Ransomware will remain a major threat in 2023

Throughout 2022, businesses were plagued by various ransomware trends that caused significant disruptions to their operations. These included supply chain attacks, double extortion, and ransomware as a service. Unfortunately, these trends are expected to continue into 2023, posing significant threats to organizations of all sizes and industries.

The proliferation of ransomware attacks in 2022 caused significant disruptions to businesses and individuals worldwide, and this trend is expected to continue in 2023. Although ransomware has been a cybersecurity risk for some time, it gained greater attention in 2022, even at the highest levels of government. The impact of ransomware on critical services, such as healthcare, fuel supplies, and markets, has demonstrated the severity of this threat.

Moreover, the financial impact of ransomware attacks has become increasingly pronounced in recent years. Such attacks have targeted supply chains, causing widespread disruptions and significant financial losses. Governments and technology vendors have also recognized the gravity of this threat and are responding with greater urgency to mitigate its impact. Despite these efforts, ransomware attacks will likely persist and pose a significant cybersecurity risk to organizations and individuals.

The most common ransomware attacks

Over the past two years, ransomware has emerged as a major cybersecurity threat. Attackers have employed various techniques to maximize their impact and results, and these trends are likely to continue into 2023. One of the primary trends has been supply chain attacks, which can affect multiple victims simultaneously. The Kaseya attack of 2021 is a prime example of this tactic.

Double extortion has also become a popular approach. In addition to encrypting data and demanding a ransom, attackers also exfiltrate the data to a separate location, enabling them to use it for other purposes. Ransomware as a service (RaaS) has become increasingly prevalent, allowing attackers to use a platform to launch and manage their ransomware campaigns. Another ongoing trend is exploiting unpatched systems, particularly those with known vulnerabilities. Finally, phishing emails remain a common tactic for infecting organizations with ransomware.

How will ransomware attacks shape up in 2023?

As ransomware continues to evolve, industry experts have made predictions about the direction it may take in the future. Gartner predicts that nation-states will enact legislation regarding ransomware payments. In 2021, less than 1% of global governments had rules around ransomware, but that figure is expected to rise to 30% by 2025.

Trend Micro predicts that more data extortion will involve cloud-aware ransomware as organizations increasingly move critical data assets to the cloud. Sophos has detected a new approach inside ransomware known as intermittent encryption, which only encrypts parts of files to make them appear as corrupted data. This approach can bypass many current ransomware protection and detection methods and may become more prevalent.

How to protect against ransomware attacks?

While it may not be possible to eliminate the risk of a ransomware attack completely, there are steps that organizations and individuals can take to mitigate the threat. However, it's important to recognize that no single solution or strategy can guarantee complete protection against ransomware. Rather, a multilayered approach encompassing several tactics is necessary to improve overall IT security.

One effective strategy is to invest in comprehensive backup and recovery systems. This can help ensure that critical data is protected during an attack and can be quickly restored to minimize the impact of a ransomware incident. Additionally, implementing strong network security measures, such as firewalls, intrusion detection and prevention systems, and antivirus software can help prevent or limit the spread of ransomware throughout an organization's IT environment.

Education and awareness programs are also critical to any effective ransomware defense strategy. Employees should be trained to identify and avoid phishing scams, a common vector for ransomware attacks. Organizations should also regularly test their incident response plans to ensure they can respond quickly and effectively to ransomware attacks.

Finally, organizations should be more broadly updated with the latest ransomware and IT security developments. This includes monitoring new ransomware variants, understanding emerging attack tactics and techniques, and keeping systems and software up to date with the latest security patches and updates. By taking a comprehensive, multilayered approach to IT security, organizations and individuals can better defend against the threat of ransomware and other cybersecurity risks.