Cyber risks concerning worldwide businesses in 2022

Most organizations and businesses have embraced technology to optimize their operation. The introduction of these technologies has also led to the rise in cyber security risks. There are various ways that cyber threats can cripple businesses. Cyber security awareness is vital in every organization deeply invested in online dealings. Cyber-attacks such as ransomware and data breaches create a negative image of companies, hence most organizations have realized that they need to put measures in place to counter such threats. Initially, the focus was on natural disasters and physical theft, but the cyber risk is the unseen enemy that causes more harm and affects a larger market.

Ransomware concerns

The cyber threats have been mainly attributed to ransomware and data breaches that manifest in corporate systems’ vulnerability. The main point that has been missed by businesses and the authorities is that ransomware operates as a Ransomware-as-a-Service (RaaS). The teams consist of developers and affiliate members. Developers are the core members and develop the ransomware program. On the other hand, the affiliates are tasked with breaching organization networks. Because of their tasks, the developers take 10-30% of the ransom while the affiliates take the rest. Various gangs have been known for their work in developing ransomware. The gangs rebrand when the authorities close in on them. Some of the gangs include GrandCrab, which changed to REvil; Maze, which changed to Egregor and Darkside, which changed to BlackMatter. These gangs have caused various losses in different companies. BlackCat launched its attack recently, and it has been discovered as a rebrand of BlackMatter. It is surprising that most of these ransomware gangs operate like businesses. They recruit members and have marketing teams, websites, user documentation, and media relations for their operations.

Most United States organizations have recorded losses because of cyber threats. The Trend Micro report highlights that almost 84% of companies in the United States have experienced ransomware attacks. The ransoms usually range at $500,000 and might be more depending on the company’s popularity. 

Protective measures

Companies need to invest in appropriate strategies to avoid losses due to ransomware. Establishing continuous backup is one of the primary approaches to ensuring continuity of operations after an attack. Businesses should integrate the zero-trust methodology, and the approach limits access by users to only the things they need to know to complete tasks. Another crucial strategy is training employees and testing them to understand phishing scams.

References

Stone, M. (2022). What To Know About Ransomware Attacks Going Into 2022. Security Intelligence. Retrieved 7 February 2022, from https://securityintelligence.com/articles/ransomware-attacks-gangs-2022/.

Cyber risks top worldwide business concerns in 2022 – Help Net Security. Help Net Security. (2022). Retrieved 7 February 2022, from https://www.helpnetsecurity.com/2022/01/20/cyber-concern-2022/.