Page 194 - Cyber Defense eMagazine December 2023

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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