Businesses must keep on top of the ransomware threat


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Ransomware has been the big cybersecurity issue of 2021 and the risks stemming from these malicious codes looks set to continue into 2022 (and potentially beyond).

According to Mihir Shah, CEO, StorCentric, cybercriminals and ransomware are evolving on from hitting only single organizations or individuals, as he tells Digital Journal. This means extending the reach of cybercriminals utilizing ransomware to attacking Managed Service Providers (MSPs).

The risk here is that hackers could target multiple organizations with one fell swoop (such as Kaseya ransomware attack perpetrated by the REvil group). The attack upon business software company Kaseya by REvil occurred in July 2021.

In June, the U.S. FBI said REvil was behind the massive cyberattack that shut down the operations of JBS the world’s biggest meat supplier.

REvil (Ransomware Evil or Sodinokibi) is a Russia-based or Russian-speaking private ransomware-as-a-service (RaaS) operation. The group continually evolves to thwart attempts to close it down by national and supranational authorities.

In 2021, many enterprises recognized the need to protect themselves against a ransomware-related class action lawsuit: and began preparations for a worst-case scenario. Enterprises also increased their focus on data protection, particularly personally indefinable information, as well as their ability to demonstrate that every possible precaution was taken to prevent and recover from an attack

However, 2022 is set to be equally challenging. There were 640 million attempted ransomware attacks as of the end of September 2021, and the end-of-2021 total forecast to approach 890 million attempts. For 2022, the predictions are far higher, probably topping one billion attacks.

The industry insider also notes that cyber insurance became increasingly critical: and it was not just for large enterprises anymore. Small and medium sized enterprises invested, many for the very first time. Yet, confusion and frustration over what it does and does not cover continues.

This means the insurance sector will undergone further reform and change as the new year unfolds.

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