Cybercriminals are also changing their tactics as ransomware attacks evolve. According to a recent Moody’s assessment, hackers are increasingly concentrating on high-value targets, such as large organizations, in an effort to obtain larger payments. According to data from ransomware recovery company Coveware, the percentage of victims ready to pay ransoms has decreased from 85% in 2019 to 28% in early 2024, which is a major factor in this change.
Why Big Organizations Are at Risk
Hackers are indirectly infiltrating larger firms by taking advantage of supply chain vulnerabilities. They obtain access to sensitive systems of well-protected businesses by focusing on suppliers or vendors with laxer cybersecurity measures. This approach exposes a developing vulnerability in global supply chains while also expanding the size of possible rewards.
Because they depend on complex networks of suppliers and contractors, key industries including finance, technology, healthcare, and logistics are especially vulnerable. Because their systems store enormous volumes of cash, transactional data, and customer information, financial institutions are easy targets.
The Rise of GenAI-Driven Phishing Attacks
Although phishing attempts are still a common form of cybercrime, the threat level has increased due to the development of generative artificial intelligence (GenAI). By using GenAI capabilities, attackers can create phishing emails that are convincing and highly tailored, imitating real exchanges. An IEEE research conducted in March 2024 found that 60% of subjects were duped by phishing attacks using GenAI.
Phishing attempts are now 95% less expensive and more successful because to this automation. The emergence of AI solutions like ChatGPT coincided with a 58% spike in phishing attacks in 2023, according to cybersecurity firm Zscaler.
Steps to Prevent Cyberattacks
In order to counter this increasing danger, experts advise:
Enhanced Vendor Risk Management: Businesses need to make sure outside contractors follow stringent security guidelines.
Zero-Trust Security Models: This strategy reduces system trust by requiring rigorous user and access point verification.
Continuous Monitoring: Threats can be reduced before they become more serious by proactively identifying questionable activity within networks and systems.
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