The Ransomware Epidemic: Recent Cybersecurity Incidents Demystified

Abstract

The pervasive threat of ransomware poses a significant risk to businesses across various scales as cybercriminals continue to exploit vulnerabilities causing severe disruptions and demanding substantial ransom payments. This review conducts a comprehensive literature review delving into recent ransomware attacks to analyze key aspects, including the targeted organizations, attack vectors, threat actors, propagation mechanisms, and the resulting business impact. The study goes beyond a surface examination by exploring the evolving nature of ransomware attacks, encompassing different types, attack vectors, and emerging tactics, such as double extortion, where cybercriminals not only encrypt data but also exfiltrate and threaten to release it publicly unless a ransom is paid. High-profile incidents, including those involving SickKids Hospital, Royal Mail, Dish Network, Five Guys, and ION are scrutinized to glean insights into the intricacies of these attacks. The review also evaluates the effectiveness of existing ransomware defenses and proposes potential strategies for organizations to counteract, identify, and manage ransomware incidents. The findings underscore the critical need for organizations to comprehend the evolving ransomware landscape and implement robust cybersecurity measures to protect both internal and external stakeholders. As ransomware continues to evolve in complexity, this study provides valuable insights emphasizing the importance of proactive defenses to mitigate the risks posed by this growing threat.