The Unfinished Battle Against Ransomware in 2024

The Unfinished Battle Against Ransomware in 2024: Trends, Threats, and Tactics for Organizations

In the world of cybersecurity, there are few constants. However, John Galsworthy's observation that “the beginnings and endings of all human undertakings are untidy” feels especially true here. The rise and fall of ransomware groups might hint at progress, but the global cybersecurity landscape remains as chaotic and unpredictable as ever. Organizations today, particularly those handling critical infrastructure, face a daunting surge in sophisticated ransomware incidents. Even with a temporary dip in ransomware activity between December 2021 and January 2022, the threat of ransomware is far from over.

Ransomware Groups: Ceasing Operations but Far from Gone

While some high-profile ransomware groups have ceased operations, this hardly signals a victory. For example, the AstraLocker ransomware gang recently announced it would stop ransomware activities to focus on crypto-jacking instead. AstraLocker was built on the Babuk Locker ransomware strain, which technically "left the market" in 2021 but continues to pose risks in various forms. Even Conti, once the largest known ransomware operation, disbanded its internet-based infrastructure but has likely dispersed members into other syndicates.

These shutdowns represent temporary interruptions, not resolutions. The structural vulnerabilities of targeted organizations, coupled with persistent ransomware tactics, mean that attackers still have ample room to operate. The messy beginnings and endings of these ransomware groups reflect a larger issue: no single event can alter the trajectory of cyber threats as long as organizations’ security postures remain vulnerable.

Rising Ransomware Attack Statistics: 2024 So Far

Despite the occasional downtime, the data shows a clear trend: ransomware attacks are escalating at an alarming rate.

• 52.89% increase in ransomware incidents between January and February, with incidents rising from 121 in January to 185 in February.
• Most targeted regions: North America and Europe (each with 42.16%), followed by Asia (10.27%).
• Most targeted sectors: Industrial (35.68%), consumer cyclical (21.62%), and technology (8.11%).

These trends underline a shift from seasonal declines in ransomware behavior, signaling a renewed intensity by attackers. With each advancement, ransomware becomes more adept at slipping past defenses, exploiting weaknesses in cybersecurity awareness, and taking advantage of delayed software updates.

Major Ransomware Gangs and Their Tactics

The current landscape shows that even as ransomware groups disband, many remain active in new forms or through legacy attacks. Some groups that remain highly active include:

• Conti/Ryuk, Pysa, Clop (TA505), Hive, Lockbit2.0, RagnarLocker, BlackByte, and BlackCat.
• Between March 2021 and March 2022, these groups targeted over 500 organizations across the United States, Great Britain, and Germany, with a primary focus on manufacturing, software development, and small business sectors.

Despite minor differences in approach, many of these ransomware gangs share several key tactics:

• Targeting vulnerable business networks or computers, often deploying malware that waits to be detected.
• Exfiltrating data, accessing passwords, and deleting backups before launching ransomware attacks.
• Using automated tools or templated distribution methods that make their operations more efficient and scalable.

Key Similarities in Ransomware Attack Approaches

1. Reuse of Tools: Attackers frequently rely on previous malware versions, reusing older tools to reduce setup time and effort. This makes it easier for attackers to streamline attack processes, though it provides defenders with potential points of recognition.
2. Standardized Tactics, Techniques, and Procedures (TTPs): Familiar TTPs can be identified, but it’s difficult to recognize them across all threat vectors, leaving organizations susceptible to known ransomware methodologies.
3. Slow Patch Cycles: Many victims struggle to keep up with timely software patches, leaving critical systems open to attack.

Effective Defense Against Ransomware Attacks

For organizations aiming to mitigate ransomware threats, the focus should be on proactive, layered defenses. Key defensive measures include:

• Strong password protocols for any remote access tools, especially for Remote Desktop Protocol (RDP). Only expose RDP services to the internet when essential, and secure them with multi-factor authentication (MFA).
• Update VPN systems regularly to close vulnerabilities in systems providing remote access. This is especially important for businesses with remote or hybrid workforce models.
• Frequent software updates on all systems and devices. Cybersecurity hygiene, including email threat simulation and security awareness training, is crucial for ensuring that defenses are as up-to-date as possible.
• Monitor lateral movement within networks: Lateral movement detection can be highly effective at catching ransomware activity before significant data exfiltration. Recognizing unusual data movement patterns can provide early warnings of potential attacks.
• Regular data backups and testing retrieval processes: While backups alone won’t prevent ransomware attacks, a reliable and tested backup process can reduce downtime significantly. Additionally, incident response planning should cover ransomware-specific scenarios.
• Security awareness training for employees: Phishing emails continue to be a primary vector for ransomware attacks, emphasizing the importance of continuous security awareness training and phishing simulations. These programs can significantly improve employee vigilance against ransomware threats.

For more proactive defense strategies and human risk management, organizations are increasingly turning to human risk management platforms that facilitate more sophisticated threat modeling and simulation.

The Role of Best Practices in Cybersecurity Resilience

As ransomware groups continuously adapt and evolve, adopting best practices such as Zero Trust frameworks, managed detection and response (MDR), and robust data restoration protocols is essential. However, restoring from backups does not address the root cause of the compromise. Instead, organizations must address underlying vulnerabilities to prevent ransomware from spreading.

This level of cyber resilience is achievable but requires sustained effort. It is essential to consider the risks and implement changes that not only minimize ransomware incidents but also fortify the broader cybersecurity posture of the organization.

A Call to Action for Enhanced Cybersecurity Vigilance

While the ebb and flow of ransomware groups might imply relief, organizations must remain vigilant. Attackers only need one weak link to execute a successful attack, so continual focus on security posture enhancement is essential.

This wake-up call is not limited to a few sectors or regions. Without adequate measures, organizations across the globe will remain vulnerable to the relentless threat of ransomware. Take the current landscape as a chance to reassess security strategies and deploy more advanced, robust defenses across your organization.

Editor’s note: This blog was updated November 8, 2024