The ransomware threat is expected to grow in 2024, according to a survey report by Delinea based on responses from more than 300 US IT and security decision-makers. The report compares results from 2023 with the previous year, revealing a concerning escalation in various aspects of ransomware attacks.
Notably, criminals are now more focused on data extraction rather than encryption payloads, indicating a shift in their tactics. Despite the subjectivity inherent in survey analysis, the report suggests that the ransomware threat is evolving, with 2023 experiencing over twice the number of victims compared to 2022.
The success of ransomware as a criminal business plan is highlighted by an increase in the number of victims paying the ransom, rising from 68% to 76%. The report also raises questions about the impact of cyberinsurance on ransomware delivery and response. Some believe that attackers specifically target victims with cyberinsurance, with the report noting, “One reason for the willingness to pay may be the rise of cyberinsurance.” The financial safety net provided by insurance influences the decision-making process, making it easier for victims to opt for ransom payment.
Delinea’s analysis also sheds light on the motivations behind ransomware attacks. Data exfiltration has increased from 46% to 64%, reflecting a more refined approach by criminals. The survey indicates a decrease in simple ‘money grab’ motivations from 69% to 34%, while other motives such as supply chain attacks, creating chaos, geopolitics, and activism have seen increases. Overall, the State of Ransomware 2024 report from Delinea suggests that the ransomware landscape closely mirrors the broader cybersecurity ecosystem, indicating a worsening situation fueled by both cybercriminal groups and nation-state actors.
