Ransomware attacks double across key industries, research reveals

New research by Barracuda Networks, Inc., a leading provider of cloud-first security solutions, reveals a concerning trend in ransomware attacks across key industries. The fifth annual Threat Spotlight report focuses on ransomware attack patterns observed from August 2022 to July 2023.

The study delved into 175 publicly reported successful ransomware attacks worldwide within this period. Among the sectors closely monitored by Barracuda—municipalities, healthcare, and education—the number of reported attacks has doubled compared to the previous year and quadrupled since 2021.

Although infrastructure-related industries experienced fewer ransomware attacks in terms of volume, they still endured over twice the number of attacks as compared to the previous year. The analysis also highlighted a similar escalation in ransomware attacks on software businesses.

Over the past year, Barracuda’s SOC-as-a-service team witnessed various cyber incidents, with ransomware accounting for 27.3% of the total, ranking second only to business email compromise (BEC) at 36.4%.

One particular concern that emerged during the research was the impact of generative AI tactics on ransomware attacks. Cybercriminals are leveraging generative AI capabilities to launch faster and more accurate attacks, heightening the risk for organizations.

Fleming Shi, the CTO at Barracuda, emphasized the alarming upward trend in successful ransomware attacks. He warned that recent advancements in generative AI could further boost the rate and effectiveness of these cyber attacks. Hence, organizations must prioritize the implementation of robust tools to detect, prevent, and recover from such attacks to ensure their resilience against this growing threat.