How ransomware attacks may be the biggest threat globally
The frequency of social engineering attacks have skyrocketed in recent years and ransomware remains one of the top cyberattack methods, a report has said. It added the median cost per ransomware incident doubled over the past two years, with ransomware accounting for one out of every four breaches worldwide.
According to Verizon 2023 Data Breach Investigations Report, 95% of ransomware incidents cost organisations between $1 million and $2.25 million. The report said that rising costs coincides with a dramatic rise in frequency as the number of ransomware attacks was greater than the previous five years combined.
Verizon Business said that it analysed 16,312 security incidents and 5,199 breaches and chief among its findings is the soaring cost of ransomware – a type of cyberattack wherein hackers encrypt an organisation’s data and then extort large sums of money to restore the access.
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Humans to be blamed for cyberattacks
The report said that human error continues to play a significant role in breaches across all industries. One of the most common ways to exploit human nature is social engineering wherein a hacker convinces the user into clicking on a malicious link or attachment.
“The human element still makes up the overwhelming majority of incidents, and is a factor in 74% of total breaches, even as enterprises continue to safeguard critical infrastructure and increase training on cybersecurity protocols,” the report said.
According to Anshuman Sharma, associate director CSIRT and investigative response, APJ, Verizon Business, social engineering attacks have increased sharply with increased connectivity and advances in AI.
He said that pretexting or Business Email Compromise (BEC) attacks made up 50% of all incidents as hackers exploited human vulnerabilities.
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“We see this in India, where similar attacks have increased across all industries, with the human element being a major factor,” Sharma highlighted.
Other key findings
The report said that social engineering, system intrusion and basic web application attacks dominate 93% of breaches in the APAC region.
Out of all breaches, 61% accounted for financial motives, followed by espionage at 39%, convenience at 2%, grudge at 2% and secondary motives at 1%.
Data compromised in breaches comprised internal information at 56%, secrets at 42%, other data at 33%, and credentials at 29%.
Threat actors in breaches were 92% external, 9% internal, 2% partners, and 2% multiple actors.
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The frequency of social engineering attacks have skyrocketed in recent years and ransomware remains one of the top cyberattack methods, a report has said. It added the median cost per ransomware incident doubled over the past two years, with ransomware accounting for one out of every four breaches worldwide.
According to Verizon 2023 Data Breach Investigations Report, 95% of ransomware incidents cost organisations between $1 million and $2.25 million. The report said that rising costs coincides with a dramatic rise in frequency as the number of ransomware attacks was greater than the previous five years combined.
Verizon Business said that it analysed 16,312 security incidents and 5,199 breaches and chief among its findings is the soaring cost of ransomware – a type of cyberattack wherein hackers encrypt an organisation’s data and then extort large sums of money to restore the access.
Read Also
Humans to be blamed for cyberattacks
The report said that human error continues to play a significant role in breaches across all industries. One of the most common ways to exploit human nature is social engineering wherein a hacker convinces the user into clicking on a malicious link or attachment.
“The human element still makes up the overwhelming majority of incidents, and is a factor in 74% of total breaches, even as enterprises continue to safeguard critical infrastructure and increase training on cybersecurity protocols,” the report said.
According to Anshuman Sharma, associate director CSIRT and investigative response, APJ, Verizon Business, social engineering attacks have increased sharply with increased connectivity and advances in AI.
He said that pretexting or Business Email Compromise (BEC) attacks made up 50% of all incidents as hackers exploited human vulnerabilities.
Read Also
“We see this in India, where similar attacks have increased across all industries, with the human element being a major factor,” Sharma highlighted.
Other key findings
The report said that social engineering, system intrusion and basic web application attacks dominate 93% of breaches in the APAC region.
Out of all breaches, 61% accounted for financial motives, followed by espionage at 39%, convenience at 2%, grudge at 2% and secondary motives at 1%.
Data compromised in breaches comprised internal information at 56%, secrets at 42%, other data at 33%, and credentials at 29%.
Threat actors in breaches were 92% external, 9% internal, 2% partners, and 2% multiple actors.
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end of article
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