2024 Ransomware Trends

The cyber security criminals aren’t giving up, and they’re not just doubling down either. They are now tripling down. They even have virtual “ransomware supermarkets” for criminals to pop in and buy ransomware in a box with a set of instructions so even more criminals can lurk inside your network for weeks on end, planning their attack to maximise the havoc to your business. In this article, we look at some of the ransomware attack trends of 2024.

Current ransomware attack trends that will continue into 2024

In this section, we identify current ransomware attack trends that are expected to continue into 2024.

Supply chain attacks

Supply chain attacks do not just attack a single victim, they usually infiltrate an entire organisation compromising its suppliers or service providers. These attacks exploit the interconnected nature of modern supply chains, leveraging trusted relationships to gain unauthorised access to valuable data and systems. Once inside, attackers deploy ransomware, a type of malicious software that encrypts files or systems, rendering them inaccessible until a ransom is paid. Whilst this is not a new trend these types of ransomware attacks will likely continue. This is because the attackers will usually demand a large ransom because of the types of organisations they target, making it a very lucrative type of ransomware attack.

Triple extortion ransomware attacks

Triple extortion ransomware attacks operate on a three-pronged strategy, combining traditional encryption-based ransomware tactics with additional methods of extortion. The three elements typically include:

• Data encryption
• Data theft
• Reputational damage

In this type of attack, the attackers will seek to infiltrate the victim’s network to disrupt operations before stealing sensitive information and demanding huge ransoms knowing that the threat of public exposure could tarnish the reputation of the organisation.

Ransomware as a service (RaaS)

These days, ransomware attackers don’t even need to code their ransomware. RaaS is a pay-for-use malware that provides attackers the correct coding to launch and maintain a ransomware attack which now gives more individuals the opportunity to launch a ransomware attack.

Attacking unpatched systems

Ransomware attacks exploit vulnerabilities in computer systems to infiltrate networks and encrypt critical data, rendering it inaccessible until a ransom is paid. Software companies announce the vulnerabilities they have fixed including the background to what the problem is, and the criminals use that information to set up automated scans across the internet for vulnerabilities.

Phishing attacks continue and are even more sophisticated

Phishing ransomware attacks typically begin with a deceptive email or message designed to lure unsuspecting users into clicking on a malicious link or downloading an infected attachment. Once the victim interacts with the phishing content, an innocent-looking payload is deployed onto their system which can then download the ransomware and set it up without the user knowing anything about it.

After a period of planning, the criminals set the ransomware off encrypting critical files and locking users out of their data. In some cases, ransomware variants may also exfiltrate sensitive information before encryption, providing the criminals with additional leverage to coerce victims into paying a ransom. Whilst this is now a very well-known method of ransomware attack it is still one that is used regularly by attackers and there are no signs of phishing attacks ending.

Ransomware trends for 2024 and beyond

We are now going to explore some new ransomware trends that are expected to evolve into 2024 and beyond.

Attack methods that will evolve to exploit cloud and VPN infrastructure

It is to be expected that ransomware attacks on VPN infrastructure exploitation will become more sophisticated. This will present significant challenges for organisations that use VPNs for remote working and secure communications. The likely attack methods will be on outdated software with security vulnerabilities, weak passwords and multi-factor authentication.

Generative AI could become a huge issue

It is predicted that 2024 will be a huge year for the implementation of AI to help organisations operate more efficiently. However, the rise of generative AI could make it easier for attackers to create more advanced phishing campaigns more efficiently, which means they will be able to target more individuals and organisations with their attacks.

How to mitigate against ransomware attacks?

1.       Employee education and awareness

One of the most critical components of ransomware mitigation is educating employees about the risks of cyber threats, including phishing scams and social engineering tactics commonly used by ransomware operators. Regular training sessions and awareness programs can help employees recognise suspicious emails, links, and attachments, empowering them to take proactive measures to prevent ransomware infections.

2.       Implement robust email security measures

Since many ransomware attacks originate from phishing emails, organisations should deploy robust email security solutions to detect and block malicious messages before they reach end-users inboxes. Advanced threat detection mechanisms, such as machine learning algorithms and sender authentication protocols, can help identify and neutralise phishing attempts in real time, reducing the likelihood of successful ransomware infections.

3.       Regular Software Patching and Updates

Keeping software and operating systems up to date with the latest security patches and updates is essential for mitigating the risk of ransomware attacks. Vulnerabilities in software applications are often exploited by threat actors to gain unauthorised access to systems, making timely patching updates a critical defense mechanism against ransomware exploits. Organisations should establish robust patch management processes to identify, prioritise, and apply security updates promptly.

4.       Implement Access Controls and Privilege Principles

Limiting access to sensitive data and systems through access controls and privilege principles can help prevent unauthorised users from modifying or encrypting critical files in the event of a ransomware attack. By restricting access to only those individuals who require it to perform their job functions, organisations can reduce the attack surface and mitigate the potential impact of ransomware infections.

5.       Backup and Disaster Recovery Planning

Implementing robust data backup and disaster recovery mechanisms is essential for mitigating the impact of ransomware attacks. Organisations should regularly back up critical data to offline or cloud-based storage repositories and test their backup restoration procedures to ensure data integrity and availability in the event of an attack. A comprehensive disaster recovery plan should outline the steps to be taken to restore operations and minimise downtime following a ransomware incident.

6.       Network Segmentation and Intrusion Detection

Segmenting networks and implementing intrusion detection systems can help contain the spread of ransomware within an organisation’s infrastructure and detect anomalous behaviour indicative of a ransomware attack. By isolating critical systems and monitoring network traffic for signs of malicious activity, organisations can identify and respond to ransomware threats more effectively, minimising the impact on their operations.

Cyber insurance

Even if you’ve protected your business to the highest level your budget will allow, that protection can still be breached. The mindset has to be one of planning both to prevent the criminals from accessing your network and planning for what happens if they do. Cyber insurance coverage needs to be checked annually to make sure you have the right type and level of coverage so that if your data is exposed your business is protected. As an example, if customer records are exposed, buying identity theft insurance can be very expensive.

Conclusion

To conclude, the ransomware criminals aren’t giving up and A.I will only help criminals to work smarter and faster and make phishing attacks more plausible. It doesn’t take much imagination to see how criminals could use A.I to take the voice from a YouTube video of your CEO and use that in a social engineering phone call to one of your employees so, if you haven’t done it recently, now is the time to review your protection and recovery against ransomware.

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