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Barracuda report reveals spike in ransomware to more than 1.2 million per month

The Financial Express logo The Financial Express 25-08-2022 Mausam Jha
ervice providers were hit the most, and ransomware attacks on an automobile, hospitality, media, retail, software, and technology organisations all increased as well. © Provided by The Financial Express ervice providers were hit the most, and ransomware attacks on an automobile, hospitality, media, retail, software, and technology organisations all increased as well.

Barracuda, a provider of cloud-first security solutions, has released its fourth-annual threat research report on ransomware. The new report looks at ransomware attack patterns that occurred between August 2021 and July 2022.  

Barracuda report informed that there is a spike in ransomware to more than 1.2 million per month. For the 106 highly publicised attacks analysed by the researchers, the dominant targets are still five key industries: education (15%), municipalities (12%), healthcare (12%), infrastructure (8%), and financial (6%), the company informed.

“Ransomware attackers remain defiant and continue to operate their business with extended extortion attempts. As ransomware and other cyber threats continue to evolve, the need for adequate security solutions has never been greater. Many cybercriminals target small businesses to gain access to larger organisations. As a result, it is essential for security providers to create products that are easy to use and implement, regardless of a company’s size,” Parag Khurana, Country Manager, Barracuda Networks India, said.

Barracuda’s analysis over the past 12 months showed that ransomware attacks on educational institutions more than doubled, and attacks on the healthcare and financial verticals tripled. Service providers were hit the most, and ransomware attacks on an automobile, hospitality, media, retail, software, and technology organisations all increased as well.

“Sophisticated security technologies should be available as services, so businesses of all sizes can protect themselves against these ever-changing threats. By making security solutions more accessible and user-friendly, the entire industry can help to better defend against ransomware and other cyberattacks,” Khurana added.

Organisations should also secure their web applications from malicious hackers and bad bots by enabling web application and API protection services, including distributed denial of service (DDoS) protection. 

Also Read: Avalanche proposes way to cut down impermanent loss in decentralised finance

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