Summary:
The ReliaQuest report stated that in the last quarter of 2024, ransomware had grown excessively, with 2024 showing a record high in victim counts of all months in December. This breakout of ransomware attacks resulted from the rapid expansion of threat actor ecosystems that allowed more ransomware groups to proliferate and exploit vulnerabilities inherent to critical systems. Key highlights included the rise of "LockBit," exploitation of CVE-2024-40766 by "Akira," and the meteoric rise of "BlackLock."

The report said the ransomware ecosystem grew tremendously with around a hundred active groups in 2024, up from 60 in 2022. These attacks are more profitable, persuading threat actors to gradually turn from large, under heavy scrutinization groups to smaller, decentralized operations. When competing with one another for victim ransom, it drove these groups to better attacks and larger demands for ransom, amplifying the risks to which every organization across each sector is exposed.

In addition to group-level trends, the report delivered insights into methods of targeting. "Scattered Spider" lured teams into an internal meeting by spoofing the domain of their communications tool and posing as the leading senior management team. The group, which has been tied to "RansomHub," has shown outstanding agility, even in light of law enforcement's pursuit to arrest its behind-the-scene members.

The predictions of ReliaQuest, in light of reports on the emergence of ransomware, are going to see groups moving to massive artificial intelligence and large language models from traditional, usable methods such as writing phishing emails and identifying zero days. These developments would escalate the level of sophistication in ransomware operations, requiring organizations to respond with security solutions equally sophisticated and adaptive, (ReliaQuest, 2025)."

Security Officer Comments:
The data reveals a troubling trend in the ransomware landscape, where smaller, decentralized groups and advanced technologies are changing the nature of threats. Key factors driving these changes include the availability of leaked ransomware source codes, which make it easier for new groups to enter the scene, and the financial temptation of ransom payments, which reached a median of $1.5 million in 2024. These elements highlight the necessity for organizations to focus on proactive threat hunting, conduct regular vulnerability assessments, and adopt intelligence-driven cybersecurity strategies.

Furthermore, the report emphasizes the impact of human error in facilitating attacks, with groups like "Scattered Spider" taking advantage of weak authentication practices and social engineering vulnerabilities. This underscores the critical need for cybersecurity training and the adoption of phishing-resistant multi-factor authentication (MFA) methods to reduce risks.

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://www.reliaquest.com/blog/ransomware-and-cyber-extortion-in-q4-2024/