What This Report Covers
This edition covers the second half of 2022. It reports that ransomware attacks rose 33% in the fourth quarter compared with the third, and that the total number of attacks was more than double the third quarter’s.
Financial losses are given as above 482 million dollars, and the report points to slowed business, unusable data for those who did not pay and reputational damage from published customer information. Manufacturing is named the most attacked industry after a 151% rise.
It also notes that LockBit started a bug bounty program in June 2022, and that the first reward went to an insider from a cybersecurity company. See also LockBit in the Knowledge Hub.
As the oldest quarterly edition on the site, it is a useful baseline for readers who want to compare later years. It shows the ransomware picture at the end of 2022.
Security professionals often struggle to keep up with evolving ransomware trends due to the constant barrage of information. We aim to help you filter this overload, present the 2023 Ransomware Trends in an understandable format, and convert this information into meaningful insights.
Exploring Ransomware Trends in Q1 of 2023: Our Comprehensive Analysis
Q3 & Q4 2022 Ransomware Trends: Key Insights
- 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.
- 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.
- 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.
- 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.
Poor cybersecurity hygiene significantly elevates a company’s ransomware risk, emphasizing the crucial role of robust security practices.