Ransomware Surges Puts Individuals, Industries and Institutions on High Alert

In 2024, businesses everywhere are being forced to face up to an unprecedented surge in ransomware offensives. Cybercriminals globally are employing ever more advanced techniques aimed at targeting, and exploiting, vulnerabilities in organizations across various sectors. 

Ransomware incidents were reported to have increased 50% year-on-year in 2023, and that trend seems only to have increased in 2024, affecting industries ranging from healthcare to financial services and everything in between. 

Even in recent weeks, credentials in Google Chrome were stolen by a Russian cybercriminal gang, the same one alleged to be responsible for the London hospitals hack earlier in the year.

The Evolution of Ransomware Tactics

Unlike earlier attacks that often relied on simple phishing schemes, today’s ransomware campaigns have become highly sophisticated. 

Hackers now routinely deploy multi-stage attacks, often infiltrating corporate networks through vulnerable software or employee accounts before encrypting critical data. 

In many cases, these attacks are quickly followed by extortion attempts as cybercriminals threaten to release sensitive information to the web if ransom demands are not met.

A key development in this space is the rise of double extortion — a tactic which adds complexity, power and leverage to the ransomware attack.

Typical — some might even call it “traditional” — ransomware attacks tended only to encrypt a victim’s data. Double extortion, on the other hand, is a form of breach in which attackers move sensitive data elsewhere in addition to encrypting it, a double salvo which gives the criminal additional leverage and often leading to ransom payments that are both more expensive to victims and, because of the downside of non-cooperation, more likely to be paid.

Critical Infrastructure at Risk

In the past, private sector organizations might have expected to be most vulnerable to being targeted, with old-school cyber criminals often agreeing to a tacit understanding that infrastructure of critical importance to nation states or major institutions — such as healthcare, energy grids or banks of systemic importance — would be avoided.

No longer, however. One concerning trend in cybersecurity has been the increased willingness by attackers to target such critical infrastructure, perhaps even as some forerunner to international cyber-warfare.

In February 2024, for example, major energy providers in Europe and the USA suffered a devastating ransomware attack which temporarily disrupted operations and raised alarms about the vulnerability of vital services.

Cybersecurity experts warn that ransomware groups are increasingly collaborating with nation-state actors to execute more complex attacks. These partnerships often give hackers access to tools and expertise that were previously only available to advanced persistent threat (APT) groups.

Government and Industry Response

In response to the growing ransomware threat, governments and private organizations are ramping up their cybersecurity efforts. 

The United States’ Cybersecurity and Infrastructure Security Agency (CISA) has issued multiple warnings about the rising threat of ransomware, advising businesses to adopt stronger security protocols, including multi-factor authentication (MFA), regular data backups, and comprehensive endpoint protection.

Zero-trust architecture, a security framework that assumes that every device or user trying to access a network is a potential threat. By implementing strict identity verification measures and limiting access to sensitive information, organizations can significantly reduce their vulnerability to ransomware attacks.

The Role of VPNs in Protecting Against Ransomware

As ransomware threats evolve, businesses and individuals alike are seeking stronger defenses to protect their data and networks. 

One key tool in this defense is the Virtual Private Network (VPN). VPNs help by encrypting internet traffic, making it harder for attackers to intercept sensitive information or exploit vulnerabilities during an attack.

Services such as Urban VPN, for example, promise free, fast, and anonymous browsing solutions, allowing users to protect their online activity without compromising speed or accessibility. 

While it’s true that VPNs might not be the answer to all threats — particularly those facing institutions or infrastructure of critical national importance — for individuals and businesses alike they do give an essential additional layer of protection.

What’s Ahead for the Cybersecurity Landscape?

As cyberattacks increase in frequency and sophistication, individuals, businesses, institutions and nation-states face a pressing need for robust cybersecurity solutions. 

What is certain is that the specifics and varying approaches of ransomware attacks will evolve again. Attackers will adopt even more advanced techniques, with new trends already developing in areas such as AI-enhanced malware.

Organizations must invest in advanced technologies and continue educating employees on the importance of cybersecurity best practices to have any chance of staying ahead of these threats.

This will likely include mandatory education and training on the use of more secure tools like VPNs to protect remote workers and contractors. Implementing thorough data encryption strategies would also likely minimize the damage caused by potential breaches.

The upshot for businesses, in the rest of 2024 and beyond, is that ransomware is much more than just a commercial concern. It has morphed with lightning speed into a global issue that affects everyone from individuals to entire industries, and institutions to governments. 

By adopting leading-edge security tools, staying informed about the latest threats and proactively strengthening their defenses, organizations can reduce their risk and mitigate the impact of future attacks.