Ransomware attacks on the rise again: Report

There was a notable uptick in ransomware incidents in February and March after a period of relative stagnation in 2022, according to a report released Wednesday.

Black Kite Research tallied 410 organizations that were ransomware victims in March 2023, compared with 208 in April 2022. The Boston-based cybersecurity ratings service based its report on an analysis of 2,708 victims between April 1, 2022, and March 31, 2023.

The report said various external factors contributed to a decrease in last year’s attack frequency, including international sanctions in response to Russia’s Ukraine invasion, which hindered ransom money movement.

In February and March of this year, however, new ransomware groups emerged while there were mass ransomware attacks executed by major players, the Ransomware Threat Landscape Report said.

The analysis found manufacturing and professional, scientific and technical services organizations were the hardest hit, together comprising nearly 35% of all ransomware victims.

Educational services, retail trade and health care and social assistance organizations comprised about 17% of ransomware victims.

Black Kite said its analysis indicates that educational services, wholesale management and remediation services are emerging as trending industries for ransomware attacks.

The report said ransomware groups often target companies with annual revenue of around $50 million to $60 million “as they may have the financial resources to pay ransomware but potentially lack larger corporations’ robust security measures.”

The study said the U.S. is the top targeted country, accounting for 43% of all victim organizations.