Traditionally, regular system backups have been one of organizations’ key defenses against ransomware attacks, as they allowed organizations to restore systems quickly, without paying ransom. While regular backups are still a necessary and prudent practice, they no longer provide the protection against ransomware that they once did.
Data breaches in that no files were compromised. Cybercriminals would lock down systems and demand a ransom, usually in Bitcoin, to provide an encryption key.
Ransomware attacks with an extortion component have soared in popularity since they first emerged in late 2019. A recent study by Coveware found that 77% of ransomware attacks involve a threat to leak exfiltrated data. Additionally, cybercriminals are moving away from the “encrypt and exfiltrate” model and towards “exfiltrate and extort.” Prolific ransomware group REvil recently stole data and schematics for unreleased Apple products, then vowed to sell it if they didn’t receive a $50 million ransom.
