Cybercrime is not only a danger for companies, but also an alarmingly successful business model: a ransomware attack led to a ransom payment for almost every second company in Germany (45%).
For smaller companies with up to 1,000 employees, it was even more than half, at 55 percent. This is the result of a SoSafe survey of more than 1,000 safety officers from six European countries, which was published in the Human Risk Review 2023 .
Compared to other European companies, companies in Germany pay more often than those in the UK (38%) and France (30%). In contrast, more ransom payments are made by Dutch companies (46%). Ransomware also remains one of the most common types of cyberattacks, according to the research: one in three organizations (32%) that have been the victim of a cyberattack in the past three years was attacked with ransomware. “The number of ransomware attacks is alarmingly high. The fact is, ransomware is worthwhile for the attackers and will therefore remain an integral part of their repertoire,” says Dr. Niklas Hellemann, CEO and founder of SoSafe.
Ransomware-as-a-Service – a menacing trend
One of the reasons for this development is the professionalization of cybercrime. Cyber criminals are constantly evolving their business models and deploying their malware via “ransomware-as-a-service” (RaaS) in theDark Web against payments with cryptocurrencies theoretically accessible to everyone – even with different subscription models and their own customer support. Even laypeople without IT or hacking knowledge can carry out highly effective blackmail attacks. New technologies also accelerate this process. In particularArtificial intelligence (AI) and tools such as ChatGPT offer cyber criminals enormous potential for scaling their cyber attacks – initial studies by SoSafe, for example, show a time saving of at least 40 percent in phishing attacks, the main gateway for ransomware.
“The emergence and evolution of the ransomware-as-a-service business model demonstrates how cybercriminals are adapting and diversifying their business strategies to expand their illegal activities. And these ransomware attacks can be very harmful,” says Hellemann. “Recent IBM research shows that a successful ransomware incident costs organizations an average of $4.54 million, not including ransom demands. It can be expected that this type of attack will become more numerous and widespread in the future. It is all the more important to optimize your own security strategy and keep up with the innovations of the digital age. For this, investments should not only be made in new tools and technologies, but above all in the human factor,
Tips for dealing with ransomware attacks
Preventing ransomware attacks is a daunting task. However, security measures focus not only on prevention but also on mitigating the potential consequences of a security incident. In the case of a ransomware attack, the main concern is protection against data loss. Companies can take the following measures:
- the restriction of the administrative rights of employees,
- the review and implementation of effective password policies and
- the introduction of strict access management at the server level.
Since many ransomware and also phishing attacks primarily target the human security layer and often with some form ofStarting with social engineering , an effective cybersecurity strategy must also include regular awareness training. By promoting the security behavior of their employees and strengthening their resilience, organizations can minimize the risk of a cyber attack.
