Page 194 - Cyber Defense eMagazine December 2023
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Three Key Threats Fueling the Future of



            Cyber Attacks

            By Rishi Baviskar, Global Head of Cyber Risk Consulting at Allianz Commercial



            Improvements  in  cyber  security  and  business  continuity  are  helping  to  combat  encryption-based
            ransomware attacks, yet the cyber threat landscape is continually evolving. 2023 has seen a worrying
            resurgence in ransomware and extortion claims, resulting in an uptick in costly incidents, demonstrating
            that although progress is being made, the threat posed by ransomware shows little sign of abating.

            Reports note that the number of ransomware victims surged by as much as 143% globally during the first
            quarter of 2023 with January and February seeing the highest number of hack and leak cases in three
            years. Ransomware alone is projected to cost its victims approximately US$265bn annually by 2031.

            Protecting an organization against intrusion remains a cat and mouse game, in which the cyber criminals
            have the advantage. Threat actors are now exploring ways to use artificial intelligence (AI) to automate
            and accelerate attacks, creating more effective AI-powered malware and phishing. Combined with the





            Cyber Defense eMagazine – December 2023 Edition                                                                                                                                                                                                          194
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