Fighting Back With New Strategies

While ransomware tactics grow more advanced, so do the methods to detect, prevent, and recover from these attacks. In 2024, the focus of ransomware innovation has shifted toward resilience, collaboration, and advanced technologies to combat this persistent menace.

The Evolution of Ransomware Threats

Ransomware attacks have expanded beyond simple encryption-based schemes to encompass multi-faceted extortion. Criminals now engage in “ransomware as a service,” an emerging component of the gig economy that allows even low-skilled attackers to execute high-level ransomware campaigns using leased tools. This model has increased the accessibility of cybercrime, increasing the volume and frequency of attacks.

Of note, software security company Semperis found that nearly 90% of companies that experienced a ransomware attack in 2024 were targeted on a weekend or holiday, and more than 80% of organizations reduced security operations center staffing by as much as 50%.

These attacks not only freeze critical systems but also extract sensitive data, leveraging threats of public exposure as an additional form of coercion. “The ransomware business model continues to evolve, with tactics like double extortion and repeated attacks on the same victim becoming common,” Bryan Vorndran, Assistant Director of the FBI Cyber Division​, told Forbes.

The Role of Advanced Analytics in Ransomware Innovation

The fight against ransomware has seen significant advancements in predictive analytics and risk modeling to identify vulnerabilities and simulate potential attack scenarios. John Frazzini is the founder and CEO of cyber risk management software company X-Analytics and a former U.S. Secret Service agent specializing in international cybercrime. Frazzini explained to Forbes, “Our analytics identify where an organization is most likely to experience attacks and how to mitigate exposure effectively.” These tools allow companies to simulate potential attack scenarios, allocate resources to where they are most needed​, and represent a shift toward proactive cybersecurity.

Strengthening Basic Defenses

Ransomware innovation does not replace fundamental cybersecurity measures, which cannot be overstated. Vorndran emphasized, “Doing the basics well – in a repeatable fashion – is the most important thing an organization can do.” This includes adopting multifactor authentication, conducting regular vulnerability scans, and maintaining secure backups​.

Mickey Bresman, CEO of Semperis, advocates for testing disaster recovery plans rigorously and regularly. “Companies must understand how recovery will play out in real-time to present a credible alternative to paying ransom,” he told Forbes.

After An Attack

Cyber insurance has emerged as a significant ransomware protection component, but it is transforming. Historically, many insurance policies covered ransom payments, indirectly fueling the ransomware economy. However, insurers increasingly refuse to pay ransoms, prompting companies to invest in resilience. “Many companies do not buy cyber insurance or file claims,” Frazzini said. This shift encourages organizations to develop robust defense mechanisms.

Recovering from ransomware remains one of the most challenging aspects of an attack. In its 2024 Ransomware Risk Report, Semperis reported that 49% of survey respondents needed one to seven days to restore minimal IT functionality, while 12% took even longer.

Collaboration Between Public and Private Sectors

The fight against ransomware requires collective action. Chris Inglis, who previously served as U.S. National Cyber Director and National Security Agency Deputy Director ,highlighted the importance of cooperation between government agencies and private companies. “The private sector is on the front lines, and the government needs to deploy its resources and authorities to support them,” said Inglis. He called for better information sharing, noting, “People often overestimate what information the government holds and underestimate what the private sector knows. Collaboration is essential.”

In support of public-private collaboration, the FBI has distributed over 1,000 decryption tools in the past two years, saving organizations an estimated $800 million. These tools demonstrate the power of collaboration between law enforcement and the private sector in reducing the impact of ransomware​.

Ransomware Innovation Path Forward

While the ransomware landscape remains challenging, ransomware innovations show promise. From predictive analytics to changes in insurance practices and enhanced recovery tools, organizations are better equipped than ever to combat this evolving threat. However, true resilience requires an integrated approach. Businesses must combine advanced technology, robust cybersecurity practices, and strategic collaboration to mitigate risks effectively.

As Vorndran aptly stated, “Ransomware actors continue to evolve, but so must our defenses. The basics, combined with innovation, are the foundation of a strong defense.” With the right strategies and ransomware innovation, businesses can minimize the impact of ransomware and safeguard their operations against future threats.

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