Security News > 2023 > October > Ransomware isn’t going away – the problem is only getting worse
Ransomware attacks become costly over time too, Cyber Security Ventures predicts by 2031, a ransomware attack will occur every two seconds, costing the world around $265 billion of losses annually.
The ransomware as a Service business model enables cybercriminals lacking technical skills to launch ransomware attacks without developing them.
The LockBit ransomware group launched a ransomware attack against Oakland city in April 2023, ceasing 311 public service.
Ransomware groups often base their ransom demands on a percentage of the victim company's annual revenue, usually around 3%. Hackers invest parts of the ransom payments to develop more robust attack tools and to invent new attack methods.
Credentials stuffing, password spraying, password reset abuse, phishing attacks, password guessing and exploiting default passwords are common password-based attacks leveraged by ransomware groups.
The LockBit ransomware was the most deployed ransomware variant in 2022 and continues to be widespread in 2023.