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Why Is there a surge in ransomware attacks?

Posted on Aug 15, 2021
Why Is there a surge in ransomware attacks?

The world is presently combating two pandemics--coronavirus and ransomware attacks. Both have partially shut down parts of the economy. However, in the case of cybersecurity, lax security measures allow hackers to have an easy way to rake in millions.

It's pretty simple for hackers to gain financially, using malicious software to access and encrypt data and hold it hostage until the victim pays the ransom.

Cyber attacks are more frequent now because it is effortless for hackers to execute them. Further, the payment methods are now friendlier to them. In addition, businesses are willing to pay a ransom because of the growing reliance on digital infrastructure, giving hackers more incentives to attempt more breaches.

A few years back, cybercriminals played psychological games before getting bank passwords and using their technical know-how to steal money from people's accounts. They are bolder now because it is easy for them to buy ransomware software-as-a-service and learn hacking techniques from online video-sharing sites, like YouTube. Some cyber gangs are even offering their services for a business hacking set up for a fee, typically a share of the profits.

Cryptocurrency made the hackers bolder, as they can extort unlimited and anonymous cash payments. With the anonymity of bitcoin transfers, hackers found out they can demand higher amounts from their victims.

You can also blame the rise in cyberattacks on the behavior of some firms that are willing to pay millions of dollars in bitcoin. However, attacks will stop if firms and data security experts ensure that hacking will not be profitable anymore.

Are cyber attacks getting a higher profile or actually rising?

The answer to both questions is yes. Ransomware is becoming more common because it is straightforward to execute. Hackers use software to poke around security holes or by tricking network users using phishing scam tactics like sending malware that seem to come from a trusted source. In addition, some large companies have been lax with their network security protocols, which cybersecurity experts learned recently.

Impact of ransomware on business

We already know how ransomware can have devastating effects on businesses, large or small. But it pays to be reminded time and again because even enterprises can become victims. Cybercriminals continue to exploit vulnerabilities in network security systems. In addition, many hacking gangs are using ransomware and denial-of-service attacks for financial gains.

Aside from the increasing occurrence of ransomware attacks, the cost of the attacks is growing as well. Ransomware paralyzes a company's digital network and associated devices. Because sensitive business data is breached, business operations, particularly for supply chains, are affected--thus, companies prefer to pay a ransom.

Full article on https://thehackernews.com/2021/08/why-is-there-surge-in-ransomware-attacks.html

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