Ransomware attacks accounted for 41% of cybersecurity filed in the first half of 2020, according to a report published by Coalition, one of the largest cybersecurity service providers in North America.
The high number of ransomware attacks reported confirms previous reports from several firms that ransomware is one of the most widespread and destructive threats today. The Coalition also noted that ransomware attacks are targeting all industries and all countries, demanding large ransoms from their victims. The company also added that in the first half of 2020 alone, there was a 260% increase in the frequency of ransomware attacks, with the demand for ransom increasing by 47% respectively.
Among the most aggressive gangs, the Coalition lists the Maze and DoppelPaymer ransomware groups, which recently began stealing data from compromised networks and threatening their victims with leaking it to data-leakage sites as part of double-blackmail schemes. Based on reports from customers who were attacked in the first half of 2020, the Coalition said the gang was the most “greedy,” with the group demanding ransom amounts six times higher than the overall average.
However, in addition to ransomware attacks, the Coalition also saw an increase in the number of reports of wire transfer fraud and BEC scams, with the former up 35% since 2019 and the latter up 67%. These are two similar types of incidents, where criminal gangs trick a company into making a payment to an account controlled by the attackers. The difference is that wire transfer fraud can occur over the phone or in the mail, while BEC scams are exclusively carried out via email.
Reported losses from ransomware incidents ranged from $1,000 to $2,000,000 per attack. However, according to the Coalition, companies using Microsoft Office 365 have seen 3.2 times more BEC fraud incidents than those using other types of email providers.
The company also noted that in many cases of money transfer fraud attacks, as well as in cases of BEC fraud, the lost funds were able to be recovered, with a quick intervention. Specifically, the company noted that since the beginning of 2018, funds were recovered in 55% of all cases and while 84% of lost funds have been recovered for these customers.
