Ransomware attacks will rise to £15 billion

Ransomware continues to be the number one threat to big and medium businesses, and the damages caused as a result of ransomware attacks are expected to exceed $20 billion (about £15 billion) before the end of 2021.

The Acronis Cyberthreats Report 2022  shows that during the second half of 2021, only 20 percent of the companies reported not having been targeted in cyber attacks, as opposed to 32 percent last year.

The study highlights that managed service providers (MSPs) are particularly vulnerable to ransomware and supply chain attacks, because cyber actors are now attempting to use MSPs own management tools, such as RMM or PSA, against them.

Supply-chain attacks against MSPs are highly damaging as they enable threat actors to gain access to the computer networks of businesses as well as their clients.

The report said that the second half of 2021 was rich in ransomware gang activities, and the whole industry was overwhelmed with a number of big cases. These ransomware gangs were not only active but started to become much more aggressive.

In Q3 2021, the most attacked countries by malware were the United States, Germany and Canada, the report says.

The report says vulnerabilities are now being widely exploited, with Linux and macOS getting more attention from cybercriminals. Phishing remains the main attack vector, as the report found 94 per cent of malware getting delivered by email.

Acronis says it blocked 23 percent more phishing emails this year, and compared to the second quarter, 40 percent more malware emails were blocked in the Q3 2021.

The Acronis report also predicts that crypto exchanges and cryptocurrencies owners will suffer more attacks in the near future as cryptocurrencies become more and more popular. For example, the crypto exchange Coinbase said in October that at least 6,000 customers had fallen victim to a phishing campaign earlier this year, resulting in funds being stolen from their accounts.