Ransomware groups are increasingly using more sophisticated methods of attack. (Credit: RareStock via Adobe Stock)
The fourth quarter of 2024 saw a record level of ransomware activity, with at least 1,663 victims, according to a new report from Travelers.
Fourth quarter activity was up 32% compared to the third quarter, and in 2024 overall, there was a 15% increase in reported attacks. There were 5,243 reported attacks all year, up from 4,548 attacks in 2023.
Ransomware is malware designed to block access to a computer system until the victim pays a ransom. According to a report from Comparitech, the average ransom demand in 2024 was $3.5 million.
The Travelers report found ransomware groups are increasingly using more sophisticated attack methods, such as targeting virtual private networks with weak credentials. Previously, a lot of ransomware activity was simply opportunistic, with groups exploiting bugs in common software products.
“These groups have been on the offensive, proactively hunting for targets and having significant success,” said Jason Rebholz, vice president and cyber risk officer at Travelers, in a statement.
Groups are also increasingly targeting IT services and consulting firms to maximize impact. These firms often serve clients across other industries, which amplifies the impact of the attack.
Government administration saw a surge in attacks late in the year. The construction industry and hospitals and health care organizations have also been consistent targets.
The report also found new ransomware groups are emerging. In 2024, 55 new groups were formed, a 67% increase in group formation over 2023.
Boosting cybersecurity protections, particularly implementing multi-factor authentication (MFA), can help organizations avoid attacks.
“It’s vital that businesses implement proven security controls, such as MFA, to make it far more challenging for malicious actors to carry out an attack on their organization,” Rebholz said.
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