Page 247 - Cyber Defense eMagazine August 2024

New Levels, New Devils: The Multifaceted Extortion Tactics

Keeping Ransomware Alive

By Jacques de la Riviere, CEO, Gatewatcher

Having evolved from a basic premise of locking down a victim's data with encryption, then demanding a
ransom for its release, research now suggests that ransomware will cost around $265 billion (USD)
annually by 2031, with a new attack (on a consumer or business) every two seconds.

Against such a pervasive threat, businesses have sought to better prepare themselves against attacks.
They have developed an array of tools: better backup management, incident recovery procedures,
business continuity and recovery plans have all made the encryption of victims’ data less profitable.

In addition, security researchers together with national bodies such as the Cybersecurity and
Infrastructure Security Agency (CISA) have made substantial progress in identifying the weaknesses in
the methods used by attackers, in order to develop decryption solutions. No More Ransomware,
promoted by Europol, the Dutch police, and other stakeholders lists approximately one hundred such
tools.

Cyber Defense eMagazine – August 2024 Edition 247
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