What are the key cyberthreats that demand the most attention from businesses in 2023 among the myriad options available?
That’s the question we aimed to address in this year’s State of Malware report, and the findings might surprise you. To fully comprehend why, it’s important to understand what sets this year’s report apart from previous ones.
Undoubtedly, the most critical cybersecurity challenge that businesses have faced over the past five years has shifted from battling email-borne malware to countering seasoned cybercriminals armed with Ransomware-as-a-Service (RaaS).
Before we move further, Malware, short for “malicious software,” can compromise a system by performing an unauthorized function or process. Malicious cyber actors often use malware to covertly compromise and then gain access to a computer or mobile device. Some examples of malware include viruses, worms, Trojans, ransomware, spyware, and rootkits.
RaaS assaults can be extremely severe, resulting in entire organizations being brought to a standstill, exorbitant ransoms, and months of dedicated effort to recover from. They represent a serious threat to businesses.
At the top of our list of the most hazardous threats facing businesses is LockBit, which is the most severe. LockBit’s biggest known ransom demand in 2022 was $50 million, although multiple sources have reported even higher demands.
LockBit has targeted businesses of all sizes, from small law firms with only a few employees to large multinational corporations. LockBit was by far the most widely utilized RaaS in 2022, accounting for almost one-third of all known RaaS attacks and more than three times as many as its closest competitor, ALPHV.
Here is 5 most dangerous malware we face in 2023
LockBit is a type of ransomware that is commonly used in Ransomware-as-a-Service (RaaS) attacks. This means that cybercriminals can purchase and use LockBit to target victims, even if they don’t have the technical skills to create and deploy ransomware themselves.
When LockBit infects a computer or network, it encrypts the victim’s files and demands a ransom in exchange for the decryption key. LockBit is known for using strong encryption methods, which can make it difficult for victims to recover their files without paying the ransom.
LockBit is also known for being highly adaptable, with new variants and tactics being developed and used by cybercriminals on a regular basis. In 2022, LockBit was the most widely used RaaS, accounting for nearly one-third of all known RaaS attacks.
Some of the most notable LockBit attacks in recent years have included ransom demands in the tens of millions of dollars. Victims have included businesses of all sizes, from small law firms to large multinational corporations.
Read more about our report Top Malware in 2022 here