Delinea Research Reveals that Ransomware Is Back on the Rise As Cybercriminals’ Motivation Shifts to Data Exfiltration

PRESS RELEASE

SAN FRANCISCO, Jan. 30, 2024 /PRNewswire/ — Delinea, a leading provider of solutions that seamlessly extend Privileged Access Management (PAM), today published its annual “State of Ransomware” report which shows that ransomware attacks are increasing again and reveals a change in strategy among cybercriminals. The familiar tactics of crippling a company and holding it hostage have been replaced by new strategies that use stealth to exfiltrate private and sensitive data. Cybercriminals then frequently threaten to sell it to the highest bidder on the darknet or leverage it to reap a handsome cyber insurance payment.

Titled, “State of Ransomware 2024: Anticipating the Battle and Strengthening Your Defenses,” the report analyzed data from a Censuswide survey of over 300 US IT and Security decision-makers to identify significant changes compared to data from the previous year’s report and uncover new possible trends. First and foremost, ransomware is back on the rise. Although not back at the levels of 2021, the number of organizations claiming to have been a victim of ransomware in the past 12 months more than doubled since last year, from 25% to 53%. Mid-sized companies appeared to be in cybercriminals’ crosshairs the most, with 65% stating they’ve been a ransomware victim over the past 12 months. Organizations are also paying ransoms more frequently, up to 76% from 68% the prior year.

More striking, however, are the emerging trends in motivations, strategies, and tactics that the survey revealed. Data exfiltration registered a surge of 39% (reported by 64% of respondents, up from 46%) and became a preferred goal for the attackers, who are now gaining control of a company’s network to download sensitive data to sell on the darknet. This trend is also evidenced by the significant downturn of traditional money grabs as the main motivation (34%, down from 69% the year before).

“Ransomware certainly appears to have reached a critical sea change – it’s no longer just about the quick and easy payout,” said Rick Hanson, President at Delinea. “Even as organizations are investing more in safety nets like cyber insurance which often have ransomware payouts included in…