Ransomware Attacks are on the Rise Worldwide – Here are Three Things You Can Do About It

At the end of 2021, we wrote about how (and why) data breaches are more expensive than ever. Fast forward to mid-2022, and the numbers just keep climbing.

Following news of Russia’s invasion of Ukraine, cybersecurity officials sounded a worldwide alarm amid fears of increased ransomware attacks coming from the Kremlin. While the level of Russian aggression has fallen below previous expectations, ransomware attacks worldwide remain on the rise. Ransomware attacks have already increased 13% year-over-year – a spike that accounts for a large increase over the last five years combined.

2022 has already proved to be an unprecedented year for cybersecurity, which, considering the average cost of data breaches amounted to $4.24 million per incident in 2021, underscores how important it is for cybersecurity professionals to remain vigilant in the midst of ongoing events.

Here are three ways organizations can do just that.

Minimize human vulnerabilities

Human error continues to be a primary security vulnerability, regardless of an organization’s size or industry. In the aforementioned report conducted by Verizon, 25% of all breaches reported were the result of social engineering failures – think phishing, vishing, and the like. When combined with true human error and abused privileges, human vulnerabilities contributed to 82% of the reported breaches. We’ve long maintained that your employees are your first line of defense from attack, and we stand by that. Continuous training for any person with access to your organization’s cloud and systems is the most efficient, cost-effective way to keep your cloud safe.  

Bring in an expert

The U.S is currently experiencing a wave of layoffs, and technology companies are largely at the forefront. Cybersecurity companies are no exception. This, combined with widespread burnout that has long run rampant amongst cybersecurity professionals given the pressure and 24/7 nature of the role, may leave organizations in a uniquely vulnerable position when it comes to their infrastructures. Bringing in an in-house expert, like a virtual Chief Information Security Officer (vCISO), can help alleviate those concerns and enhance stability.  

Note the state of the industry

Ransomware attacks have been hitting certain industries worse than others. For this reason, it’s important to examine your industry at large to ensure you’re playing offense, not defense. Healthcare breaches in particular have been on the rise. As of April 2022, the Department of Health and Human Services has reported more than 125 breaches amongst healthcare providers. This is especially salient given that a 2021 Critical Insight report observed a 35% increase in attacks on health plans from July to December. To say the past couple of years have been tumultuous in the world of cybersecurity would be a grand understatement, and while it may be unsettling, organizations can, and should, take action to best protect themselves, their employers, and their clients.  

We at RISCPoint are here to help. Get in touch with us below.