According to Orange Cyberdefense, cyber extortion attacks have become an increasingly present threat for businesses worldwide, across different industries and of all sizes. A report from the organization shows that, while the number of cyber extortion victims decreased in 2022 by 8%, the trend was short-lived because the largest number of victims to date was seen in Q1 2023. Cyber extortion is when hackers attempt to obtain money or other assets using cyberattacks such as ransomware and DDoS attacks.
Orange Cyberdefense’s findings indicate that the number of victims varies significantly in different countries and industries. The geographical distribution of cyber extortion attacks has shifted with an increase of 42% year on year in Southeast Asia, while regions such as North America and Europe have seen a decrease in victims. Previously, opportunistic attacks were more common, but this trend is changing as bigger western countries respond actively to the threat, and cyber crooks are forced to seek out new hunting grounds.
The ongoing war in Ukraine has also disrupted the cyber extortion ecosystem, slowing down activities and causing threat actors to regroup before continuing their attacks. Geopolitical tensions resulting from the war have seen many countries shifting their alliances, creating expectations that cyber extortion patterns would follow suite. However, Orange Cyberdefense’s findings show that non-NATO countries from regions such as Latin America and Southeast Asia saw an uptick in victim numbers instead.
While in 2022, manufacturing was the most impacted industry, educational centers suffered the most in 2022, with an increase of 41% with Vice Society group leading the way. Orange Cyberdefense indicates that law enforcement agencies and governments worldwide are increasingly disrupting the cyber extortion ecosystem through arrests, infrastructure takedowns, money seizures, international sanctions, development of decryptors for victims and ‘hack back’ activities.
“Whilst 2022 witnessed a slowdown in the growth of attacks, we can see from Q1 that it’s not the time to become complacent. Our research shows that industry and government collaboration is the key to driving down malicious cyber activity, as cyber extortion is not a problem that businesses can solve on their own,” said Hugues Foulon, CEO at Orange Cyberdefense.
Orange Cyberdefense highlights the need for better collaboration between the public and private sectors to demonstrate a united front in combating this type of crime. Cyber extortion attacks are not projected to stop anytime soon, and it will take a multifaceted approach to curb the tide of such attacks. By working together, governments, businesses, law enforcement agencies, and cybersecurity providers can keep sharing information about threats and attacks, make cyber defense more robust, and successfully fight back against cyber extortion threats.