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Ransomware was the big cybersecurity problem of 2021, and the risks posed by this malicious code are likely to persist through 2022 (and possibly beyond).
According to Mihir Shah, CEO, StorCentric, Cyber criminals and ransomware evolve by only hitting individual organizations or individuals, he says Digital journal. This means expanding the reach of cybercriminals using ransomware to target managed service providers (MSPs).
There is a risk here that hackers could target several organizations at once (e Kaseya ransomware attack the REvil group). The REvil attack on enterprise software company Kaseya occurred in July 2021.
In June, the US FBI said REvil was behind it the massive cyberattack that paralyzed the operations of JBS, the world’s largest meat supplier.
REvil (Ransomware Evil or Sodinokibi) is a Russia-based or Russian-speaking private ransomware-as-a-service (RaaS) company. The group all the time evolves to thwart attempts to be closed by national and supranational authorities.
In 2021, many companies recognized the need to protect themselves against a ransomware-related class action lawsuit: and began preparing for a worst-case scenario. Organizations also increased their focus on privacy, particularly personal non-definable information, and their ability to demonstrate that every possible precaution was in place to prevent and recover from an attack
However, 2022 will be just as challenging. There were 640 million ransomware attack attempts at the end of September 2021, and an overall forecast of approximately 890 million attempts is projected by the end of 2021. For 2022, the predictions are much higher, probably over a billion attacks.
The industry insider also notes that cyber insurance has become more and more critical: and no longer just for large companies. Small and medium-sized businesses invested, many for the first time. However, confusion and frustration persists about what it does and what it doesn’t.
This means that the insurance sector will continue to reform and change over the course of the new year.
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