A new report on cybersecurity from insurer Travelers shows an uptick in companies falling victim to ransomware attacks.
Travelers says the data shows that ransomware groups are targeting virtual private network accounts with weak credentials, or that were not protected by multi-factor authentication.
For the whole of 2024, the number of ransomware attack victims posted on leak sites reached 5,243, a 15% increase from the 4,548 incidents recorded in 2023. Some estimates say these attacks exposed over 195 million records, while total payments to ransomware groups may be around $813 million for the year.
“Based on our observations, it’s clear that basic attack techniques are still highly effective for ransomware groups,” said Jason Rebholz, Travelers’ vice president and cyber risk officer. “These groups have been on the offensive, proactively hunting for targets and having significant success.”
In 2024, 55 new ransomware groups emerged — a 67% increase in group formation from the previous year.
The report recommends that businesses implement controls like multi-factor authentication to protect against such attacks.
The study says that IT services and consulting firms are increasingly targets for hackers. These companies can function as intermediaries for other industries, amplifying the impact of an attack through their connections to multiple clients. Government administration also experienced a surge in attacks in late 2024.
