Ransomware attacks in 2024: the most affected companies

What is a ransomware attack?

A ransomware attack is when a hacker uses malicious software to lock a person’s files.

The attacker then demands money in exchange for the key to unlock the files. These attacks are generally carried out to extort money or to cause problems for a company.

Number and frequency of ransomware attacks

In 2023, almost half of companies reported having been the victim of at least one ransomware attack, which is higher than the previous year.

On average, the companies affected suffered two attacks a year, which shows how important it is to prepare for several incidents.

Impact on small and medium-sized businesses

SMEs (small and medium-sized enterprises) and mid-market companies are often more exposed to ransomware attacks because of their limited means to protect themselves effectively.

Around 60% of these attacks target such companies, taking advantage of the weaknesses in their less secure IT systems.

The consequences of attacks

Ransomware attacks can cause:

• Services become unavailable because important data is encrypted, which blocks access to online services and halts operations.
• When a company is hacked, the attackers generally demand sums ranging from €50,000 to €2 million to hand back the data. However, there is no guarantee that the data will actually be recovered.
• A successful attack can damage a company’s reputation and cause it to lose the trust of its customers and partners.
• Around a quarter of companies that suffer a major attack risk going bankrupt within the following six months.

Understanding ransomware attacks

Ransomware attacks use malicious software to encrypt a company’s data. The attackers then demand money in exchange for the key to decrypt the data. It is a bit like someone locking a safe and holding the key.

Different types of ransomware attacks:

• Crypto ransomware encrypts the user’s files, making them inaccessible until the ransom is paid.
• Locker ransomware blocks access to the whole system or to certain applications without encrypting the files.
• Double Extortion ransomware encrypts the files and threatens to make them public if the ransom is not paid.
• Mobile ransomware targets smartphones and tablets by blocking access or encrypting data.

Purpose of ransomware attacks
Ransomware attacks seek to obtain money, driven by a variety of motivations.

• Money is the main motivation behind ransom demands, which can range from a few thousand to several million euros.
• Sabotage: harming someone out of revenge or to gain an unfair advantage.
• Hacktivism: protesting against a company or an organisation, especially one with controversial activities.
• Cyberwarfare consists in weakening the IT systems of an enemy country or of an important company.

Ways to protect yourself from cyberattacks

SMEs and mid-market companies must take steps to protect themselves against cyberattacks.

Data backup and restoration services

• Make regular backups: back up important information often and offline.
• Backup plan: draw up recovery plans for your data and check them regularly.

Training and awareness

• Employee awareness: teach employees how to spot phishing attempts and other types of attacks.
• Run attack simulation exercises regularly to train teams to react effectively.

Protecting the network

• Firewalls and intrusion prevention systems (IPS) are used to detect and stop attempts to get into the network.
• To limit attackers’ movements, internal networks should be divided into segments.
• It is important to update systems and software regularly with the latest security patches.

Key takeaways

Ransomware attacks are becoming ever more dangerous for SMEs (small and medium-sized enterprises).

By taking appropriate security measures, these companies can protect themselves against cyberattacks and reduce the damage caused.

There are cybersecurity experts, such as Cyna, who help these companies put security measures in place to anticipate potential attacks.