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

New fourth-annual research report analyses ransomware attack patterns that occurred between August 2021 and July 2022

Highlights:  

  • In the past 12 months, Barracuda researchers identified and analysed 106 highly publicised ransomware attacks and found the dominant targets are still five key industries: education, municipalities, healthcare, infrastructure, and financial.
  • Researchers also saw a spike in the number of service providers that have been hit with a ransomware attack.
  • The volume of ransomware threats detected spiked between January and June of this year to more than 1.2 million per month.

Barracuda, a trusted partner and leading provider of cloud-first security solutions, today 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.  

Read the full Threat Spotlight blog post: https://blog.barracuda.com/2022/08/24/threat-spotlight-the-untold-stories-of-ransomware/   

A closer look at ransomware trends  

For the 106 highly publicised attacks our researchers analysed, the dominant targets are still five key industries: education (15%), municipalities (12%), healthcare (12%), infrastructure (8%), and financial (6%):

  • ·       The number of ransomware attacks increased year-over-year across each of these five industry verticals, and attacks against other industries more than doubled compared to last year’s report.
  • ·       While attacks on municipalities increased only slightly, Barracuda 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.
  • ·       This year, Barracuda researchers dug in deeper on these highly publicised attacks to see which other industries are starting to be targeted. Service providers were hit the most, and ransomware attacks on automobile, hospitality, media, retail, software, and technology organisations all increased as well.

Most ransomware attacks don’t make headlines, though. Many victims choose not to disclose when they get hit, and the attacks are often sophisticated and extremely hard to handle for small businesses. To get a closer look at how ransomware is affecting smaller businesses, the report details three examples that researchers have seen through Barracuda SOC-as-a-Service, the anatomy of each attack, and the solutions that can help stop these attacks.

“As ransomware and other cyberthreats continue to evolve, the need for adequate security solutions has never been greater,” said Fleming Shi, CTO at Barracuda. “Many cybercriminals target small businesses in an attempt 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. Additionally, sophisticated security technologies should be available as services, so that 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.”

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About the Author: Michael O'Sullivan