Ransomware attacks are on the rise around the world, with 2023 expected to be the worst year on record, according to cyber-security experts. These attacks involve criminals encrypting or stealing data and demanding ransom payments to decrypt or refrain from leaking it. While the attacks are predominantly financially motivated, they are also posing a growing threat to national security as infrastructure, such as schools, hospitals, and power utilities, comes under attack. Western countries, including the UK and the US, face a high risk of a catastrophic ransomware attack, with the British parliamentary committee warning that an attack could happen at any moment. The scale of the problem is difficult to measure, as companies are often reluctant to admit to being hacked or paying a ransom. However, reports indicate that ransomware attacks are back at their peak, with rising numbers of victims and increasing ransom payments. The ransomware business is shifting from large criminal groups to smaller attackers, many of whom are based in Russia and other ex-Soviet states. These smaller groups have easier access to hacking tools and services, enabling them to carry out attacks. The threat from ransomware is not limited to Western countries, with Brazil and India also being heavily affected. Attacks are targeting a wide range of sectors, including the public and private sectors, and are becoming a serious national security crisis. Governments and law enforcement agencies are struggling to tackle the problem due to the difficulty of tracking down and prosecuting attackers. Sanctions and cyber-attacks against ransomware groups have had limited success, and offensive operations are resource-intensive and time-consuming. Legal measures, such as sanctions and asset freezes, have been imposed on cyber-criminals, but the effectiveness of these measures is still uncertain. Bans on ransom payments have been proposed, but there are concerns that this could lead to firms paying ransoms in secret or being unable to keep their businesses afloat. The fight against ransomware is impeded by a lack of data and understanding of the true extent of the threat. Better data
Ransomware’s potential to cripple nations surpasses its impact on enterprises
