September 22 – Emerging research highlights a shift in ransomware tactics. Attackers are now focusing on smaller, less well-defended organizations, rather than larger “big game” targets.
As with any for-profit organization, ransomware gangs intend to increase profits while minimizing overhead and expenses. Ransomware operators know that larger organizations have spent hefty sums on ransomware prevention, while smaller businesses aren’t so likely to have followed suit.
Ransomware SMB targets
Although the profits derived by hitting an SMB with ransomware might be smaller than what attackers could gain by attacking a larger organization, the certainty around profits holds immense appeal.
Research shows that in the second half of 2022, there was a 47% increase in the number of new ransomware victim organizations, many of which were small-to-medium sized enterprises with relatively weak security measures.
Smaller ransomware attackers
Researchers have also noticed that an increasing number of small ransomware gangs are operating alongside those with well-known monikers.
This shift is partially due to leaked source codes from groups like LockBit and Conti, which have enabled other actors to develop new ransomware variants.
Only 14% of small-to-medium sized businesses have a cyber security plan in place, despite the fact that SMBs account for 43% of cyber attacks annually.
On average, SMBs lose $25,000 per serious cyber disruption.
To address these threats and to bolster overall resilience, consider exploring these CyberTalk.org resources:
- A CISO playbook: Elevating resilience through advanced paradigms
- The Chief Resilience Officer role: Defined, explained, explored
- How top CISOs drive unparalleled operational resilience
- Rewiring global thinking around resilience, equity and sustainability