Managed IT Services for Seamless Business Operations

According to the FBI's Internet Crime Report 2023, losses to cybercriminals across the globe have grown year-over-year since 2019. On average, we see reported costs from ransomware and data loss range from mid six-figures and up.

A recent IBM Study found that the average time to detect and contain a data breach due to compromised credentials was 287 days (212 to detect and 75 days to contain).

Email-based approaches were identified as a root cause of 34% of attacks in Sophos' The State of Ransomware 2024 report. Twice as many of these incidents were found to have started via a malicious email (a message with a malicious link, or attachment) as were found to have started via phishing (a message designed to trick recipients into revealing information). Though, phishing is often used to steal credentials and can be considered the first step in a compromised credentials attack.

According to Sophos' findings in their The State of Ransomware 2024 report, 94% of organizations that were hit by ransomware in the past year said that cybercriminals attempted to compromise their backups during the attack. In the state/local government and the media/leisure/entertainment sectors, this level rose to 99% of attacks.

As mentioned in Chainalysis' Ransomware 2024 post, the "big game hunting" strategy (carrying out fewer attacks, but collecting large payments with each attack) has become the dominant strategy over the last few years. Chainalysis tracked larger and larger percentages of ransomware payment volume being made up of payments of $1,000,000 or more.