ministries of defence and external affairs, were targeted in a phishing campaign. According to the government officials, the attackers were using compromised government domain email accounts to launch their hacking attempts. Back in July 2020, a major Indian snacks manufacturer, Haldiram, faced a ransomware attack on its servers by hackers who allegedly encrypted all its files, data, applications and systems and demanded a ransom of 7 hundred thousand USD for giving access to the stolen data. Cybercriminals have now resorted to stealing information during an attack and threaten to publish this information on leak sites on the dark web or sell it, increasing the pressure for victims to pay the ransom.

    In February 2021, India’s national airline, Air India, reported a cyberattack on their SITA passenger service systems containing personal identity information, passport data, ticket information, frequent flyer data and credit card information of about 4.5 million customers around the world. Cybersecurity Ventures predicts that ransomware damage costs will exceed $265 billion by 2031, with attacks on businesses, consumers, or devices occurring every two seconds. Whether the prediction is right or wrong, the message stays the same. Businesses need to plan, implement effective data protection and ransomware prevention solutions, and back up their data. Whil

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    #Ransomware groups are using their best of breed tactics to go for newer attacks, as the involvement of law enforcement in these incidents forced many to exit the playing field. A report from ESET says in its threat report, intensifying brute-force attacks, and deceptive phishing campaigns targeting people working from home who have gotten used to performing many administrative tasks remotely. Ransomware, showing three major detection spikes during the second quarter, saw the highest ransom demands to date. The attack collapsed the operations of a colonial pipeline - the largest US pipeline company - and the supply-chain attack leveraging a vulnerability in the Kaseya VSA IT management software, sent shockwaves far beyond the cybersecurity industry. The offender of the Kaseya attack had asked for $70 million - the highest known ransom demand so far. Ransomware gangs may have overdone it this time: the involvement of law enforcement in these high-impact incidents forced several gangs to leave the field. The same can’t be said for TrickBot, which appears to have bounced back from last year’s disruption efforts.

    ESET detected 55 million new brute-force attacks (+ 104% compared to T1 2021 ) against public-facing remote desktop protocol services during May and August 2021. ESET telemetry also witnessed an impressive increase in the average number of daily attacks per unique client, which doubled from 1,392 attempts per machine per day in T1 2021 to 2,756 in T2 2021. The Threat Report includes the findings of the highly targeted DevilsTongue spyware, which is used to spy on human rights defenders, dissidents, journalists, activists, and politicians; and a new spear-phishing campaign by the Dukes APT group, which remains a prime threat to Western diplomats, NGOs, and think tanks.

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