Report Reveals Alarming Rise In Ransomware Attacks On Critical Infra

OpenText’s latest "Nastiest Malware of 2024" report reveals a disturbing escalation of ransomware attacks on critical infrastructure, including healthcare, finance, and essential services. Now in its seventh edition, OpenText’s report highlights how ransomware has become a top threat, driving global cybersecurity investments expected to rise by 14.3 per cent in 2024, totalling over USD 215 billion.

Leading the list is LockBit, a notorious ransomware-as-a-service (RaaS) operation responsible for 175 attacks on critical infrastructure in 2023 alone, according to the FBI. Known for its resilience against law enforcement, LockBit has demonstrated a dangerous ability to evade even advanced security measures.

“Ransomware targeting critical infrastructure has reached new levels of sophistication, increasingly fuelled by artificial intelligence to create highly personalised threats. This trend puts national security and public safety at risk,” said Muhi Majzoub, EVP and Chief Product Officer, OpenText. “Encouragingly, increased cybersecurity investment shows a commitment to defend essential services against these complex threats."

Joining LockBit on the list are Akira and Dark Angels. Akira has quickly targeted sectors like healthcare and finance, while Dark Angels has pursued high-impact attacks on Fortune 50 companies. Other threats include Play Ransomware, exploiting vulnerabilities in FortiOS and RDP servers, further highlighting the adaptability of ransomware groups.

Ransomware attackers increasingly use targeted infiltration and encryption methods, posing a major risk to key industries. Experts advise organisations to adopt proactive measures such as up-to-date threat intelligence, staff training, and advanced detection technologies to prevent disruptions.