- Ransomware and business email compromise (BEC) attacks are increasingly targeting businesses.
- Tech firms are primary targets due to their extensive digital assets and critical infrastructure.
- Poor MFA and misconfigured systems are major contributors to successful attacks.
Businesses are facing an unprecedented surge in ransomware and business email compromise (BEC) attacks, according to a recent report from Cisco Talos Incident Response (Talos IR). This surge highlights the growing threat of cyberattacks and the urgent need for improved security measures.
Increase in Ransomware and BEC Attacks
The Talos IR report reveals that ransomware and BEC incidents accounted for nearly 60% of their engagements in the past quarter.
While there was a slight decrease in BEC engagements compared to the previous quarter, the threat remains significant, marking the second consecutive quarter of high activity.
Ransomware incidents, on the other hand, saw a notable increase, accounting for almost a third of all engagements, a 22% rise from the previous quarter.
Emerging Ransomware Threats
Researchers observed new ransomware families, including Mallox and the Underground Team, indicating a growing number of threat actors.
Established ransomware operations such as Black Basta and BlackSuit continue to cause significant damage. These developments suggest that cybercriminals continuously evolve their tactics to exploit business vulnerabilities.
Technology Firms in the Crosshairs
Tech firms are the primary targets of these attacks due to their extensive digital assets and critical infrastructure.
These organizations have a low tolerance for downtime, making them more likely to pay ransom demands to resume operations swiftly. Additionally, tech firms are often entry points to other industries, further increasing their attractiveness to cyber criminals.
In the last three months, 24% of Talos IR’s engagements involved tech firms, followed closely by healthcare, pharmaceutical, and retail sectors. Attacks on tech firms have risen by 30% quarter-on-quarter.
Causes of Vulnerability
A staggering 80% of ransomware victims were compromised due to inadequate Multi-Factor Authentication (MFA) implementations on critical systems, including Virtual Private Networks (VPNs).
The remaining victims were targeted due to vulnerable or misconfigured systems. Talos IR reported a 46% increase in such security weaknesses from the previous quarter, underscoring the need for robust security protocols.
Importance of Strong Security Measures
The report highlights the critical importance of proper MFA implementations and securing system configurations to mitigate the risk of ransomware and BEC attacks. Businesses must prioritize these measures to protect their digital assets and maintain operational continuity.
The surge in ransomware and BEC attacks serves as a stark reminder of the evolving cyber threat landscape. Tech firms, in particular, must enhance their security protocols to defend against these sophisticated attacks.
Implementing strong MFA and ensuring systems are properly configured are crucial steps in safeguarding against cyber threats.
