Double Extortion Ransomware is the Gift That Keeps On Giving – to Cybercriminals
Double extortion ransomware having another moment in the sun as cybercriminals double down on their attacks to double their profits. In this devastating style of attack, cybercriminals aim to get paid twice – once for the usual decryption code to unlock systems and data and a separate fee to not have the encrypted data copied by the gang.
This tactic was in vogue before when it first emerged in late 2019 and spread across the cybercrime landscape. It’s reemerged as a favorite of major gangs including REvil, DoppelPaymer and Clop. Even cybercriminals are working a little harder in this economy, leading to this style of attack trending upward again as cybercriminals look for new ways to expand their revenue streams. Practitioners of double extortion ransomware were responsible for more than 50% of all ransomware attacks in 2020.
Ransomware Continues to Rule the Roost
Ransomware risks show no signs of slowing down, and they’re costing companies a fortune. The average ransomware payment rose 33% in 2020 over 2019, to $111,605. The worldwide cumulative cost of ransomware doubled last year as well, from an estimated $11.5 billion in 2019 to $20 billion in 2020. Insurers felt the pinch too – cyber insurance claims for ransomware attacks increased 41% in the first half of 2020 alone.
All of this translates into huge financial danger for companies in every sector. Healthcare led the pack – An estimated 560 US healthcare targets alone were impacted by ransomware in 2020. More than 45% of cyberattacks against healthcare targets in 2020 were ransomware, but no industry was spared. Manufacturers experienced one-quarter of all ransomware attacks, professional services companies clocked in at 17% and government entities were hit with 13%.
Protection from Ransomware is Priceless
Phishing is the primary delivery source for ransomware, making phishing resistance and defense the cornerstone of a strategy to protect businesses from disasters. There is plenty of room for growth in the area as well – 62% of businesses do not do enough cybersecurity awareness and phishing resistance training.
The new BullPhish ID has been freshly updated and upgraded to provide a smooth, efficient and effective training experience for everyone involved. You’ll love:
- Customizable, intuitive training portals that make the whole process of taking and conducting training a breeze!
- Customizable training emails including attachments enabling you to create better simulations of real threats in your industry
- Simple, clear reporting to gauge the effectiveness of training and find out who needs more help
- Over 80 plug-and=play phishing simulation kits are ready to go, enabling you to start training immediately
- 4 new kits added every month to reflect new lures and keep staffers on their toes including COVID-19 threats
- Video lessons, online testing, and training in 8 languages
We’re here to help you find the perfect combination of solutions to protect your clients and your business from ransomware through the ID Agent Digital Risk Protection Platform and IT Complete. Book a meeting with one of our solutions experts now and let’s explore the possibilities.