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Published 30 August 2022
Many organisations have had to confront the harsh reality that no matter how large or small their business, they are not safe from ransomware attacks as threat actors are more sophisticated and easily adapt to different business models. These attacks allow threat actors to take control of the data of a target organisation and then demand a ransom to ensure the availability and confidentiality of this data.
The European Union Agency for Cybersecurity (“ENISA”) published a report on 29 July 2022 which analysed a total of 623 ransomware incidents across the EU, the United Kingdom and the United States for a reporting period from May 2021 to June 2022. The data was collated from various sources including, but not limited to, governments’ and security companies’ reports, verified blogs and in some instances using related sources from the dark web.
We have summarised the key takeaways from the report below:
The findings serve as a warning to organisations of all sectors and size that there is a very real possibility of their data and assets being targeted, and potentially leaked or sold on the dark web.
The study reveals that the gross number of ransomware attacks is much larger than anticipated, particularly considering that a vast proportion of organisations do not publish the fact they have been subjected to ransomware incidents or do not report them to the relevant authority.
The fact that targeted organisations are usually unaware of how the threat actor obtained initial access to their network further limits the information available on disclosed incidents. Ultimately, organisations may address the issue internally to protect the reputational image of the company and ensure business continuity.
The ENISA report has recommended the following actions be taken by organisations to prevent and limit the likelihood of ransomware attacks:
Our Cyber team is experienced in responding to ransomware attacks, and assisting organisations with managing their business response to these attacks. Should you wish to discuss any matters outlined in this article or otherwise, please get in touch with the authors.
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