Data Exfiltration Attacks Surge in 2024: Businesses Urged to Strengthen Cybersecurity
A new report from cybersecurity firm BlackFog has revealed that data exfiltration attacks now constitute 94% of ransomware incidents, signaling a dangerous evolution in cybercrime tactics. The report, released Wednesday, highlights how cybercriminals are shifting from merely locking users out of their systems to stealing sensitive data and leveraging it for extortion.
In these attacks, bad actors infiltrate an organization’s infrastructure, steal valuable data, and then threaten to release it unless a ransom is paid. “The advantage of data exfiltration for them is that data is their currency, and they can leverage it many times over,” said Dr. Darren Williams, CEO of BlackFog. He noted that rather than investing the extensive effort required to encrypt all data, attackers have found data theft to be a more efficient strategy.
A Growing Trend
Over the past several years, the trend of using data exfiltration in ransomware attacks has accelerated significantly. BlackFog’s findings suggest that the shift is driven by both the higher potential returns and the reduced engineering demands compared to traditional ransomware methods. The average cost of a data exfiltration attack now stands at $5.21 million—not only including the ransom itself but also recovery expenses, mitigation measures, regulatory fines, lawsuits, and long-lasting reputational damage.
Sectors at High Risk
Certain sectors appear to be particularly vulnerable. According to the report, the healthcare, government, and education sectors were the targets in 47% of ransomware incidents last year. The Change Healthcare breach in February 2024, one of the largest of the year, impacted more than 100 million individuals. Williams attributes the heightened risk in these areas to legacy infrastructure and the immense value of the data stored within these systems. “Many organizations in these sectors are still running outdated systems like Windows 7,” he remarked, emphasizing that aging digital infrastructure and high-value records make them prime targets for cyber extortion.
However, Williams warns that no organization is completely immune. Enterprises with outdated infrastructure or weak security strategies are also at risk. “People often hide behind the idea that ‘we don’t have any data worth stealing,’ but the truth is, every piece of information can be valuable to an attacker,” he added.
The Disclosure Dilemma
BlackFog’s report also sheds light on a concerning trend: a significant gap between disclosed and undisclosed attacks. In 2024, only 789 ransomware incidents were publicly reported, compared to 5,159 that went unreported. The firm continuously monitors the dark web for ransomed data, suggesting that many organizations choose to conceal breaches rather than disclose them—a practice that could exacerbate the problem over time. “If you don’t disclose it, it just gets worse—really, really quickly,” said Williams.
Combating the Threat
In light of these developments, experts stress the importance of investing in robust cybersecurity measures. Effective defense strategies must focus on both technological upgrades and human factors. Williams advises that businesses should prioritize modernizing their IT infrastructure while also training employees to recognize phishing attempts and other social engineering tactics. “Think of it like fire insurance,” he explained. “It might seem expensive, but it’s a fraction of the cost compared to losing your entire business.”
As cyber threats continue to evolve with the aid of sophisticated AI technologies, organizations are urged to adopt comprehensive and proactive cybersecurity practices. The report from BlackFog serves as a stark reminder that in today’s digital landscape, no business can afford to be complacent about cybersecurity.
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