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As ransomware continues to evolve at an alarming pace, an estimated 86% of incidents now involve significant business disruption, spanning operational downtime and reputational damage.
Ransomware refers to a type of malicious software code that hackers use to encrypt victims’ computer files. In the last decade or so, it has transformed the cybercriminal underworld, which previously focused on the theft of potentially valuable information such as credit card numbers.
The emergence of cryptocurrency during the 2010s made it easier for cyber criminals to monetise their crimes and remain mostly anonymous.
The creation of more devious malware and other innovations in recent years have fuelled the growth of ransomware attacks.
For instance, many ransomware groups lease their malicious code to so-called “affiliates”, who then do the actual hacking and kick back a chunk of their illicit proceeds.
“Ransomware-as-a-service,” as the method is known, has lowered the barrier to entry for many hackers, turbocharging the volume of attacks.
It’s a problem that has disrupted national healthcare systems and financial markets, temporarily shut down and even forced some businesses to wind up.
Data on hacking attacks is notoriously spotty because there is no central repository that tracks cybercrime. The volume of attacks that are tracked goes up and down, though cybersecurity experts have said the overall trend has mostly been upwards in the past decade.
Some of the most pernicious hacking gangs, such as LockBit, have created dashboards for their affiliates that automate much of the attack itself. That type of customer service, along with the lure of big profits, has increased the number and variety of actors looking to get in on the action.
Generative artificial intelligence (AI) platforms like ChatGPT can also allow hackers to craft more fluent, compelling phishing e-mails, increasing the effectiveness of how these criminals gain entry into a network.
Just about every organisation can be a target, since many of the attacks are random – often based on exploiting flawed software rather than a particular victim.
Healthcare organisations and schools have been particularly hard hit by ransomware. That’s because they hold lots of sensitive data but often don’t have the budget or personnel to maintain strong cybersecurity safeguards.
Hospitals are seen as especially vulnerable, partly because they provide crucial services and so urgently need to resolve tech issues. Britain’s National Health Service has been a particularly attractive target, with its vast network of providers and computer systems holding one of the richest and most comprehensive national health datasets anywhere.
After a string of particularly damaging attacks in 2021, the US government vowed to crack down on cybercriminals. Since that time, the US and its allies have shut down the dark websites of notorious gangs, indicted ransomware criminals and imposed sanctions on companies that helped to facilitate ransom payments.
Last year, international law enforcement agencies including the US Federal Bureau of Investigation and the UK National Crime Agency announced that they had disrupted LockBit’s operations.
LockBit hackers stole more than $120mn from over 2,000 victims around the world, including schools, government entities and prominent companies such as Boeing Co and Britain’s Royal Mail, according to the US Department of Justice.
While those actions have certainly caused short-term problems for cybercriminals, they often rebrand as another group and start hacking again, experts say.
Ransomware remains a persistent thorn for businesses and organisations across the world. And the scourge is fuelled by a toxic reality: it continues to offer hackers easy profits and relatively low risks.
As ransomware tactics continue to evolve in 2025, enterprises must adopt a multi-layered approach to security, according to experts.
The combined implementation of robust backups, employee training, network segmentation, and AI-powered detection tools provides the most vigorous defence against increasingly targeted attacks.
Most importantly, organisations should recognise that preparation is key.
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