The UK has sustained increased ransomware attacks for 2023

In the ever-evolving landscape of cybersecurity threats, ransomware attacks have emerged as a formidable menace. Recent revelations from new research reports shed light on the trends in ransomware attacks.

Based on reports, there was a surge in ransomware incidents within the United Kingdom and worldwide during the first half of 2023.

 

Ransomware attacks in the first six months of 2023 are significantly higher than in the second half of 2022.

 

During the first half of 2023, ransomware attacks in the United Kingdom soared by a staggering 87% compared to the latter half of 2022.

The impact was not exclusive to the UK alone, as a 37% global increase in ransomware attacks occurred over the same period. July marked a troubling milestone with 436 identified attacks worldwide, representing a 20% surge compared to the highest recorded figure attributed to the Log4j incident in 2021.

A significant driver behind the surge is the exploitation of software vulnerabilities. Most ransomware actors exploited platforms like Rackspace, Zimbra, and MOVEit, contributing to the overall increase in attacks.

In addition, the growing number of ransomware variants emerging and diversifying cybercriminals’ arsenal has contributed to the evolution of the threat landscape.

While LockBit continues to be a dominant ransomware variant in 2023, the Cl0p ransomware, responsible for the MOVEit breach, has significantly escalated its impact.

Furthermore, the financial services, insurance, and IT sectors are now prime targets for ransomware attacks. This trend is valid both globally and within the UK. These industries attract threat actors seeking to steal and leverage data for extortion.

Lastly, cybercriminal groups have transitioned from targeting SMBs to high-value targets. In 2023, BlackCat (ALPHV) and Cl0P emerged as the most frequent ransomware groups targeting UK organisations with £10 million in bank assets, replacing Karakurt as the leading ransomware threat.

Cybercriminals are continuously adapting and refining their methods. Organisations must remain vigilant and proactive in enhancing their cybersecurity strategies to effectively counter the cyber extortion threat. Patching vulnerabilities, investing in robust cybersecurity measures, and staying informed are essential steps in navigating this treacherous digital landscape.