Executives fear new ransomware models in cyberattacks
Cyberattacks is a growing threat, according to a survey comprising around 300 senior executives. The threat of “new ransomware models” was the top concern facing executives in the third quarter of 2021, according to a report from research and marketing firm Gartner shows.
Concerns about ransomware topped pandemic-related concerns, including supply chain disruptions, according to the survey of 294 senior executives across industry and geography.
”The rise of new ransomware models as a top threat to organizations in many ways tracks the growth in popularity of cryptocurrencies that have strengthened the anonymity of attackers, while also providing new models to extort victim organizations”, the report says.
“The negative impact of evolving ransomware attacks is seen as so severe by executives that it tops a notable list of risks related to an ongoing pandemic and the disruption of the global supply chain,” says Gartnet vice president Matt Shinkman.
This was the first time the risk of new ransomware models was mentioned among top five emerging risks. The remaining risks in the top five positions were all related to the pandemic and its implications for work:
- New Ransomware Models
- Post-pandemic Talent
- Endemic Covid-19
- Supply Chain Disruption
- Hybrid Workforce Disparities
The report says that the ransomware model has become more specialized and otherwise efficient, including “ransomware-as-a-service,” and demand for bitcoin payouts, resulting in a proliferation of attacks.
“The technology for the attacks themselves also evolves, with viruses that linger and infect backup systems, do not rely on phishing as a vector, harder-to-identify viruses such as “fileless” and “crypto-jacking” attacks.”
“While new models of ransomware attacks are frightening in their own right, the consequences for organizations are even worse,” says Shinkman.
“Prolonged operational delays, data loss and exposure, as well as the reputational damage that follows, present potential existential risks to an organization that executives are all too well aware of, especially if the attacks occur as a result of inadequate cybersecurity controls.”
Concerns related to talent, global supply chain disruptions, delays to returning to the office and implementation of vaccine mandates were all indicated as prominent risks.
“Managing new working models in an ‘endemic COVID-19’ environment is clearly going to be a more difficult scenario than simply the ‘post-pandemic’ plans, which many executives were relying upon just a few months ago”, Shinkman says.
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