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On September 20, 2024
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Mandiant Threat Intelligence: Key in fighting ransomware - SiliconANGLE
Mandiant Threat Intelligence offers solutions as ransomware reshapes global cybersecurity Ransomware has quickly grown into a multi-billion-dollar industry, forcing a shift in how cybersecurity is approached, including the development of solutions such as Mandiant Threat Intelligence. In the last five years, as profits for cybercriminals have soared, their operations have become more sophisticated, drawing more players into this expanding threat landscape, according to Brett Callow (pictured), managing director at FTI Consulting Inc. "In 2019, the average ransom demand was 5,000 bucks and small businesses and home users were most victims. Today, it's become a multi-billion dollar industry," Callow said. "We see huge multinationals effectively being totally knocked offline. We see healthcare systems, entire healthcare systems of multiple hospitals being knocked offline. So ransomware now has morphed from being a small-scale operation to something that does put lives at risk." Callow spoke with theCUBE Research's John Furrier and Savannah Peterson at mWISE 2024, during an exclusive broadcast on theCUBE, SiliconANGLE Media's livestreaming studio. They discussed the rise of ransomware, its increasing profitability and the challenges in accurately assessing and combating ransomware threats. (* Disclosure below.) Ransomware incidents have become more frequent and severe, according to Callow. This escalation is pushing organizations to pursue both preventive measures and post-attack support. "For example, an insurer saw a 15% increase in the frequency of incidents from '22 to '23," he said. "I think 28% increase in the severity of incident. And by severity I mean the amount of disruption and the amount of [ransom]." The current threat of AI in cybersecurity is overhyped and not particularly alarming at this time. Significant progress is needed in combating ransomware by increasing risks for cybercriminals and disrupting their funding, though current efforts remain insufficient, Callow concluded. "To combat ransomware, you need to either increase the risk to the cyber criminals, or decrease the rewards, or do both," he said. "So we need to find more ways to actually get hands on those who are responsible to arrest more people, to interrupt and disrupt the flow of funds. And we need to do far more of that than we have done. Thankfully things are changing to a degree." Here's the complete video interview, part of SiliconANGLE's and theCUBE Research's coverage of mWISE 2024:
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Ransomware attacks: Rising threats and increasing demands - SiliconANGLE
Ransomware attacks surge with skyrocketing ransom demands and executive threats Ransomware attacks have seen dramatic changes over the past few years. Once considered a mere nuisance, they now pose a potentially devastating threat to organizations of all sizes. Back in 2019, ransomware attacks were just ramping up, focusing on infecting single machines. However, by 2020 and 2021, ransomware became more aggressive, with attacks targeting entire organizations and leading to more widespread damage, according to Kimberly Goody (pictured), head of cyber crime analysis at Google LLC. By 2023, an alarming new trend emerged: although fewer organizations paid ransoms, the median ransom payment skyrocketed from $200,000 to $1.5 million, a shocking seven-fold increase. "I think one of the things that contributes to [the rise in ransom payments] is not just the data leak threat, but also the size of the organizations being targeted," Goody said. "We had a report just a couple of months ago of this $75 million ransom payment, which to me, that's enormous. That's a lot of money." Goody spoke with theCUBE Research's John Furrier and Savannah Peterson at mWISE 2024 during an exclusive broadcast on theCUBE, SiliconANGLE Media's livestreaming studio. They discussed the latest ransomware stats and trends, including increasingly aggressive extortion attempts, and how organizations can more effectively prepare for and respond to the threat. (* Disclosure below.) Ransomware attacks have evolved from data breaches and financial theft to more personal threats, targeting executives and their families. These attacks can involve attempts to intimidate executives by publicizing personal information or threatening their loved ones. This willingness to apply psychological pressure represents an escalation in how threat actors operate. "We definitely have a few threat actors that we track that ... we expect to go above and beyond on the personal attacks or the personal threats," Goody said. "And that might look like contacting the executive's family members ... and be like, 'Hey, you need to tell your spouse, tell your dad that they need to pay this ransom.' We've also seen cases where a threat actor will make it known to a victim that they know where an executive lives." While these threats haven't yet resulted in physical violence, it's a worrying trend, according to Goody. These techniques reflect a next-level, aggressive threat of harassment. "It's something that people should be aware of," she noted. Goody added that organizations must consider both digital and physical security in their response plans. Organizations and law enforcement have stepped up their game in fighting ransomware. A multifaceted approach combining strategic interventions, technological defenses and law enforcement efforts is proving to be helpful, according to Goody. These efforts have led to 14 disruptions by law enforcement in ransomware operations this year. "LockBit is a great example of activity that occurred this year where they didn't just target the infrastructure or the payments, they also did some initiatives to sow distrust between the threat actors that were running that service and the affiliates," she said. "I think taking that big, multifaceted approach to disruption is really important, and we're seeing some wins there." Another promising area is using artificial intelligence to enhance cybersecurity defenses. AI is helping organizations scale their threat detection efforts, allowing them to identify and address vulnerabilities more efficiently, according to Goody. "I think looking at AI and how that might be able to help us scale our operations and what we're able to cover," she said. "To be honest, we're expected to cover everything ... and it's impossible to cover everything. Anything that can help us in the way of scale is awesome, and I love to see the innovations that we're having internally in that direction." Here's the complete video interview, part of SiliconANGLE's and theCUBE Research's coverage of mWISE 2024:
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Mandiant introduces a cutting-edge threat intelligence platform as ransomware attacks continue to surge globally. The cybersecurity landscape faces new challenges with evolving attack methods and increasing financial demands from cybercriminals.
In a significant development for the cybersecurity industry, Mandiant, a renowned leader in threat intelligence, has unveiled its latest platform designed to combat evolving cyber threats. The announcement comes at a critical time when organizations worldwide are grappling with increasingly sophisticated attack vectors 1.
The new platform leverages advanced artificial intelligence and machine learning algorithms to provide real-time threat detection and analysis. It offers enhanced capabilities for identifying emerging threats, tracking threat actor behaviors, and providing actionable intelligence to security teams. This innovation is expected to revolutionize how businesses approach cybersecurity, enabling them to stay one step ahead of potential attackers.
Concurrent with Mandiant's announcement, the cybersecurity community has reported a alarming surge in ransomware attacks across various sectors 2. These attacks have become increasingly sophisticated, targeting not only large corporations but also small and medium-sized businesses, government agencies, and critical infrastructure.
The latest wave of ransomware attacks has been characterized by:
The rise in ransomware attacks has had far-reaching consequences for businesses worldwide. Many organizations have reported significant financial losses, operational disruptions, and reputational damage. The healthcare and education sectors have been particularly hard hit, with several hospitals and universities forced to temporarily shut down critical systems.
In response to this growing threat, cybersecurity experts are emphasizing the need for a multi-layered approach to security. This includes:
Mandiant's new threat intelligence platform is poised to play a crucial role in the fight against ransomware. By providing detailed insights into threat actor tactics, techniques, and procedures (TTPs), the platform enables organizations to better prepare for and respond to potential attacks.
Key features of the platform include:
As the cybersecurity landscape continues to evolve, the importance of advanced threat intelligence cannot be overstated. With Mandiant's new platform and increased awareness of ransomware threats, organizations are better equipped to defend against the ever-growing spectrum of cyber risks in today's digital world.
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As cyber threats evolve, AI emerges as a game-changer in cybersecurity. Industry leaders discuss the integration of AI in security strategies, emphasizing its role in enhancing cyber resilience and addressing the challenges of the digital age.
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Recent reports reveal a significant increase in ransomware attack costs, with government agencies bearing the brunt of these escalating expenses. The trend highlights growing cybersecurity concerns across various sectors.
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AI is transforming network security, as highlighted at Black Hat USA 2024. Experts discuss the potential of AI in threat detection and response, while also addressing concerns about AI-powered attacks.
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Acronis' latest cybersecurity report reveals a staggering 293% increase in email attacks and highlights the growing threat of AI-powered cyberattacks. The report emphasizes the need for enhanced cybersecurity measures in an evolving threat landscape.
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As cyber threats continue to evolve, businesses are adopting multilayered defense strategies to enhance operational resilience. The Clearing House CISO emphasizes the importance of proactive security measures in the face of inevitable cyberthreats.
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