Summary:
In the first half of 2024, ransomware activity continued to surge, with 75 active ransomware groups and 2,260 organizations falling victim—marking a 24.5% increase compared to H1 2023. LockBit's resurgence in May, following Operation CRONOS, was a significant contributor to this spike. Large enterprises saw a decline in victimization, while sectors like manufacturing, construction, and hospitality experienced notable increases. New ransomware groups emerged at a higher rate, with 51 new groups appearing in H1 2024, many leveraging existing ransomware source codes. Tactics like double extortion, exploitation of unpatched vulnerabilities, and recruitment through RaaS platforms such as Telegram and dark web forums became prominent. The report also highlights regional shifts in attacks, with the United States being the most targeted nation, while countries like Turkey saw a decrease in incidents.

Security Officer Comments:
Ransomware continues to evolve both in scope and sophistication. While large enterprises were historically the primary targets, the recent trend suggests a broader focus, with small businesses (SMBs) and critical infrastructure becoming increasingly vulnerable. The rise in recruitment and affiliate activity signals the growing Ransomware-as-a-Service (RaaS) model, making it easier for low-skill actors to launch attacks. The use of leaked ransomware source code and the deployment of advanced techniques like "living off the land" highlight the technical sophistication of these criminal organizations. The combination of data encryption, double extortion, and the rise of ransomware leak sites indicates a shift towards more comprehensive extortion strategies, where the ransom is just part of the pressure applied on victims.

Suggested Corrections:
Backup your data, system images, and configurations, regularly test them, and keep the backups offline: Ensure that backups are regularly tested and that they are not connected to the business network, as many ransomware variants try to find and encrypt or delete accessible backups. Maintaining current backups offline is critical because if your network data is encrypted with ransomware, your organization can restore systems.

Update and patch systems promptly: This includes maintaining the security of operating systems, applications, and firmware in a timely manner. Consider using a centralized patch management system; use a risk-based assessment strategy to drive your patch management program.

Test your incident response plan: There's nothing that shows the gaps in plans more than testing them. Run through some core questions and use those to build an incident response plan: Are you able to sustain business operations without access to certain systems? For how long? Would you turn off your manufacturing operations if business systems such as billing were offline?

Check Your Security Team's Work: Use a 3rd party pen tester to test the security of your systems and your ability to defend against a sophisticated attack. Many ransomware criminals are aggressive and sophisticated and will find the equivalent of unlocked doors.

Segment your networks: There's been a recent shift in ransomware attacks – from stealing data to disrupting operations. It's critically important that your corporate business functions and manufacturing/production operations are separated and that you carefully filter and limit internet access to operational networks, identify links between these networks, and develop workarounds or manual controls to ensure ICS networks can be isolated and continue operating if your corporate network is compromised. Regularly test contingency plans such as manual controls so that safety-critical functions can be maintained during a cyber incident.

Train employees: Email remains the most vulnerable attack vector for organizations. Users should be trained on how to avoid and spot phishing emails. Multi-factor authentication can help prevent malicious access to sensitive services.

Link(s):
https://medium.com/s2wblog/ransomware-landscape-in-h1-2024-statistics-and-key-issues-b7502d9f4068