OpenText reveals concerning surge in ransomware-as-a-service attacks | #ransomware | #cybercrime

OpenText has launched its latest annual “Nastiest Malware report”, revealing a concerning rise in ransomware-as-a-service (RaaS) attacks. The cybersecurity firm analysed emerging ransomware gangs anticipated as the next big digital threats and explored this year’s most significant malware campaigns. The disruptive MOVEit onslaught stands out, affecting over 56 million people and costing globally close to $11 billion.

The top spot this year goes to Cl0p, a RaaS platform that catapulted into infamy following a series of significant cyberattacks. Cl0p exploited a zero-day vulnerability in the MOVEit Transfer file software developed by Progress Software, targeting well-known organisations such as Shell, BBC and the United States Department of Energy. Other notable players include Black Cat, suspected to be the successor to the REvil ransomware group; Akira, a probable offshoot from Conti, and Royal, believed to be the next iteration of Ryuk.

Black Basta, another likely Conti derivative, has also emerged as an indiscriminate predator in various industry sectors. Lockbit 3.0, although now in its third version and more evasive than previous incarnations, continues to pose a significant threat.

Research data from OpenText revealed a silver lining amidst the gloom. Muhi Majzoub, Executive Vice President and Chief Product Officer, OpenText, stated.

“A key finding this year is the RaaS business model is another win for the bad guys. Profit sharing and risk mitigation are top contributors to RaaS success along with the ability to easily evade authorities,” he says.

“However, Majzoub also noted that only 29% of businesses capitulate to ransom demands, an all-time low figure indicating an increased investment in robust security measures.”

The newly adapted strategies of the cybercriminals highlight their relentless tenacity. Rebranding themselves, often under new names, they continue to find innovative ways to infiltrate intended targets. This shift suggests a renewed drive for nastier, more powerful malware, and it is increasingly crucial for businesses and individuals to build resilience against these digital threats.

OpenText Cybersecurity delivers extensive security solutions for all companies, regardless of size. Benefiting from real-time and contextual threat intelligence, their customers can enjoy highly effective products, compliance, and simplified security solutions for managing business risk.

As The Information Company, OpenText enables organisations to gain insight through leading information management solutions powered by OpenText Cloud Editions.

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