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20 Jan 2022

Evolution of Ransomware attacks

Privasec Stand: D77
Evolution of Ransomware attacks
Evolution of Ransomware attacks | Privasec x KnowBe4

Ransomware attacks happen every 11 seconds and will continue to evolve and pave the way for two-stage extortion attacks.

Ransomware presents an escalating danger to all businesses, regardless of their size. With two-stage extortion attacks, cyber attackers target victims with ransomware attacks to extract their files and then extort a ransom by threating organisations to disclose their sensitive data.

In 2022, 73% of businesses was hit by a ransomware attack, and the global cost of ransomware is anticipated to exceed $30 billion in 2023.

Singapore saw an increase in ransomware attacks, from 2,275 in 2019 to 3,191 attacks in 2020. In terms of phishing incidents, Singapore also saw an increase of 60.5% in 2020. There is a general upward trend of cybercrimes in the ASEAN countries and especially in the technologically advanced Singapore.

Apart from financial repercussions and the legal costs, a ransomware attack can cause serious harm to a company’s brand and reputation.  

Eg: Nvidia's Hack 2022

One example is the case of Nvidia. Nvidia is one of the largest semiconductor chip organisations in the world and was under a ransomware attack in February 2022. The threat actor of this attack had leaked confidential information on their employees and proprietary information online.

The ransomware group that attacked was called Lapsus$ and admitted having access to around 1 TB of the Nvidia’s data. They threatened to leak the data online if they did not receive the ransom amount of $1 million as well as a percentage of an undisclosed fee from Nvidia. This attack caused Nvidia to shut down operations for 2 days, significantly disrupting their business operations.

Luckily, Nvidia quickly fortified their security, contacted cyber security experts, and swiftly contained the situation. They then allegedly permanently improved their cyber security by installing ransomware infection detection into their systems. Unfortunately, while Nvidia managed to contain the attack quickly, the episode still resulted in significant losses and disruptions. 

At Privasec, We aim to help your organisations stay ahead of cyber attacks.

Simulating real-world adversaries, the assessments are based on real-world Tactics, Techniques and Procedures (TTPs) utilised by ransomware attacks and cybercriminals to compromise and deploy ransomware throughout corporate Windows environments. Our team of certified offensive security consultants will help to identify your organisation’s security gaps and provide remediation for the ransomware exposure risk.   

Visit us at Booth D77 to find out more on Ransomware Readiness Assessment!

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