During the year 2023, cases of ransomware attacks on companies in Latin America increased, according to ESET’s annual report, Security Report. The company estimated that last year, 23 % of the region’s companies were affected.

In the document they highlight that not only the number of cases increased but also the sophistication in the execution of these effects in Latam to companies of all sizes and sectors.

ESTE pointed out that cybercriminals now use more specialized techniques. Digital criminals have used extortion strategies in both companies and government agencies.

In this sense, the report points out that “groups such as LockBit, BlackCat, Clop and Medusa, among others, have used the “ransomware as a service” (RaaS) model, which allows low-level operators to access sophisticated attack tools without the need for advanced technical knowledge.”

Double extortion was the most dominant method. It consists of not only “encrypting a company’s critical files, but also threatening to publish sensitive data if payment is not made.”

Weak security measures facilitate ransomware attacks

ESET emphasizes that the lack of strong security measures has made the path easier for cybercriminals. The report indicates that “only 2 in 5 companies in the region update their systems more than twice a year, leaving many organizations vulnerable to exploitation by new security gaps.”

The damage caused is now more severe. With this, cybercriminals seek to delete critical data and thereby force victims to pay ransoms.

An important fact for Latin America, which the ESET report highlights, is the weakness that the region presents in facing ransomware attacks “since, on average, only 50 % of the sectors in the report (telecommunications, public services, banking /finance, health and government) have a response plan for possible incidents generated by cyberattacks.”

M.Pino

Source: cointelegraph

(Reference image source: Unsplash+, in collaboration with Getty Images)

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