Introduction
Ransomware attacks affect 66% of organizations, no matter the size. The average fee demanded exceeded $2.5B in 2024. The danger only grows as AI advances and threat actors use cutting-edge technology to generate ransomware code faster, and execute it more efficiently.
How did all of this start? Let’s dive into where this malware threat began, the current state of ransomware, and what we can expect to see from the cyber-threat landscape in the coming years.
The Birth of Ransomware
Although similar attacks have proliferated since the 80s, the first agreed upon case of modern ransomware occurred in 2013. Known as Cryptolocker, this was the first known ransomware attack that employed strong encryption to lock away victims’ data until they paid the fee. Now, that’s the common understanding of a ransomware attack. At the time, it was revolutionary.
A coordinated international effort known as Operation Tovar eventually took down CryptoLocker in late May 2014. They targeted the botnet infrastructure used to distribute the ransomware to eventually shut it down. During the operation, security experts also obtained their database of private keys, thereby allowing all the victims to recover their files without paying the ransom.
Now, over a decade since the first iteration of modern ransomware attacked systems, the malware has grown a lot more complicated.
The Current Threat
Today’s version uses more advanced encryption methods and often combines encryption with data theft. Most also use double extortion, where they threaten to publish stolen data if the ransom isn’t paid.
Now, threat actors often use triple extortion tactics. They threaten to increase the extent of the damage by shutting down your service site with a DDOS attack, or going after client and partner systems as added incentive to pay millions in ransom.
The way threat actors acquire and deploy ransomware is changing too. AI accomplishes hours of manual coding into minutes.
On the dark web, meanwhile, profit incentivizes innovation just like in the real world. Bad actors can buy ransomware-as-a-service (RaaS), also called ransomware kits. These bundles of code include instructions on how to execute it and even upgrades for a fee. Alternatively, some RaaS come as a subscription service, including updates and 24/7 tech support just like legitimate services.
The Future of Ransomware
Just as it has evolved significantly since its discovery, we can expect ransomware in the 2030s to look much different than it does now.
Artificial intelligence will continue to propel all malware forward, in ways we cannot yet conceptualize. RaaS kits will grow and flourish, allowing less-skilled threat actors to perpetuate bigger and more sophisticated attacks. Attacks on critical infrastructure will likely increase, given the potential for high impact and large ransom payouts.
At the same time, organizations and technology experts will rise to meet the occasion. We will adopt more advanced cybersecurity measures, including AI-driven threat detection and response systems. By keeping ahead of evolving threats, we will ALL remain better protected.
Conclusion
While early versions of the threat primarily targeted individuals, modern ransomware attacks often go after organizations and supply chain vendors, including businesses, healthcare providers, and government agencies.
The amounts demanded have also increased dramatically, averaging over $2.5 million in 2024. New variants and groups emerge regularly, and high-profile attacks have targeted critical infrastructure, government institutions, and supply chains all over the globe.
Yet as this threat changes, so do our defenses against it. Training on how to report and respond to ransomware, including why it’s so critical not to pay the fee, remains paramount. End-to-end encryption for confidential communications, best practices on data privacy, and security awareness trainings are all great ways to protect against ransomware!
While the specifics of ransomware may change, the basics remain the same. We must protect our PII with best practices and awareness.
Stay protected against evolving cyber-threats against your systems!
The post Ransomware: Past, Present and Future appeared first on .
