Top 10 Ransomware Trends and Evolutions for 2024

Artificial Intelligence has brought strategic benefits in every other field of business and technological endeavor but with its surge, cyber attacks have also been increased. It is estimated that by the end of 2024, the cost of cyber attacks on the global economy will be $10.5 trillion. With the shortage of the skilled professionals who can prevent the cyber attacks, new ransomware attacks are taking place. According to the research 54% of cybersecurity professionals believe that skills shortage is impacting the cybersecurity, cyber attacks start surging and the condition of business and organizations is being worse. To stay aware Konverge Technologies is here to keep you informed about new ransomware trends and evolution. Ransomware is a persistent and evolving cybersecurity threat that keeps both individuals and organizations on their toes. As we look ahead to 2024, it’s crucial to understand the latest trends and evolutions in the world of ransomware to stay ahead of the game. Let’s explore some of the new ransomware trends for 2024. 

Top 10 Ransomware Trends and Evolutions for 2024

To ensure the safety of your digital assets, let’s explore the new ransomware trends and evolutions. 

Double Extortion Continues to Rise

Double extortion is a tactic where cybercriminals not only encrypt your data but also threaten to release it unless a ransom is paid. This trend is expected to grow in 2024, putting even more pressure on victims to meet hackers’ demands.

Supply Chain Attacks Gain Prominence

Ransomware attackers are increasingly targeting supply chain partners to infiltrate larger organizations. As these attacks can have a cascading effect, businesses will need to bolster their cybersecurity defenses throughout the supply chain.

Ransomware as a Service (RaaS)

Ransomware-as-a-Service is a business model where hackers rent their new ransomware tools to less experienced cybercriminals. This lowers the barrier to entry and leads to more attacks. It’s a trend we should expect to see more of in 2024.

Targeting Critical Infrastructure

Cyberattacks on critical infrastructure, such as power grids and water supplies, are a growing concern. Ransomware attacks on these systems can have severe consequences, and cybersecurity measures need to adapt to protect them.

The Emergence of Dark Web Auctions

Some cybercriminal groups are now auctioning off stolen data to the highest bidder on the dark web. This may create additional chaos for victims, as their data could be in the hands of multiple malicious actors.

Increased Focus on Evasion Techniques

Ransomware operators are getting smarter in evading detection. They employ techniques like living-off-the-land attacks, fileless malware, and polymorphic malware to avoid traditional security measures.

Hybrid Attacks: Blurring the Lines

Ransomware groups are increasingly engaging in a combination of tactics, such as ransomware coupled with data theft, DDoS attacks, or extortion attempts. This complicates the response strategy for victims.

Targeted Ransomware Attacks on Individuals

While organizations have been the primary targets, individuals are not immune. Cybercriminals are becoming more personal by targeting high-net-worth individuals and celebrities, demanding significant ransoms for sensitive personal information.

Legal Challenges and Regulations

Governments are cracking down on ransomware payments, leading to legal challenges for victims who must decide whether to pay or face potential legal consequences. Understanding the legal landscape is crucial.

Artificial Intelligence in Ransomware Attacks

AI is being used both by attackers and defenders. Cybercriminals are harnessing AI to craft more convincing phishing emails and improve attack strategies, while cybersecurity experts use AI to identify and mitigate threats.

As we venture into 2024, the battle against ransomware intensifies. To protect your data and assets, staying informed about these evolving trends and investing in robust cybersecurity measures is essential. Remember that prevention, detection, and response are key elements in the fight against ransomware. Stay vigilant, keep your systems updated, educate your teams, and consider implementing the latest security technologies to defend against these ever-adapting threats.