6.11.24
Microsoft Report: Ransomware and Nation-state-Backed Cyber-attacks on the Rise
Ransomware and Nation-state-Backed Cyber-attacks on the Rise
Ransomware and Nation-state-Backed Cyber-attacks on the Rise, according to Microsoft Report. The recent Digital Defence Report by technology giant Microsoft found that ransomware attacks more than doubled in a 12-month period as the cyber-threat landscape continues to evolve. Moreover, cyber-threats are no longer limited to civilian threat actors. Nation-state threat actors are becoming increasingly aggressive and have been witnessed enlisting the help of cyber-criminals to gather intelligence for financial gain or further their political agendas.
According to Microsoft, cyber-criminals are using a spectrum of sophisticated tools and tactics to launch both targeted and opportunistic attacks, making the reality of cyber-breaches a continual threat for individuals and organisations.
Report Explained
Microsoft’s Digital Defence Report on Ransomware and Nation-state-Backed Cyber-attacks, gathered insights between July 2023 and June 2024 from almost 50,000 security engineers and experts, as well as the 78 trillion security signals it tracks daily. It revealed a 2.7-fold increase in human-operated ransomware encounters year over year, of which 90% originated from unmanaged devices. As such, organisations must robustly manage devices or exclude unmanaged devices from networks to reduce exposures.
The report found that fraudulent emails, texts and voice messages continue to be the most common ways for cyber-criminals to gain access to users’ files. However, threat actors are also exploiting known vulnerabilities in unpatched software and leveraging generative artificial intelligence for malicious gains and misinformation spreading.
Implement Robust Cyber-security Measures
Microsoft encourages a “secure by default” cyber-security posture, where organisations begin with the maximum level of security possible rather than “dialling up” security in response to breaches.
“We all can, and must, do better, hardening our digital domains to protect our networks, data and people at all levels,” said Tom Burt, vice president of Customer Security and Trust at Microsoft.
In light of Microsoft’s findings, employers should review their cyber-security measures to ensure robust protection from cyber-attacks, especially ransomware. In addition, cyber-insurance can help financially protect organisations from the devastating consequences of cyber-breaches.
Contact us today for additional cyber-security guidance and insurance solutions.
Information provided by Zywave with contribution by Lisa Langley, Cert CII, Team Leader, Professional Risks, Cox Mahon Ltd.
This Cyber-risks & Liabilities document is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. © 2024 Zywave, Inc. All rights reserved.