Ransomware may be an old technique, however, due to increasing levels of digital connectivity, are witnessing a proliferation of ransomware attacks in recent years, which pose significant threats to individuals, businesses, and entire industry sectors industries.
Ransomware, in its current form, has evolved into a lucrative criminal enterprise, exploiting vulnerabilities in cybersecurity defenses worldwide. This alarming trend has garnered widespread attention prompting urgent calls for enhanced security measures, robust defenses, and international cooperation to combat it.
According to the World Economic Forum, ransomware activity was up 50% year-on-year during the first half of 2023 with off-the-shelf Ransomware-as-a-Service (RaaS) kits, (such as LockBit) where prices start from as little as $40, a key driver in the frequency of attacks. And it’s big business. Reports suggest annual revenues from ransomware attacks are already in the tens of billions, while some predict ransomware damage costs will exceed $265 billion by 2031.
By understanding the impact of ransomware and taking proactive steps to mitigate these risks, businesses can enhance their resilience and protect themselves against the potentially devastating effects of such attacks. Obrela is working towards the concept of integrated cyber risk management, comprising visibility, readiness and resilience. Organizations opting for Obrela’s MDR solutions benefit from a comprehensive, integrated approach that covers their entire digital landscape and allows for greater assurance of business resilience. This enhances an organization’s ability to detect and respond to threats quickly while maintaining holistic control over its data security across multiple platforms and locations.
Download this white paper to learn more about how to best measure and improve readiness, gradually moving away from Incident and Threat Management to Context-Aware Risk Management.
