Q3 & Q4 2022 Ransomware Trends: Key Insights

1. The fourth quarter of 2022 saw a 33% increase in ransomware attacks compared to Q3, with the total number of attacks more than double that from Q3.


2. Financial losses exceeded 482 million dollars. Moral damage included slowed business development processes, unusable information if a company did not pay a ransom and tarnished reputation due to publicly published sensitive customer information.


3. The manufacturing sector has seen an astronomical increase of 151% in the last quarter compared with other industries making it now the most attacked industry.

   
   
4. Lockbit, a ransomware group, launched a bug bounty program in June 2022, where they awarded those who found vulnerabilities in their encryption software. Interestingly, the first recipient was an insider from a cybersecurity company, highlighting that threats can come from unexpected places.


5. Poor cybersecurity hygiene significantly elevates a company’s ransomware risk, emphasizing the crucial role of robust security practices.