In the ever-evolving landscape of ransomware attacks, it is important to recognize the growing sophistication and impact of these attacks. The world’s first ransomware attack, which occurred in 1989, was a mere blip compared to the ransomware attacks of today. However, with the rise of the internet, society’s shift to an interconnected digital world, and the introduction of cryptocurrency, ransomware attacks have reached new levels of complexity and devastation.
According to NCC Group’s Global Threat Intelligence team, there were a record 502 ransomware attacks reported in July 2023 alone. This marked a 16% increase from the previous month and more than double the number of attacks observed in July 2022. Malwarebytes’ “2023 State of Ransomware” report also revealed record totals of ransomware attacks, with 1,900 attacks reported in just four countries – the United States, France, Germany, and the United Kingdom – in one year. The United States accounted for almost half of these attacks.
Moreover, the financial toll of ransomware attacks is also rising. Cybersecurity Ventures predicts that ransomware attacks will cost victims a staggering $265 billion by 2031, a significant increase from the $5 billion paid in ransoms in 2017. However, the impact of ransomware attacks goes beyond monetary losses. Organizations face business downtime, reputational damage, and diminished customer trust. In addition, these attacks have downstream effects, affecting people and systems that were not even the initial targets.
It is worth noting that the actual amount of money companies spend to rescue or recover their systems, including the ransom, is not always publicly disclosed. Moreover, some attacks may not be disclosed at all. This makes quantifying the biggest attacks a challenging task. Nevertheless, TechTarget Editorial has identified the 10 most impactful ransomware attacks to date.
One such attack was the Colonial Pipeline attack that took place on May 7, 2021. The attack on Colonial Pipeline, which owns a pipeline system carrying fuel from Texas to the Southeast of the United States, caused gas supply shortages and impacted everyday Americans. The DarkSide ransomware hackers accessed the company’s systems through a compromised credential for a legacy VPN. In response, the company paid a $4.4 million ransom within hours of the attack. However, the impact lasted for days as the company struggled to fully restore operations. This attack led to emergency declarations by federal and state officials, including President Joe Biden, to ensure fuel could reach the affected region and limit further damages.
Another notable attack occurred in Costa Rica on April 17, 2022. The Conti ransomware gang launched a monthslong attack on Costa Rican government institutions, including the Ministry of Finance, the Ministry of Science, Innovation, Technology and Telecommunications, and the Ministry of Labor and Social Security. The government was forced to shut down multiple systems, resulting in delayed government payments, halted trade, and limited services. Former President Carlos Alvarado refused to pay the purported $10 million fine, and the Conti gang retaliated by leaking almost all the stolen data. It took months before systems were fully restored, and a state of emergency was declared.
The Impresa attack in Portugal, launched by the ransomware group Lapsus$, was one of the most conspicuous ransomware attacks in the world. Portugal’s largest media conglomerate, Impresa, had all its websites, weekly newspaper, and TV channels taken down. The attackers also gained control of the company’s Twitter account and claimed access to its AWS account. Although no ransom demand was made, Lapsus$ threatened to release company data. Portuguese authorities labeled this attack the largest cyber attack in the country’s history.
These examples illustrate the wide-ranging impact of ransomware attacks across various industries and countries. From critical infrastructure like the Colonial Pipeline to government institutions and media conglomerates, no organization is immune to these attacks. It is crucial for organizations to prioritize cybersecurity measures, including regular software updates, employee training, and robust backup systems, to prevent and mitigate the damage caused by ransomware attacks. As the threat of ransomware continues to grow, it is essential to remain vigilant and proactive in the fight against these malicious actors.