November 2023 Special Focus: The Ticking Time Bomb: Taking a Glimpse at the Next Ransomware Evolution
The emergence and widespread adoption of AI technology so far certainly has proven to be beneficial for the world, providing the much-needed edge to make a technological leap. However, the benefit is not without dangers. The changes brought about by technology also affected and adopted by the less savoury side of the world; giving rise to far more sophisticated and evolved cyber threats.
Ransomware in particular, a type of malware designed to block access to computers and extort a sum of money from a user, has evolved into combining encryption with additional tactics such as leaking sensitive or private information bit by bit to pressure victims into making payment.
In addition to that combining sophisticated encryption with persuasive tactics, Ransomware-as-a-Service is on the rise and becoming even more accessible, leading to increased frequency of ransomware attacks on organisations and individuals. On top of increased attack frequency, attackers are relying on Living off the Land (LotL) a cyber attack method in which intruders utilise legitimate software and functions available in systems to infiltrate and execute attacks on unaware targets. Making it more challenging for cybersecurity teams to prepare and mitigate cyber attacks.
The ransomware will only become even more perilous and dangerous once the next-generation ransomware is developed, according to various cybersecurity experts, as it will make use of AI and ML technologies. Though the future seems grim, cybersecurity teams across the globe are working hard to develop countermeasures for the incoming next-generation ransomware, preventing a dystopian future from being realised.
So, come and take a deep dive with us to get an insight into what the next generation of cyber extortion would look like so that we can prepare ourselves to combat it and mitigate the damages it could cause.
