Ransomware has rapidly ascended the ranks of the most notorious malware in 2023, with ransomware-as-a-service now the “weapon of choice” for cybercriminals, OpenText Cybersecurity said in a new report.
While average ransomware payments are up, the percentage of organizations that pay is at an all-time low, the MSSP Alert Top 250 Managed Security Service Provider said. Evidence shows that cyber hijackers are foregoing high volume, lower rewards hits for larger, potentially more lucrative attacks, OpenText Cybersecurity’s report suggested.
"A key finding this year is the RaaS business model is another win for the bad guys," said Muhi Majzoub, OpenText Cybersecurity executive vice president and chief product officer. "Profit sharing and risk mitigation are top contributors to RaaS success along with the ability to easily evade authorities. There is a silver lining as research shows only 29% of businesses pay ransom, an all-time low. These numbers indicate people are taking threats seriously and investing in security to be in a position where they do not need to pay ransom."
Cl0p Named "Nastiest" Malware
Newcomer Cl0p takes the prize for this year's "nastiest" malware of the year so far after commanding exorbitant ransom demands with its MOVEit campaign. Cl0p's efforts helped skyrocket the average ransom payment which is rapidly approaching $750,000. Black Cat, Akira, Royal, Black Basta also debuted on the list, joined by the omnipresent Lockbit.
2023’s Six “Nastiest Malware,” according to OpenText Cybersecurity’s Malware Report:
