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Ransomware threat on the rise, Verizon report says

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Ransomware attacks increased by 13%, a jump greater than the past five years combined, according to the Verizon 2022 Data Breach Investigations Report.

The report stated that organised crime also continues to be a pervasive force in the world of cybersecurity with 4 in 5 breaches attributed to it.

Heightened geopolitical tensions are also driving increased sophistication, visibility and awareness around nation-state affiliated cyber-attacks.

“Over the past few years, the pandemic has exposed a number of critical issues that businesses have been forced to navigate in real-time. But nowhere is the need to adapt more compelling than in the world of cybersecurity,” said Hans Vestberg, CEO and chairman, Verizon.

“As we continue to accelerate toward an increasingly digitized world, effective technological solutions, strong security frameworks, and an increased focus on education will all play their part in ensuring that businesses remain secure, and customers protected.”

The report also highlighted the supply chain issues that have dominated the international landscape over the past year.

This trend was reflected in cybersecurity as 62% of system intrusion incidents came through a partner of an organisation.

People, though, still remain the weakest link in cyber attacks.

The report added that 25% of total breaches were the result of social engineering attacks and when you add human errors and misuse of privilege, the human element accounts for 82% of analysed breaches over the past year.

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